Applied Digital (NASDAQ:APLD) Stock Price Down 2.9% – Time to Sell?

Applied Digital Co. (NASDAQ:APLD) shares fell 2.9% during mid-day trading on Thursday . The stock traded as low as $7.02 and last traded at $7.47. 7,564,279 shares were traded during mid-day trading, a decline of 73% from the average session volume of 28,243,416 shares. The stock had previously closed at $7.69.

Analyst Ratings Changes

Several research firms have issued reports on APLD. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Monday, February 24th. Northland Securities lifted their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Compass Point began coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. HC Wainwright lifted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Finally, Cantor Fitzgerald cut their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has a consensus rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -4.20 and a beta of 4.69. The firm has a fifty day simple moving average of $8.26 and a two-hundred day simple moving average of $7.73.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The company’s revenue was up 51.3% compared to the same quarter last year. On average, analysts expect that Applied Digital Co. will post -0.96 EPS for the current 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 approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. raised its position in Applied Digital by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock valued at $128,000 after acquiring an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Applied Digital by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after acquiring an additional 1,692 shares in the last quarter. Wilmington Savings Fund Society FSB increased its position in shares of Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after buying an additional 3,040 shares in the last quarter. Finally, Amalgamated Bank increased its position in shares of Applied Digital by 113.3% in the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock valued at $50,000 after buying an additional 3,473 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.