Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price fell 8.5% during mid-day trading on Wednesday . The stock traded as low as $6.69 and last traded at $6.81. 11,775,619 shares were traded during mid-day trading, a decline of 55% from the average session volume of 26,174,971 shares. The stock had previously closed at $7.44.
Wall Street Analyst Weigh In
APLD has been the subject of several recent research reports. HC Wainwright boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Cantor Fitzgerald reduced their price target on shares of 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 objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday, February 24th. Finally, Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price for the company. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $12.11.
Read Our Latest Report on APLD
Applied Digital Stock Performance
The company has a market cap of $1.28 billion, a PE ratio of -3.31 and a beta of 4.69. The company's fifty day moving average price is $7.76 and its 200 day moving average price is $7.99. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.
Applied Digital (NASDAQ:APLD - Get Free Report) last released its 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. 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 during the quarter, compared to analyst estimates of $62.41 million. During the same period in the prior year, the company posted ($0.05) earnings per share. Applied Digital's quarterly revenue was up 51.3% on a year-over-year basis. On average, equities research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.
Insider Transactions at Applied Digital
In related news, Director Richard N. Nottenburg sold 20,000 shares of the firm's stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction 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. This trade represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 11.81% of the company's stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. lifted its stake in Applied Digital by 9.8% in the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after purchasing an additional 1,500 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after buying an additional 1,692 shares during the period. Wilmington Savings Fund Society FSB lifted its position in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Applied Digital by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock worth $309,000 after acquiring an additional 3,040 shares during the period. Finally, Amalgamated Bank grew its stake in shares of Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock worth $50,000 after acquiring an additional 3,473 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
About Applied Digital
(
Get Free Report)
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.
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