Applied Digital (NASDAQ:APLD) Stock Price Down 2.7% - What's Next?

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) dropped 2.7% during mid-day trading on Friday . The company traded as low as $7.65 and last traded at $7.67. Approximately 6,020,193 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 23,701,330 shares. The stock had previously closed at $7.88.

Analyst Upgrades and Downgrades

APLD has been the subject of a number of analyst reports. Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday, January 15th. Northland Securities upped their price target on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, February 4th. 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. Compass Point initiated coverage on Applied Digital in a research report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective for the company. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $12.11.

Applied Digital Stock Up 4.1 %

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The business has a 50 day simple moving average of $8.58 and a 200 day simple moving average of $7.19. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -4.69 and a beta of 4.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last released 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. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $63.87 million for the quarter, compared to analysts' expectations of $62.41 million. During the same period in the prior year, the firm earned ($0.05) earnings per share. The firm's revenue was up 51.3% compared to the same quarter last year. As a group, equities analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,000 shares of company stock worth $2,477,000 over the last ninety days. Corporate insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Several hedge funds have recently modified their holdings of APLD. The Manufacturers Life Insurance Company raised its stake in shares of Applied Digital by 25.0% in the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company's stock valued at $224,000 after acquiring an additional 7,517 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Applied Digital in the third quarter valued at $426,000. Exchange Traded Concepts LLC raised its stake in Applied Digital by 4.9% in the third quarter. Exchange Traded Concepts LLC now owns 728,424 shares of the company's stock valued at $6,009,000 after buying an additional 34,166 shares in the last quarter. Jade Capital Advisors LLC acquired a new stake in Applied Digital in the third quarter valued at $236,000. Finally, Private Advisor Group LLC raised its stake in Applied Digital by 159.7% in the third quarter. Private Advisor Group LLC now owns 38,700 shares of the company's stock valued at $319,000 after buying an additional 23,800 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

About Applied Digital

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.