Applied Digital (NASDAQ:APLD) Trading Down 2.2% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) shares fell 2.2% during mid-day trading on Wednesday . The company traded as low as $6.18 and last traded at $6.24. 6,146,327 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 27,657,244 shares. The stock had previously closed at $6.38.

Analyst Ratings Changes

A number of brokerages have issued reports on APLD. Compass Point began coverage on Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price for the company. Northland Securities upped their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. HC Wainwright upped their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Cantor Fitzgerald lowered their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Monday, February 24th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $12.11.

Applied Digital Trading Up 5.3 %

The company has a market cap of $1.47 billion, a price-to-earnings ratio of -3.82 and a beta of 4.69. The firm has a 50 day moving average price of $8.15 and a two-hundred day moving average price of $7.79. 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 announced its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the prior year, the company earned ($0.05) EPS. The firm’s revenue for the quarter was up 51.3% compared to the same quarter last year. As a group, equities analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

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

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB boosted its holdings 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 worth $31,000 after acquiring an additional 2,000 shares in the last quarter. R Squared Ltd bought a new position in Applied Digital in the fourth quarter worth approximately $36,000. US Bancorp DE bought a new position in Applied Digital in the fourth quarter worth approximately $37,000. Jones Financial Companies Lllp bought a new position in Applied Digital in the fourth quarter worth approximately $39,000. Finally, Spire Wealth Management bought a new position in Applied Digital in the fourth quarter worth approximately $43,000. Institutional investors 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.