Applied Digital (NASDAQ:APLD) Shares Down 4.1% - Here's Why

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price was down 4.1% during mid-day trading on Tuesday . The company traded as low as $7.00 and last traded at $7.04. Approximately 3,700,619 shares were traded during trading, a decline of 86% from the average daily volume of 26,772,354 shares. The stock had previously closed at $7.34.

Wall Street Analyst Weigh In

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

Applied Digital Trading Up 13.0 %

The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of -4.62 and a beta of 4.69. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The business's 50 day moving average price is $7.94 and its two-hundred day moving average price is $8.00.

Remove Ads

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its 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 for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company's quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) earnings per share. On average, equities analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The stock was 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its position in Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock worth $7,419,000 after buying an additional 240,554 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Applied Digital during the third quarter worth $545,000. Rhumbline Advisers grew its stake in shares of Applied Digital by 68.7% in the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock worth $1,978,000 after purchasing an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock valued at $7,656,000 after purchasing an additional 273,666 shares during the period. Finally, Barclays PLC raised its position in Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company's stock worth $4,014,000 after purchasing an additional 428,428 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.