Applied Digital (NASDAQ:APLD) Shares Down 7.2% – Time to Sell?

Shares of Applied Digital Co. (NASDAQ:APLD) dropped 7.2% during mid-day trading on Friday . The stock traded as low as $5.55 and last traded at $5.66. Approximately 10,584,400 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 26,285,844 shares. The stock had previously closed at $6.10.

Analyst Upgrades and Downgrades

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

Applied Digital Trading Down 6.2 %

The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The company’s 50 day moving average is $7.76 and its 200 day moving average is $8.00. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -3.31 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter last year, the company earned ($0.05) earnings per share. The firm’s revenue was up 51.3% on a year-over-year basis. On average, research analysts forecast 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 Applied Digital stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently added to or reduced their stakes in APLD. Wilmington Savings Fund Society FSB lifted its position in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after buying an additional 2,000 shares during the period. R Squared Ltd acquired a new position in Applied Digital during the fourth quarter worth $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital in the 4th quarter valued at $37,000. Jones Financial Companies Lllp bought a new stake in shares of Applied Digital in the 4th quarter worth about $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital during the 4th quarter worth about $43,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Company Profile

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.