Applied Digital (NASDAQ:APLD) Stock Price Down 2.2% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) shares traded down 2.2% during trading on Wednesday . The company traded as low as $6.18 and last traded at $6.24. 6,146,327 shares were traded during mid-day trading, a decline of 78% from the average session volume of 27,657,244 shares. The stock had previously closed at $6.38.

Analyst Ratings Changes

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

Applied Digital Stock Up 4.7 %

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $1.49 billion, a P/E ratio of -3.86 and a beta of 4.69. The stock has a 50 day moving average price of $8.20 and a 200 day moving average price of $7.81.

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

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently made changes to their positions in the stock. Polar Asset Management Partners Inc. acquired a new stake in Applied Digital during the 4th quarter valued at approximately $510,000. Mackenzie Financial Corp bought a new stake in shares of Applied Digital in the 4th quarter valued at $92,000. GTS Securities LLC acquired a new stake in shares of Applied Digital during the fourth quarter worth $196,000. Two Seas Capital LP bought a new position in Applied Digital during the fourth quarter worth $5,062,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Applied Digital by 271.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company’s stock valued at $2,623,000 after buying an additional 250,944 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.