Applied Digital (NASDAQ:APLD) Shares Down 2.1% - Here's Why

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded down 2.1% on Tuesday . The stock traded as low as $6.01 and last traded at $6.11. 5,876,656 shares were traded during mid-day trading, a decline of 79% from the average session volume of 27,895,232 shares. The stock had previously closed at $6.24.

Analysts Set New Price Targets

APLD has been the subject of a number of analyst reports. Northland Securities boosted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, February 4th. Needham & Company LLC reiterated a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research note on Monday, February 24th. Compass Point began coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective on the stock. HC Wainwright lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Wednesday, January 15th. Finally, Cantor Fitzgerald lowered their target price on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research note on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital has a consensus rating of "Buy" and an average price target of $12.11.

Applied Digital Stock Performance

The company has a fifty day moving average of $8.20 and a two-hundred day moving average of $7.81. The stock has a market capitalization of $1.42 billion, a P/E ratio of -3.67 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 posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business's revenue was up 51.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) EPS. On average, equities analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the firm's stock in a transaction that occurred 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 sale, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. acquired a new position in Applied Digital in the fourth quarter worth approximately $510,000. Mackenzie Financial Corp acquired a new position in Applied Digital in the fourth quarter worth about $92,000. GTS Securities LLC bought a new position in Applied Digital during the fourth quarter worth about $196,000. Two Seas Capital LP bought a new stake in shares of Applied Digital in the 4th quarter valued at approximately $5,062,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Applied Digital by 271.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company's stock valued at $2,623,000 after purchasing an additional 250,944 shares during the period. 65.67% of the stock is owned by institutional investors.

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.