Applied Digital (NASDAQ:APLD) Shares Down 0.9% - Should You Sell?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares fell 0.9% during trading on Monday . The company traded as low as $8.58 and last traded at $8.90. 23,061,663 shares were traded during mid-day trading, an increase of 69% from the average session volume of 13,653,270 shares. The stock had previously closed at $8.98.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on APLD shares. Craig Hallum raised their target price on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, January 15th. Roth Mkm reissued a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital lifted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald cut their price objective 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. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $11.29.

Applied Digital Trading Down 0.9 %

The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of -7.61 and a beta of 4.78. The company has a fifty day moving average price of $8.84 and a 200-day moving average price of $7.00. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analysts' expectations of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. During the same period in the previous year, the company earned ($0.05) earnings per share. Applied Digital's revenue for the quarter was up 51.3% on a year-over-year basis. On average, equities research analysts predict that Applied Digital Co. will post -0.4 EPS for the current year.

Insider Transactions at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 3,875,955 shares of the company's stock, valued at $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 SEC, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 50,000 shares of the company's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the transaction, the director now owns 334,317 shares in the company, valued at approximately $3,075,716.40. This trade represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 269,369 shares of company stock valued at $2,445,461. 11.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in shares of Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock worth $25,258,000 after acquiring an additional 1,002,862 shares during the last quarter. Hood River Capital Management LLC increased its position in Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company's stock worth $57,098,000 after purchasing an additional 771,699 shares during the period. Alight Capital Management LP bought a new stake in Applied Digital during the 2nd quarter worth about $3,570,000. Barclays PLC lifted its position in Applied Digital by 736.8% during the 3rd 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 period. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of Applied Digital by 66.1% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company's stock valued at $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.