Applied Digital (NASDAQ:APLD) Shares Down 7.9% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD) was down 7.9% on Friday . The company traded as low as $28.37 and last traded at $29.04. Approximately 23,724,587 shares traded hands during trading, a decline of 33% from the average daily volume of 35,534,207 shares. The stock had previously closed at $31.53.

Wall Street Analysts Forecast Growth

APLD has been the subject of a number of recent research reports. Lake Street Capital reissued a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a report on Tuesday, December 30th. Northland Securities set a $56.00 price objective on Applied Digital in a research note on Wednesday, January 28th. B. Riley Financial boosted their target price on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Finally, Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $37.00.

Applied Digital Trading Down 7.9%

The business has a 50 day simple moving average of $31.99 and a 200 day simple moving average of $26.83. 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 company has a market cap of $8.12 billion, a price-to-earnings ratio of -53.78 and a beta of 7.25.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,000 shares of the stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $35.45, for a total transaction of $425,400.00. Following the sale, the director owned 233,378 shares of the company’s stock, valued at $8,273,250.10. This represents a 4.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $38.54, for a total transaction of $385,400.00. Following the completion of the transaction, the director directly owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. This represents a 4.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 244,593 shares of company stock worth $9,003,278 in the last 90 days. Corporate insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Applied Digital by 36.4% in 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 during the period. Hood River Capital Management LLC boosted its holdings in Applied Digital by 2.8% in the second 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 increased its position in Applied Digital by 87.0% in the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after purchasing an additional 5,274,905 shares during the period. Geode Capital Management LLC increased its position in Applied Digital by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock worth $154,151,000 after purchasing an additional 304,228 shares during the period. Finally, Value Aligned Research Advisors LLC bought a new stake in Applied Digital during the 4th quarter worth about $138,380,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.