Applied Digital (NASDAQ:APLD) Trading Down 9% – Should You Sell?

Applied Digital Corporation (NASDAQ:APLD) fell 9% during trading on Friday . The stock traded as low as $26.84 and last traded at $27.19. Approximately 19,690,053 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 24,365,211 shares. The stock had previously closed at $29.89.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on APLD shares. Zacks Research lowered Applied Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Craig Hallum lifted their price target on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday. Citigroup reaffirmed a “market outperform” rating on shares of Applied Digital in a research note on Tuesday, June 9th. Finally, Roth Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Applied Digital in a report on Thursday, April 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $67.15.

Applied Digital Stock Down 9.0%

The business’s 50-day moving average is $39.10 and its two-hundred day moving average is $34.59. The firm has a market capitalization of $7.77 billion, a price-to-earnings ratio of -36.74 and a beta of 5.67. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the transaction, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 35,000 shares of company stock worth $1,182,175. Company insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of APLD. Albion Financial Group UT bought a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Activest Wealth Management acquired a new position in Applied Digital in the 4th quarter worth $25,000. Ameriflex Group Inc. acquired a new position in Applied Digital in the 4th quarter worth $25,000. McMillan Office Inc. bought a new position in Applied Digital during the 4th quarter worth about $25,000. Finally, Larson Financial Group LLC raised its stake in shares of Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after purchasing an additional 1,129 shares during the period. Institutional investors own 65.67% of the company’s stock.

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.