Applied Digital (NASDAQ:APLD) Trading Down 0.9% – Should You Sell?

Applied Digital Co. (NASDAQ:APLD) shares dropped 0.9% during mid-day trading on Monday . The stock traded as low as $8.58 and last traded at $8.90. Approximately 23,061,663 shares were traded during trading, an increase of 69% from the average daily volume of 13,653,270 shares. The stock had previously closed at $8.98.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on APLD shares. HC Wainwright raised their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Lake Street Capital lifted their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm restated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Wednesday, January 15th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $11.29.

Applied Digital Stock Down 0.9 %

The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -7.61 and a beta of 4.78. The business has a fifty day moving average of $8.82 and a 200 day moving average of $6.99.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital’s revenue was up 51.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) EPS. As a group, equities analysts predict that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the transaction, the director now directly owns 384,317 shares in the company, valued at $2,886,220.67. This represents a 4.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 269,369 shares of company stock worth $2,445,461 in the last quarter. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in APLD. Nisa Investment Advisors LLC raised its stake in shares of Applied Digital by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after purchasing an additional 1,692 shares during the last quarter. Wellington Management Group LLP raised its position in Applied Digital by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after buying an additional 3,040 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Applied Digital by 14.4% in the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after acquiring an additional 5,423 shares in the last quarter. FMR LLC raised its holdings in Applied Digital by 99.1% during the third quarter. FMR LLC now owns 13,071 shares of the company’s stock worth $108,000 after purchasing an additional 6,507 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Applied Digital in the 3rd quarter valued at approximately $59,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

About Applied Digital

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.