Applied Digital (NASDAQ:APLD) Trading Down 0.6% – Time to Sell?

Shares of Applied Digital Co. (NASDAQ:APLD) fell 0.6% on Thursday . The company traded as low as $9.56 and last traded at $9.89. 14,920,338 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 24,078,941 shares. The stock had previously closed at $9.95.

Wall Street Analysts Forecast Growth

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

Applied Digital Stock Down 1.0 %

The company has a market cap of $2.20 billion, a price-to-earnings ratio of -5.69 and a beta of 4.77. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock’s fifty day moving average is $8.43 and its two-hundred day moving average is $7.41.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) 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 the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) earnings per share. Sell-side analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital 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 owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 270,000 shares of company stock worth $2,477,000. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its position in Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after buying an additional 240,554 shares during the period. Quadrature Capital Ltd purchased a new position in Applied Digital in the third quarter valued at about $545,000. Exchange Traded Concepts LLC grew its position in shares of Applied Digital by 37.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after acquiring an additional 273,666 shares during the period. Barclays PLC increased its stake in shares of Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after purchasing an additional 428,428 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Applied Digital by 414.5% during the 4th quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock worth $2,031,000 after purchasing an additional 214,133 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.