Applied Digital (NASDAQ:APLD) Shares Down 2.3% – Here’s What Happened

Shares of Applied Digital Co. (NASDAQ:APLD) were down 2.3% during mid-day trading on Thursday . The company traded as low as $6.11 and last traded at $6.38. Approximately 8,974,940 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 26,243,443 shares. The stock had previously closed at $6.53.

Analyst Ratings Changes

APLD has been the subject of several analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday, February 24th. HC Wainwright lifted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Compass Point assumed coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective for the company. Northland Securities lifted their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Finally, Cantor Fitzgerald reduced their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Performance

The firm has a market capitalization of $1.28 billion, a PE ratio of -3.31 and a beta of 4.69. 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 company has a 50-day moving average of $7.76 and a 200 day moving average of $7.99.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to the consensus estimate 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 period last year, the firm posted ($0.05) earnings per share. Equities research analysts predict that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling at Applied Digital

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

Hedge Funds Weigh In On Applied Digital

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

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.