Applied Digital (NASDAQ:APLD) Trading Down 3.2% – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s share price was down 3.2% during mid-day trading on Thursday . The company traded as low as $6.27 and last traded at $6.41. Approximately 4,203,189 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 27,452,146 shares. The stock had previously closed at $6.62.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on APLD shares. 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 report on Tuesday, February 4th. Compass Point started coverage on Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Monday, February 24th. Cantor Fitzgerald decreased their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, HC Wainwright raised their price target 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 analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $12.11.

Applied Digital Price Performance

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a 50 day moving average price of $8.11 and a 200 day moving average price of $7.80. The company has a market capitalization of $1.56 billion, a P/E ratio of -4.05 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate 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 company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same period in the previous year, the company posted ($0.05) EPS. The firm’s revenue for the quarter was up 51.3% compared to the same quarter last year. On average, equities analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction 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 sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Several institutional investors have recently added to or reduced their stakes in APLD. Wilmington Savings Fund Society FSB boosted its stake in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after purchasing an additional 2,000 shares during the period. R Squared Ltd bought a new stake in Applied Digital in the 4th quarter valued at $36,000. US Bancorp DE bought a new stake in Applied Digital in the 4th quarter valued at $37,000. Jones Financial Companies Lllp acquired a new position in Applied Digital in the 4th quarter valued at $39,000. Finally, Spire Wealth Management acquired a new position in Applied Digital in the 4th quarter valued at $43,000. 65.67% of the stock is currently owned by 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.