Applied Digital (NASDAQ:APLD) Stock Price Down 1.7% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s share price fell 1.7% during trading on Thursday . The stock traded as low as $7.87 and last traded at $7.96. 5,825,423 shares traded hands during trading, a decline of 76% from the average session volume of 24,066,564 shares. The stock had previously closed at $8.10.

Analyst Ratings Changes

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

Applied Digital Stock Down 1.1 %

The stock has a 50 day moving average of $8.63 and a 200 day moving average of $7.14. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of -4.50 and a beta of 4.77. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

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. 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 business’s revenue was up 51.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. As a group, analysts expect 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 Applied Digital news, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value 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. This trade represents a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 270,000 shares of company stock worth $2,477,000 over the last 90 days. Insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB lifted its stake in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. R Squared Ltd bought a new stake in Applied Digital in the 4th quarter valued at about $36,000. US Bancorp DE acquired a new position in Applied Digital during the 4th quarter valued at about $37,000. Jones Financial Companies Lllp bought a new position in Applied Digital in the 4th quarter worth about $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.