Applied Digital (NASDAQ:APLD) Stock Price Down 8.5% – Time to Sell?

Applied Digital Co. (NASDAQ:APLD)’s share price fell 8.5% during trading on Wednesday . The company traded as low as $6.69 and last traded at $6.81. 11,775,619 shares were traded during trading, a decline of 55% from the average session volume of 26,174,971 shares. The stock had previously closed at $7.44.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Monday, February 24th. Northland Securities raised their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. HC Wainwright boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Compass Point started coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Finally, Cantor Fitzgerald decreased their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital has an average rating of “Buy” and a consensus target price of $12.11.

Applied Digital Stock Down 6.2 %

The stock has a market cap of $1.28 billion, a PE ratio of -3.31 and a beta of 4.69. The business has a 50 day moving average of $7.82 and a 200-day moving average of $7.99. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same period last year, the firm posted ($0.05) earnings per share. The company’s revenue for the quarter was up 51.3% compared to the same quarter last year. Equities research analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of APLD. Wilmington Savings Fund Society FSB boosted its holdings in shares of Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares in the last quarter. R Squared Ltd purchased a new stake in Applied Digital in the 4th quarter valued at approximately $36,000. US Bancorp DE acquired a new position in Applied Digital during the 4th quarter worth approximately $37,000. Jones Financial Companies Lllp purchased a new position in shares of Applied Digital during the 4th quarter worth approximately $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital in the 4th quarter valued at approximately $43,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Digital

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.