Applied Digital (NASDAQ:APLD) Stock Price Down 2.2% - Time to Sell?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price traded down 2.2% during trading on Wednesday . The stock traded as low as $6.18 and last traded at $6.24. 6,146,327 shares were traded during mid-day trading, a decline of 78% from the average session volume of 27,657,244 shares. The stock had previously closed at $6.38.

Wall Street Analyst Weigh In

APLD has been the subject of a number of analyst reports. Compass Point initiated coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective for the company. Northland Securities lifted their price objective on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Needham & Company LLC restated a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research report on Monday, February 24th. HC Wainwright upped their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Wednesday, January 15th. Finally, Cantor Fitzgerald reduced their target price 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. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $12.11.

Applied Digital Trading Up 4.7 %

The business's fifty day moving average is $8.20 and its two-hundred day moving average is $7.81. 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 firm has a market cap of $1.49 billion, a price-to-earnings ratio of -3.86 and a beta of 4.69.

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Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the prior year, the company posted ($0.05) earnings per share. The firm's revenue was up 51.3% on a year-over-year basis. Equities analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the business's stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 11.81% of the company's stock.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently made changes to their positions in APLD. Hood River Capital Management LLC boosted its position in shares of Applied Digital by 10.7% during the fourth quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock worth $115,726,000 after buying an additional 1,464,854 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Applied Digital by 39.1% in 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. Geode Capital Management LLC increased its holdings in Applied Digital by 54.4% during the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after buying an additional 1,665,335 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after acquiring an additional 2,344,572 shares during the period. Finally, Pertento Partners LLP raised its holdings in shares of Applied Digital by 49.0% in the 4th quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock valued at $19,319,000 after purchasing an additional 831,705 shares during the period. 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.

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