Applied Digital (NASDAQ:APLD) Stock Price Down 5.6% - What's Next?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price was down 5.6% during mid-day trading on Monday . The company traded as low as $7.68 and last traded at $7.72. Approximately 2,811,276 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 6,794,583 shares. The stock had previously closed at $8.18.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on APLD shares. Craig Hallum upped their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. HC Wainwright upped their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, October 16th. Roth Mkm reiterated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. B. Riley upped their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Friday, September 13th. Finally, Lake Street Capital upped their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $10.50.

Applied Digital Price Performance

The stock's 50-day moving average price is $6.02 and its 200 day moving average price is $4.97. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -11.03 and a beta of 4.56. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The firm's revenue for the quarter was up 67.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.10) earnings per share. Equities research analysts predict that Applied Digital Co. will post -1.12 earnings per share for the current year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 80,000 shares of the company's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now owns 433,686 shares of the company's stock, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the transaction, the director now owns 433,686 shares of the company's stock, valued at $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares of the company's stock, valued at $1,201,783. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 20.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC increased its holdings in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock worth $52,000 after buying an additional 6,933 shares in the last quarter. ARS Investment Partners LLC acquired a new stake in shares of Applied Digital during the second quarter worth approximately $60,000. Principal Financial Group Inc. acquired a new stake in shares of Applied Digital during the first quarter worth approximately $50,000. Crumly & Associates Inc. acquired a new stake in shares of Applied Digital during the second quarter worth approximately $110,000. Finally, ICA Group Wealth Management LLC increased its holdings in shares of Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company's stock worth $112,000 after buying an additional 6,795 shares in 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.