Applied Digital (NASDAQ:APLD) Stock Price Down 1.2% – Here’s Why

Applied Digital Co. (NASDAQ:APLD) shares traded down 1.2% during mid-day trading on Tuesday . The stock traded as low as $7.87 and last traded at $8.01. 4,918,472 shares were traded during trading, a decline of 79% from the average session volume of 23,268,408 shares. The stock had previously closed at $8.11.

Analyst Ratings Changes

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

Applied Digital Stock Down 3.7 %

The firm has a 50-day moving average of $8.55 and a two-hundred day moving average of $7.22. 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 market capitalization of $1.74 billion, a PE ratio of -4.51 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company’s revenue was up 51.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) EPS. Equities research analysts predict 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 50,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the transaction, the director now directly owns 334,317 shares in the company, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 270,000 shares of company stock worth $2,477,000 over the last three months. Insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Hedge funds have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB increased its stake in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after buying an additional 2,000 shares during the period. R Squared Ltd acquired a new position in shares of Applied Digital in the fourth quarter worth $36,000. US Bancorp DE purchased a new stake in shares of Applied Digital during the fourth quarter worth $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital in the fourth quarter valued at $39,000. Finally, Spire Wealth Management purchased a new position in Applied Digital in the fourth quarter valued at $43,000. Institutional investors and hedge funds 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.