Applied Digital (NASDAQ:APLD) Trading Down 0.9% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD) shares were down 0.9% on Monday . The stock traded as low as $8.58 and last traded at $8.90. Approximately 23,061,663 shares were traded during trading, an increase of 69% from the average daily volume of 13,653,270 shares. The stock had previously closed at $8.98.

Analyst Ratings Changes

Several brokerages have recently commented on APLD. Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Cantor Fitzgerald dropped their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Lake Street Capital increased their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Wednesday, January 15th. Finally, HC Wainwright upped their price objective 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. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has a consensus rating of “Buy” and a consensus target price of $11.29.

Applied Digital Stock Down 0.9 %

The firm has a 50-day simple moving average of $8.82 and a 200 day simple moving average of $6.99. The company has a market capitalization of $1.88 billion, a PE ratio of -7.61 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 released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates 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 88.87% and a negative net margin of 74.95%. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) EPS. On average, research analysts predict that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the sale, the director now directly owns 384,317 shares in the company, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 269,369 shares of company stock valued at $2,445,461 over the last 90 days. 11.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Hood River Capital Management LLC boosted its stake 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 valued at $57,098,000 after purchasing an additional 771,699 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 period. State Street Corp boosted its stake in Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after buying an additional 286,852 shares in the last quarter. Royce & Associates LP raised its position in Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after acquiring an additional 15,763 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Applied Digital by 36.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after acquiring an additional 240,554 shares during 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.