Applied Digital (NASDAQ:APLD) Stock Price Down 2.3% - Here's What Happened

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price was down 2.3% during mid-day trading on Thursday . The stock traded as low as $6.11 and last traded at $6.38. Approximately 8,974,940 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 26,243,443 shares. The stock had previously closed at $6.53.

Analyst Ratings Changes

Several equities research analysts have recently commented on APLD shares. HC Wainwright boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Northland Securities boosted their price target 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. Cantor Fitzgerald dropped their price objective on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 15th. Compass Point initiated coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $12.11.

Applied Digital Trading Down 6.2 %

The stock has a market cap of $1.28 billion, a P/E ratio of -3.31 and a beta of 4.69. The firm's 50 day moving average price is $7.76 and its 200-day moving average price is $8.00. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

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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, beating analysts' consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to analysts' expectations of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business's quarterly revenue was up 51.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) EPS. As a group, equities research analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other Applied Digital 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 completion of the sale, the director now directly owns 342,923 shares of the company's stock, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 11.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after buying an additional 3,587,619 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after purchasing an additional 2,344,572 shares during the period. Tidal Investments LLC boosted its holdings in Applied Digital by 14,635.7% in the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock valued at $12,972,000 after purchasing an additional 1,686,328 shares during the last quarter. American Century Companies Inc. purchased a new position in Applied Digital during the fourth quarter worth about $12,843,000. Finally, Geode Capital Management LLC grew its position in Applied Digital by 54.4% in the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock valued at $36,117,000 after acquiring an additional 1,665,335 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.