Applied Digital (NASDAQ:APLD) Stock Price Down 6.9% – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s share price was down 6.9% during trading on Thursday . The stock traded as low as $3.77 and last traded at $3.80. Approximately 8,733,922 shares were traded during trading, a decline of 69% from the average daily volume of 27,889,309 shares. The stock had previously closed at $4.08.

Wall Street Analysts Forecast Growth

APLD has been the subject of a number of research analyst reports. Needham & Company LLC dropped their price target on Applied Digital from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday. Compass Point initiated coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective on the stock. Cantor Fitzgerald cut their target price on shares of Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday. Northland Securities upped their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Finally, HC Wainwright cut their price objective on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $10.67.

Applied Digital Trading Down 4.7 %

The stock’s 50-day simple moving average is $6.94 and its 200-day simple moving average is $7.84. The firm has a market capitalization of $867.09 million, a PE ratio of -2.25 and a beta of 5.18. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same period in the previous year, the firm posted ($0.24) earnings per share. As a group, sell-side analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the transaction, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in APLD. Vanguard Group Inc. boosted its stake in Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock valued at $97,487,000 after purchasing an additional 3,587,619 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Applied Digital by 68.7% during the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock valued at $1,978,000 after acquiring an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of Applied Digital by 37.6% during 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. Barclays PLC lifted its position in Applied Digital by 736.8% during 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 period. Finally, Highbridge Capital Management LLC purchased a new stake in Applied Digital in the fourth quarter worth approximately $2,546,000. 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.