Applied Digital (NASDAQ:APLD) Trading Down 3.7% – Time to Sell?

Shares of Applied Digital Co. (NASDAQ:APLD) fell 3.7% on Friday . The company traded as low as $6.99 and last traded at $7.02. 3,394,034 shares changed hands during trading, a decline of 87% from the average session volume of 26,302,871 shares. The stock had previously closed at $7.29.

Wall Street Analyst Weigh In

A number of research firms have weighed in on APLD. Compass Point began coverage on Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. HC Wainwright lifted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Northland Securities lifted their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Cantor Fitzgerald reduced their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a report on Monday, February 24th. 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 Down 3.0 %

The stock has a market cap of $1.58 billion, a P/E ratio of -4.09 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a 50-day moving average price of $7.93 and a 200-day moving average price of $7.94.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) EPS. On average, equities research analysts expect that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

A number of hedge funds have recently bought and sold shares of APLD. Charles Schwab Investment Management Inc. lifted its position in Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after purchasing an additional 240,554 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Applied Digital in the third quarter valued at approximately $545,000. Rhumbline Advisers lifted its position in Applied Digital by 68.7% in the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock valued at $1,978,000 after purchasing an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC lifted its position 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 last quarter. Finally, Barclays PLC lifted its position in Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares during the last quarter. Institutional investors 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.