Applied Digital (NASDAQ:APLD) Trading Down 6.5% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s stock price traded down 6.5% during trading on Monday . The company traded as low as $7.44 and last traded at $7.48. 14,702,552 shares changed hands during trading, a decline of 48% from the average session volume of 28,286,107 shares. The stock had previously closed at $8.00.

Wall Street Analyst Weigh In

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

Applied Digital Stock Performance

The firm has a market cap of $1.53 billion, a P/E ratio of -3.98 and a beta of 4.77. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock’s 50-day moving average is $8.41 and its 200 day moving average is $7.67.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same quarter last year, the firm posted ($0.05) earnings per share. Applied Digital’s revenue was up 51.3% compared to the same quarter last year. On average, research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current 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 dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Large investors have recently bought and sold shares of the company. Hood River Capital Management LLC lifted its position in shares of Applied Digital by 10.7% in the fourth quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company’s stock worth $115,726,000 after purchasing an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. lifted its position in Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after buying an additional 3,587,619 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock worth $36,117,000 after buying an additional 1,665,335 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Applied Digital by 113.8% during the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after buying an additional 2,344,572 shares during the last quarter. Finally, Pertento Partners LLP grew its holdings in shares of Applied Digital by 49.0% in the 4th quarter. Pertento Partners LLP now owns 2,528,717 shares of the company’s stock valued at $19,319,000 after acquiring an additional 831,705 shares in the last quarter. 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.