Applied Digital (NASDAQ:APLD) Stock Price Down 3% After Analyst Downgrade

Applied Digital Co. (NASDAQ:APLD)’s share price fell 3% on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $15.00 to $14.00. Cantor Fitzgerald currently has an overweight rating on the stock. Applied Digital traded as low as $8.11 and last traded at $8.28. 16,873,491 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 21,458,602 shares. The stock had previously closed at $8.54.

APLD has been the topic of a number of other reports. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital lifted their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. HC Wainwright boosted their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Craig Hallum boosted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Wednesday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital presently has an average rating of “Buy” and a consensus target price of $11.29.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 19,369 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the transaction, the director now owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This represents a 4.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 269,369 shares of company stock worth $2,445,461 in the last three months. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in APLD. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Applied Digital during the 3rd quarter valued at about $59,000. Beacon Harbor Wealth Advisors Inc. bought a new position in shares of Applied Digital in the 3rd quarter valued at about $83,000. Gunderson Capital Management Inc. bought a new position in shares of Applied Digital in the 4th quarter valued at about $83,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Applied Digital in the 3rd quarter valued at about $88,000. Finally, Chesapeake Capital Corp IL bought a new position in shares of Applied Digital in the 3rd quarter valued at about $94,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Down 2.0 %

The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The stock’s fifty day moving average is $8.77 and its 200 day moving average is $6.95. The stock has a market cap of $1.77 billion, a P/E ratio of -7.15 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same period in the prior year, the company posted ($0.05) EPS. The firm’s revenue for the quarter was up 51.3% on a year-over-year basis. As a group, equities research analysts predict that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

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.