Applied Digital (NASDAQ:APLD) Stock Price Down 2.4% – Here’s Why

Shares of Applied Digital Co. (NASDAQ:APLD) dropped 2.4% on Tuesday . The stock traded as low as $7.66 and last traded at $7.80. Approximately 7,176,387 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 26,156,033 shares. The stock had previously closed at $7.99.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald cut their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Compass Point initiated coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price for the company. Northland Securities raised their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Finally, HC Wainwright increased their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $12.11.

Applied Digital Trading Down 6.6 %

The business has a fifty day simple moving average of $7.88 and a 200 day simple moving average of $8.01. 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 cap of $1.36 billion, a price-to-earnings ratio of -3.53 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. The firm 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%. Applied Digital’s revenue was up 51.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.05) earnings per share. On average, equities analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Wilmington Savings Fund Society FSB boosted its stake 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 valued at $31,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new stake in Applied Digital during the fourth quarter worth approximately $36,000. US Bancorp DE purchased a new stake in shares of Applied Digital in the fourth quarter valued at $37,000. Jones Financial Companies Lllp purchased a new stake in Applied Digital in the 4th quarter valued at about $39,000. Finally, Spire Wealth Management acquired a new position in shares of Applied Digital during the 4th quarter valued at about $43,000. Hedge funds and other institutional investors 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.