Applied Digital (NASDAQ:APLD) Trading Down 2.4% - Here's Why

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price dropped 2.4% during trading on Tuesday . The company traded as low as $7.66 and last traded at $7.80. Approximately 7,176,387 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 26,156,033 shares. The stock had previously closed at $7.99.

Analyst Ratings Changes

APLD has been the subject of a number of analyst reports. Cantor Fitzgerald reduced their target price on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research note on Wednesday, January 15th. Compass Point assumed 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 on the stock. Northland Securities upped their price target on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Needham & Company LLC reissued a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a report on Monday, February 24th. Finally, HC Wainwright upped their target price on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital currently has a consensus rating of "Buy" and a consensus target price of $12.11.

Applied Digital Trading Down 6.2 %

The business has a fifty day moving average price of $7.76 and a 200 day moving average price of $8.00. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -3.31 and a beta of 4.69. 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 issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business's revenue was up 51.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) EPS. On average, equities analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction on Friday, January 17th. The shares were 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 owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake 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 purchasing an additional 3,587,619 shares during the period. Van ECK Associates Corp grew its position in 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 acquiring an additional 2,344,572 shares during the period. Tidal Investments LLC raised its stake in Applied Digital by 14,635.7% during the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock worth $12,972,000 after acquiring an additional 1,686,328 shares in the last quarter. American Century Companies Inc. bought a new position in shares of Applied Digital during the fourth quarter valued at $12,843,000. Finally, Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 1,665,335 shares in the last quarter. Institutional investors and hedge funds 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.