Applied Digital (NASDAQ:APLD) Stock Price Down 1.5% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s stock price dropped 1.5% on Thursday . The company traded as low as $28.25 and last traded at $28.65. Approximately 15,822,272 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 33,598,875 shares. The stock had previously closed at $29.08.

Analyst Ratings Changes

A number of analysts have recently commented on APLD shares. Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Roth Mkm restated a “buy” rating on shares of Applied Digital in a report on Tuesday, February 17th. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Finally, B. Riley Financial lifted their price objective on Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $37.00.

Applied Digital Stock Performance

The company has a market cap of $7.62 billion, a P/E ratio of -50.50 and a beta of 7.25. The business’s 50 day simple moving average is $32.50 and its 200 day simple moving average is $27.45. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insiders Place Their Bets

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the completion of the transaction, the director owned 200,859 shares of the company’s stock, valued at $7,741,105.86. This represents a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 12,000 shares of Applied Digital stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the sale, the director directly owned 233,378 shares in the company, valued at $8,273,250.10. This trade represents a 4.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 244,593 shares of company stock valued at $9,003,278 over the last three months. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after buying an additional 6,445,908 shares in the last quarter. Hood River Capital Management LLC boosted its position in shares of Applied Digital by 2.8% during the 2nd quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock valued at $220,120,000 after acquiring an additional 592,314 shares during the last quarter. Situational Awareness LP grew its holdings in shares of Applied Digital by 87.0% in the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after purchasing an additional 5,274,905 shares in the last quarter. Geode Capital Management LLC raised its stake in Applied Digital by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after purchasing an additional 304,228 shares in the last quarter. Finally, Value Aligned Research Advisors LLC bought a new position in Applied Digital during the fourth quarter valued at $138,380,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Digital

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.