Applied Digital (NASDAQ:APLD) Trading Down 1.1% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD) shares dropped 1.1% on Tuesday . The stock traded as low as $9.21 and last traded at $9.68. Approximately 6,305,239 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 13,864,221 shares. The stock had previously closed at $9.79.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Lake Street Capital lifted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright lifted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Cantor Fitzgerald initiated coverage on Applied Digital in a research report on Friday, December 20th. They set an “overweight” rating and a $15.00 price target on the stock. Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a report on Friday, November 1st. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and an average price target of $11.14.

Applied Digital Trading Down 0.6 %

The business has a 50 day moving average of $8.53 and a 200 day moving average of $6.83. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -8.32 and a beta of 4.78. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

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

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction dated 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 approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred 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 directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 359,369 shares of company stock valued at $3,115,161. Company insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Institutional investors have recently made changes to their positions in the business. Headlands Technologies LLC increased its stake in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital in the third quarter valued at about $59,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital during the third quarter worth about $83,000. Wealth Enhancement Advisory Services LLC bought a new position in Applied Digital in the third quarter valued at approximately $88,000. Finally, Chesapeake Capital Corp IL bought a new stake in shares of Applied Digital during the 3rd quarter worth approximately $94,000. 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.