Applied Digital (NASDAQ:APLD) Stock Price Down 1.7% – Here’s Why

Applied Digital Co. (NASDAQ:APLD) dropped 1.7% on Thursday . The stock traded as low as $7.87 and last traded at $7.96. Approximately 5,825,423 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 24,066,564 shares. The stock had previously closed at $8.10.

Analyst Upgrades and Downgrades

A number of analysts have commented on APLD shares. Northland Securities boosted their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday. Cantor Fitzgerald decreased their price objective 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. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, January 15th. HC Wainwright lifted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Finally, Compass Point initiated coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Down 1.1 %

The firm’s 50 day moving average is $8.63 and its 200-day moving average is $7.14. The firm has a market cap of $1.74 billion, a PE ratio of -4.50 and a beta of 4.77. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

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

Insiders Place Their Bets

In related news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 50,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the sale, the director now directly owns 334,317 shares of the company’s stock, valued at approximately $3,075,716.40. This trade represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 270,000 shares of company stock valued at $2,477,000. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently modified their holdings of APLD. Charles Schwab Investment Management Inc. increased its position in Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after purchasing an additional 240,554 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Applied Digital in the third quarter worth $545,000. Exchange Traded Concepts LLC raised its stake in shares of Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after acquiring an additional 273,666 shares during the period. Barclays PLC raised its stake in shares of Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after acquiring an additional 428,428 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Applied Digital by 414.5% during the 4th quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock valued at $2,031,000 after acquiring an additional 214,133 shares in the last quarter. 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.