Applied Digital (NASDAQ:APLD) Trading Down 2.5% – Should You Sell?

Shares of Applied Digital Co. (NASDAQ:APLD) dropped 2.5% on Friday . The company traded as low as $7.83 and last traded at $7.84. Approximately 1,556,961 shares changed hands during trading, a decline of 76% from the average daily volume of 6,439,221 shares. The stock had previously closed at $8.04.

Analysts Set New Price Targets

APLD has been the topic of a number of research reports. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price target on shares of Applied Digital in a research note on Thursday, August 29th. Roth Mkm reissued a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, September 5th. B. Riley boosted their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Monday, September 9th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average target price of $8.40.

Applied Digital Trading Down 7.3 %

The firm has a fifty day moving average price of $5.25 and a 200-day moving average price of $4.69. The company has a market capitalization of $1.02 billion, a P/E ratio of -9.43 and a beta of 4.56. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The firm had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. During the same period last year, the company posted ($0.07) earnings per share. On average, equities research analysts anticipate that Applied Digital Co. will post -1.12 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 20.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC lifted its position in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares in the last quarter. ARS Investment Partners LLC purchased a new stake in shares of Applied Digital during the second quarter worth $60,000. Principal Financial Group Inc. purchased a new stake in shares of Applied Digital during the first quarter worth $50,000. ICA Group Wealth Management LLC purchased a new stake in shares of Applied Digital during the fourth quarter worth $81,000. Finally, Crumly & Associates Inc. purchased a new stake in shares of Applied Digital during the second quarter worth $110,000. Hedge funds and other 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.