Applied Digital (NASDAQ:APLD) Trading Down 2.4% – Time to Sell?

Applied Digital Co. (NASDAQ:APLD) was down 2.4% during mid-day trading on Tuesday . The stock traded as low as $7.66 and last traded at $7.80. Approximately 7,176,387 shares changed hands during trading, a decline of 73% from the average daily volume of 26,156,033 shares. The stock had previously closed at $7.99.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. 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 report on Wednesday, January 15th. 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 target for the company. HC Wainwright boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Northland Securities lifted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has a consensus rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Performance

The company has a market cap of $1.36 billion, a P/E ratio of -3.53 and a beta of 4.69. The stock has a fifty day moving average price of $7.88 and a two-hundred day moving average price of $8.01. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm’s quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) EPS. On average, equities analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hood River Capital Management LLC lifted its stake in Applied Digital by 10.7% during the fourth 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. grew its position in Applied Digital by 39.1% during 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 in the last quarter. Geode Capital Management LLC raised its stake 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 purchasing an additional 1,665,335 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after purchasing an additional 2,344,572 shares in the last quarter. Finally, Pertento Partners LLP boosted its position in shares of Applied Digital by 49.0% in 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. 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.