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

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price fell 2.1% during mid-day trading on Wednesday . The company traded as low as $8.80 and last traded at $8.94. 2,438,908 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 6,875,554 shares. The stock had previously closed at $9.13.

Wall Street Analyst Weigh In

Several research firms recently commented on APLD. Needham & Company LLC restated a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research note on Thursday, October 17th. Roth Mkm restated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. B. Riley increased their price target on Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Friday, September 13th. Finally, Lake Street Capital boosted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $10.50.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The firm has a market cap of $1.18 billion, a P/E ratio of -10.90 and a beta of 4.56. The company's 50 day moving average is $6.21 and its 200 day moving average is $5.03.

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

Insider Activity

In other news, Director Douglas S. Miller sold 10,000 shares of the business's 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 sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction on 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 sale, the director now owns 433,686 shares of the company's stock, valued at $3,196,265.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,000 shares of company stock valued at $724,700. 20.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its stake in Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company's stock worth $103,000 after buying an additional 3,182 shares during the last quarter. ICA Group Wealth Management LLC boosted its position in shares of Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company's stock valued at $112,000 after purchasing an additional 6,795 shares in the last quarter. Headlands Technologies LLC increased its holdings in Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock worth $52,000 after purchasing an additional 6,933 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Applied Digital by 25.0% in the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company's stock valued at $224,000 after buying an additional 7,517 shares during the period. Finally, ARS Investment Partners LLC bought a new position in shares of Applied Digital during the 2nd quarter worth approximately $60,000. 65.67% of the stock is owned by institutional investors and hedge funds.

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.