Applied Digital (NASDAQ:APLD) Stock Price Down 1.7% - What's Next?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price was down 1.7% during trading on Thursday . The stock traded as low as $7.87 and last traded at $7.96. Approximately 5,825,423 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 24,066,564 shares. The stock had previously closed at $8.10.

Wall Street Analysts Forecast Growth

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

Applied Digital Price Performance

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The business's 50-day simple moving average is $8.58 and its two-hundred day simple moving average is $7.17. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -4.50 and a beta of 4.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share 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 analysts' expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital's revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) earnings per share. As a group, research analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal 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 transaction of $177,000.00. Following the transaction, the director now owns 342,923 shares of the company's stock, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Wes Cummins sold 200,000 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,000 shares of company stock valued at $2,477,000 in the last ninety days. 11.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. lifted its holdings in shares of Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock worth $128,000 after purchasing an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after buying an additional 1,692 shares in the last quarter. Wilmington Savings Fund Society FSB grew its holdings in shares of Applied Digital by 100.0% during the fourth 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 last quarter. Wellington Management Group LLP increased its position in shares of Applied Digital by 8.8% during the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock worth $309,000 after acquiring an additional 3,040 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Applied Digital by 113.3% in the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock worth $50,000 after acquiring an additional 3,473 shares during the last quarter. 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.