Applied Digital (NASDAQ:APLD) Stock Price Down 3.3% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s stock price dropped 3.3% during trading on Tuesday . The stock traded as low as $7.68 and last traded at $7.71. Approximately 3,378,580 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 8,688,786 shares. The stock had previously closed at $7.97.

Analysts Set New Price Targets

APLD has been the subject of several research reports. B. Riley increased their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Lake Street Capital raised their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HC Wainwright raised their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Cantor Fitzgerald assumed coverage on shares of Applied Digital in a research note on Friday, December 20th. They set an “overweight” rating and a $15.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $11.14.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The company’s 50-day moving average price is $8.48 and its two-hundred day moving average price is $6.75. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -6.53 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same period in the prior year, the company posted ($0.10) earnings per share. Applied Digital’s revenue for the quarter was up 67.2% compared to the same quarter last year. On average, equities research analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares of the company’s stock, valued at $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 359,369 shares of company stock worth $3,115,161 over the last three months. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently bought and sold shares of the stock. Wellington Management Group LLP grew its holdings in Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after purchasing an additional 3,040 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Applied Digital by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after buying an additional 5,423 shares during the last quarter. FMR LLC grew its holdings in shares of Applied Digital by 99.1% during the third quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after buying an additional 6,507 shares during the last quarter. ICA Group Wealth Management LLC grew its holdings in shares of Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after buying an additional 6,795 shares during the last quarter. Finally, Headlands Technologies LLC grew its holdings 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 valued at $52,000 after buying an additional 6,933 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.