Applied Digital (NASDAQ:APLD) Shares Down 2.3% – Here’s What Happened

Shares of Applied Digital Co. (NASDAQ:APLD) traded down 2.3% during mid-day trading on Thursday . The stock traded as low as $6.11 and last traded at $6.38. 8,974,940 shares were traded during trading, a decline of 66% from the average session volume of 26,243,443 shares. The stock had previously closed at $6.53.

Analyst Upgrades and Downgrades

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

Applied Digital Stock Performance

The firm’s fifty day simple moving average is $7.88 and its 200 day simple moving average is $8.01. The company has a market capitalization of $1.37 billion, a PE ratio of -3.54 and a beta of 4.69. 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. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same period in the prior year, the firm posted ($0.05) earnings per share. The firm’s quarterly revenue was up 51.3% compared to the same quarter last year. On average, research analysts predict that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB raised its position in shares of Applied Digital by 100.0% during the 4th 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 period. R Squared Ltd acquired a new position in Applied Digital in the 4th quarter valued at about $36,000. US Bancorp DE purchased a new stake in Applied Digital during the 4th quarter worth approximately $37,000. Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital during the fourth quarter worth $39,000. Finally, Spire Wealth Management acquired a new stake in Applied Digital in the 4th quarter valued at about $43,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.