Applied Digital (NASDAQ:APLD) Stock Price Down 2.3% - Time to Sell?

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded down 2.3% on Thursday . The stock traded as low as $6.11 and last traded at $6.38. 8,974,940 shares were traded during 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 several recent analyst reports. Northland Securities increased their price target on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Needham & Company LLC reissued a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research note on Monday, February 24th. HC Wainwright lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Wednesday, January 15th. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective for the company. Finally, 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 report on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $12.11.

Applied Digital Stock Performance

The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -3.46 and a beta of 4.69. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock's fifty day moving average is $7.69 and its two-hundred day moving average is $8.01.

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Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during 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%. Applied Digital's quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) earnings per share. On average, analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 20,000 shares of the company's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.81% of the company's stock.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently made changes to their positions in the stock. Intech Investment Management LLC bought a new position in Applied Digital during the 3rd quarter worth $115,000. Charles Schwab Investment Management Inc. boosted its position in shares of Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock worth $7,419,000 after acquiring an additional 240,554 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Applied Digital by 14.4% in the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company's stock valued at $355,000 after acquiring an additional 5,423 shares during the last quarter. Quantbot Technologies LP acquired a new position in Applied Digital during the third quarter valued at approximately $283,000. Finally, FMR LLC lifted its stake in Applied Digital by 99.1% during the third quarter. FMR LLC now owns 13,071 shares of the company's stock worth $108,000 after purchasing an additional 6,507 shares during the last quarter. 65.67% of the stock is currently owned by 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.