Applied Digital (NASDAQ:APLD) Shares Down 4.9% – Should You Sell?

Applied Digital Co. (NASDAQ:APLD)’s stock price traded down 4.9% on Monday . The stock traded as low as $7.46 and last traded at $7.88. 6,473,860 shares were traded during trading, a decline of 54% from the average session volume of 14,163,714 shares. The stock had previously closed at $8.29.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on APLD shares. Lake Street Capital raised their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Craig Hallum lifted 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. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Wednesday. Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Cantor Fitzgerald decreased their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and a consensus target price of $11.29.

Applied Digital Trading Down 2.0 %

The company has a market cap of $1.77 billion, a P/E ratio of -7.15 and a beta of 4.78. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average is $8.74 and its two-hundred day moving average is $6.94.

Applied Digital (NASDAQ:APLD) last posted 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 net margin of 74.95% and a negative return on equity of 88.87%. 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 firm posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 51.3% on a year-over-year basis. As a group, equities research analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current year.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the sale, the director now directly owns 384,317 shares in the company, valued at approximately $2,886,220.67. The trade was a 4.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 279,369 shares of company stock worth $2,525,561 over the last quarter. 11.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in Applied Digital by 36.2% during the second quarter. Bank of New York Mellon Corp now owns 304,869 shares of the company’s stock valued at $1,814,000 after purchasing an additional 80,958 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of Applied Digital by 115.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 66,688 shares of the company’s stock worth $397,000 after purchasing an additional 35,768 shares during the period. Rhumbline Advisers increased its position in Applied Digital by 30.0% during the second quarter. Rhumbline Advisers now owns 140,087 shares of the company’s stock valued at $834,000 after acquiring an additional 32,336 shares during the last quarter. Headlands Technologies LLC raised its position in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the period. Finally, L & S Advisors Inc bought a new stake in shares of Applied Digital during the 2nd quarter worth approximately $122,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.