Applied Digital (NASDAQ:APLD) Stock Price Down 5.5% - What's Next?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price was down 5.5% during mid-day trading on Friday . The stock traded as low as $6.31 and last traded at $6.39. Approximately 14,748,707 shares were traded during trading, an increase of 106% from the average daily volume of 7,156,813 shares. The stock had previously closed at $6.76.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on APLD shares. Roth Mkm reissued a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright lifted their price objective on Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday. Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Finally, Lake Street Capital lifted their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $10.50.

Applied Digital Stock Performance

The company has a market cap of $1.38 billion, a PE ratio of -5.40 and a beta of 4.56. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The business has a fifty day moving average of $6.66 and a 200-day moving average of $5.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same quarter in the previous year, the business earned ($0.10) EPS. Applied Digital's revenue was up 67.2% compared to the same quarter last year. Equities research analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares of the company's stock, valued at approximately $3,196,265.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Richard N. Nottenburg sold 80,000 shares of the business's stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the sale, the director now directly owns 433,686 shares of the company's stock, valued at $3,196,265.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the sale, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,000 shares of company stock valued at $724,700. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. bought a new stake in shares of Applied Digital in the 1st quarter worth approximately $50,000. Headlands Technologies LLC lifted its position in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock valued at $52,000 after acquiring an additional 6,933 shares in the last quarter. ARS Investment Partners LLC bought a new position in Applied Digital in the 2nd quarter valued at approximately $60,000. Beacon Harbor Wealth Advisors Inc. bought a new position in Applied Digital in the 3rd quarter valued at approximately $83,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Applied Digital in the 3rd quarter valued at approximately $88,000. 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.

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