Applied Digital (NASDAQ:APLD) Stock Price Down 6.9% – Here’s What Happened

Shares of Applied Digital Co. (NASDAQ:APLD) fell 6.9% on Thursday . The company traded as low as $3.77 and last traded at $3.80. 8,733,922 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 27,889,309 shares. The stock had previously closed at $4.08.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on APLD. Needham & Company LLC cut their price target on Applied Digital from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday. Cantor Fitzgerald reduced their target price on shares of Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday. Northland Securities increased their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Finally, HC Wainwright reduced their price objective on Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $10.67.

Applied Digital Stock Performance

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 business has a 50 day moving average price of $6.94 and a two-hundred day moving average price of $7.84. The stock has a market cap of $867.09 million, a P/E ratio of -2.25 and a beta of 5.18.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the previous year, the company earned ($0.24) earnings per share. On average, sell-side analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 20,000 shares of the 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 approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently bought and sold shares of the business. Hood River Capital Management LLC raised its position in shares of Applied Digital by 10.7% during the 4th quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company’s stock valued at $115,726,000 after buying an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after purchasing an additional 3,587,619 shares during the period. Geode Capital Management LLC raised its holdings in Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after buying an additional 1,665,335 shares during the period. Van ECK Associates Corp lifted its position in Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after buying an additional 2,344,572 shares during the last quarter. Finally, Pertento Partners LLP boosted its stake in Applied Digital by 49.0% during the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company’s stock worth $19,319,000 after buying an additional 831,705 shares during the period. Hedge funds and other 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.