Applied Digital (NASDAQ:APLD) Trading Down 4.9% - Here's What Happened

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price fell 4.9% during mid-day trading on Monday . The stock traded as low as $7.46 and last traded at $7.88. 6,473,860 shares were traded during trading, a decline of 54% from the average session volume of 14,163,714 shares. The stock had previously closed at $8.29.

Wall Street Analyst Weigh In

APLD has been the subject of several recent research reports. Needham & Company LLC restated a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a report on Friday, November 1st. Lake Street Capital upped their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Roth Mkm reiterated a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum increased their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Finally, Cantor Fitzgerald began coverage on shares of Applied Digital in a report on Friday, December 20th. They issued an "overweight" rating and a $15.00 price objective on the stock. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital presently has an average rating of "Buy" and an average target price of $11.14.

Applied Digital Stock Performance

The company has a market cap of $1.64 billion, a price-to-earnings ratio of -6.63 and a beta of 4.78. The stock has a 50 day simple moving average of $8.70 and a 200 day simple moving average of $6.92. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Insider Activity

In related news, CEO Wes Cummins sold 200,000 shares of the company's stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares of the company's stock, valued at approximately $35,658,786. The trade was 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 the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the sale, the director now directly owns 208,506 shares of the company's stock, valued at $1,670,133.06. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 279,369 shares of company stock worth $2,525,561. 11.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its position in shares of Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock valued at $7,419,000 after buying an additional 240,554 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Applied Digital in the third quarter valued at $545,000. Barclays PLC grew its stake in shares of Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after purchasing an additional 428,428 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Applied Digital during the third quarter worth $2,030,000. Finally, B. Riley Wealth Advisors Inc. raised its holdings in Applied Digital by 66.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company's stock worth $4,609,000 after purchasing an additional 308,223 shares during 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.