Applied Digital (NASDAQ:APLD) Shares Down 3.8% – Here’s Why

Applied Digital Co. (NASDAQ:APLD)’s stock price traded down 3.8% on Thursday . The company traded as low as $8.21 and last traded at $8.43. 5,107,536 shares were traded during trading, a decline of 40% from the average session volume of 8,453,530 shares. The stock had previously closed at $8.76.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Roth Mkm reissued a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. HC Wainwright raised their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Craig Hallum increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, B. Riley lifted their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and a consensus target price of $11.14.

Applied Digital Trading Down 0.5 %

The business has a 50 day moving average price of $8.47 and a 200-day moving average price of $6.52. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -6.85 and a beta of 4.67. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business’s quarterly revenue was up 67.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.10) earnings per share. As a group, research analysts expect that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was 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 directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the transaction, the director now directly owns 433,686 shares in the company, valued at approximately $3,196,265.82. This represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 359,369 shares of company stock valued at $3,115,161. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Several hedge funds have recently made changes to their positions in APLD. Geode Capital Management LLC lifted its stake in Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after buying an additional 1,002,862 shares during the last quarter. Hood River Capital Management LLC boosted its position in Applied Digital by 8.7% during the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after acquiring an additional 771,699 shares during the period. Alight Capital Management LP acquired a new position in shares of Applied Digital during the second quarter valued at $3,570,000. Van ECK Associates Corp raised its stake in shares of Applied Digital by 18.3% during the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after purchasing an additional 443,699 shares in the last quarter. Finally, Barclays PLC grew its position in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after buying an additional 428,428 shares in the last quarter. 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.