Applied Digital (NASDAQ:APLD) Trading Down 3.2% – Here’s Why

Applied Digital Co. (NASDAQ:APLD) fell 3.2% during mid-day trading on Thursday . The company traded as low as $6.27 and last traded at $6.41. 4,203,189 shares were traded during mid-day trading, a decline of 85% from the average session volume of 27,452,146 shares. The stock had previously closed at $6.62.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on APLD shares. Northland Securities increased their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Cantor Fitzgerald lowered their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Compass Point began coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Monday, February 24th. Finally, HC Wainwright boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $12.11.

Applied Digital Stock Down 3.3 %

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a 50 day simple moving average of $8.18 and a 200 day simple moving average of $7.80. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of -3.70 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital’s quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.05) EPS. As a group, analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock valued at $97,487,000 after purchasing an additional 3,587,619 shares during the period. Van ECK Associates Corp grew its position in Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after buying an additional 2,344,572 shares during the period. Tidal Investments LLC increased its holdings in Applied Digital by 14,635.7% during the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company’s stock worth $12,972,000 after buying an additional 1,686,328 shares during the last quarter. American Century Companies Inc. purchased a new stake in Applied Digital during the fourth quarter worth about $12,843,000. Finally, Geode Capital Management LLC raised its position in Applied Digital by 54.4% in the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock worth $36,117,000 after acquiring an additional 1,665,335 shares during the period. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.