Applied Digital (NASDAQ:APLD) Stock Price Down 1.2% - Time to Sell?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares traded down 1.2% during mid-day trading on Tuesday . The company traded as low as $7.87 and last traded at $8.01. 4,918,472 shares were traded during mid-day trading, a decline of 79% from the average session volume of 23,268,408 shares. The stock had previously closed at $8.11.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Northland Securities increased their target price on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Compass Point started coverage on Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price for the company. Cantor Fitzgerald dropped their price target 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. HC Wainwright upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Wednesday, January 15th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $12.11.

Applied Digital Trading Up 15.2 %

The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of -5.27 and a beta of 4.77. The company has a 50-day moving average price of $8.43 and a 200-day moving average price of $7.25. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million for 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%. The firm's revenue was up 51.3% compared to the same quarter last year. During the same period last year, the business posted ($0.05) earnings per share. Research analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of the 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 owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm's stock in a transaction dated Friday, January 17th. The stock was 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 approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 270,000 shares of company stock worth $2,477,000. Company insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB lifted its stake in Applied Digital by 100.0% during 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 period. R Squared Ltd bought a new position in Applied Digital during the fourth quarter worth about $36,000. US Bancorp DE bought a new position in Applied Digital during the fourth quarter worth about $37,000. Jones Financial Companies Lllp bought a new position in Applied Digital during the fourth quarter worth about $39,000. Finally, Spire Wealth Management bought a new position in Applied Digital during the fourth quarter worth about $43,000. Institutional investors own 65.67% of the company's stock.

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.