Applied Digital (NASDAQ:APLD) Stock Price Down 2.5% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) shares were down 2.5% during mid-day trading on Friday . The company traded as low as $33.52 and last traded at $35.28. Approximately 22,330,989 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 37,463,402 shares. The stock had previously closed at $36.17.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Roth Mkm boosted their price target on Applied Digital to $58.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Lake Street Capital restated a “buy” rating and issued a $45.00 price target on shares of Applied Digital in a research report on Tuesday, December 30th. Freedom Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research note on Thursday, January 8th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $34.73.

Applied Digital Trading Down 2.5%

The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The firm’s fifty day moving average is $31.79 and its 200-day moving average is $26.06. The firm has a market cap of $9.86 billion, a price-to-earnings ratio of -65.33 and a beta of 7.25.

Insiders Place Their Bets

In other Applied Digital news, CEO Wes Cummins sold 165,000 shares of the business’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $36.42, for a total value of $6,009,300.00. Following the transaction, the chief executive officer directly owned 4,176,329 shares of the company’s stock, valued at approximately $152,101,902.18. The trade was a 3.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Chuck Hastings sold 45,987 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the sale, the director directly owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. This trade represents a 10.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 244,593 shares of company stock valued at $9,003,278 in the last ninety days. 9.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Atlantic Union Bankshares Corp bought a new position in shares of Applied Digital during the 2nd quarter worth about $25,000. Noble Wealth Management PBC bought a new position in Applied Digital in the fourth quarter worth approximately $25,000. Albion Financial Group UT bought a new position in Applied Digital in the fourth quarter worth approximately $25,000. Activest Wealth Management acquired a new stake in Applied Digital in the fourth quarter valued at approximately $25,000. Finally, McMillan Office Inc. bought a new stake in shares of Applied Digital during the fourth quarter valued at approximately $25,000. 65.67% of the stock is owned by institutional investors.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.