Applied Digital (NASDAQ:APLD) Trading Down 3.2% – What’s Next?

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

Analyst Upgrades and Downgrades

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

Applied Digital Stock Performance

The firm has a fifty day moving average of $8.11 and a 200-day moving average of $7.80. The firm has a market cap of $1.56 billion, a P/E ratio of -4.05 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.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million for 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 firm’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.05) earnings per share. 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 20,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB raised its position in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares during the period. R Squared Ltd acquired a new stake in shares of Applied Digital during the fourth quarter worth about $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital during the fourth quarter worth about $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital during the fourth quarter worth about $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital during the fourth quarter worth about $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

About Applied Digital

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.