Applied Digital (NASDAQ:APLD) Stock Price Down 6.6% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s stock price traded down 6.6% on Monday. The company traded as low as $24.50 and last traded at $24.53. 14,866,387 shares were traded during trading, a decline of 34% from the average session volume of 22,649,252 shares. The stock had previously closed at $26.25.

Analysts Set New Price Targets

Several brokerages recently commented on APLD. Northland Securities set a $82.00 target price on shares of Applied Digital and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Needham & Company LLC reissued a “buy” rating and issued a $83.00 price target on shares of Applied Digital in a report on Tuesday, July 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday, July 21st. Rothschild & Co Redburn set a $22.00 target price on shares of Applied Digital and gave the stock a “neutral” rating in a report on Monday, September 21st. Finally, Wall Street Zen cut Applied Digital from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 30th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.88.

Applied Digital Stock Performance

The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88. The company has a market cap of $7.15 billion, a P/E ratio of -27.56 and a beta of 5.72. The business has a fifty day moving average of $27.63 and a 200 day moving average of $32.69.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The business had revenue of $240.35 million during the quarter, compared to analysts’ expectations of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The business’s revenue was up 406.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.24) EPS. On average, equities analysts predict that Applied Digital Corporation will post -1.09 EPS for the current year.

Insider Buying and Selling

In other news, Director Richard Nottenburg sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total value of $2,336,250.00. Following the completion of the sale, the director directly owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This trade represents a 35.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Large investors have recently modified their holdings of the stock. FNY Investment Advisers LLC purchased a new stake in Applied Digital in the second quarter worth about $37,000. Osbon Capital Management LLC purchased a new position in shares of Applied Digital during the 4th quarter worth approximately $28,000. Bartlett & CO. Wealth Management LLC grew its holdings in shares of Applied Digital by 244.3% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 1,205 shares of the company’s stock worth $29,000 after acquiring an additional 855 shares during the period. Ancora Advisors LLC bought a new position in shares of Applied Digital in the 2nd quarter worth approximately $56,000. Finally, Creative Financial Designs Inc. ADV raised its position in shares of Applied Digital by 691.8% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 1,536 shares of the company’s stock worth $57,000 after acquiring an additional 1,342 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

Applied Digital Corporation (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.

The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.