Applied Digital (NASDAQ:APLD) Shares Down 3.3% – Time to Sell?

Applied Digital Co. (NASDAQ:APLD) shares were down 3.3% during mid-day trading on Tuesday . The company traded as low as $7.68 and last traded at $7.71. Approximately 3,378,580 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 8,688,786 shares. The stock had previously closed at $7.97.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on APLD. Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. B. Riley lifted their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright raised their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Cantor Fitzgerald started coverage on shares of Applied Digital in a research note on Friday, December 20th. They set an “overweight” rating and a $15.00 price objective for the company. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $11.14.

Applied Digital Stock Performance

The firm has a market cap of $1.61 billion, a price-to-earnings ratio of -6.51 and a beta of 4.67. The stock has a fifty day moving average price of $8.53 and a 200-day moving average price of $6.72. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.10) earnings per share. On average, analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 4.58 % 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. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 359,369 shares of company stock valued at $3,115,161 over the last 90 days. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently bought and sold shares of APLD. Geode Capital Management LLC boosted its holdings in shares of Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after buying an additional 1,002,862 shares during the period. Hood River Capital Management LLC boosted its stake in shares of Applied Digital by 8.7% in 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. Alight Capital Management LP bought a new stake in Applied Digital during the second quarter worth about $3,570,000. Barclays PLC increased its holdings in Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares in the last quarter. Finally, Thomist Capital Management LP bought a new position in shares of Applied Digital in the second quarter valued at about $2,529,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.