Applied Digital (NASDAQ:APLD) Trading Down 2.3% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) fell 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 changed hands during mid-day trading, a decline of 66% from the average session volume of 26,243,443 shares. The stock had previously closed at $6.53.

Wall Street Analysts Forecast Growth

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

Applied Digital Price Performance

The firm has a 50-day moving average of $7.76 and a 200-day moving average of $7.99. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market capitalization of $1.28 billion, a P/E ratio of -3.31 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period last year, the company earned ($0.05) EPS. As a group, analysts predict that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction that occurred on 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 owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently modified their holdings of APLD. Wilmington Savings Fund Society FSB boosted its position 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 purchasing an additional 2,000 shares during the last quarter. R Squared Ltd purchased a new position in shares of Applied Digital in the fourth quarter worth approximately $36,000. US Bancorp DE purchased a new stake in Applied Digital during the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp purchased a new position in shares of Applied Digital during the 4th quarter worth $39,000. Finally, Spire Wealth Management purchased a new position in shares of Applied Digital during the 4th quarter worth $43,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.