Applied Digital (NASDAQ:APLD) Shares Down 4.1% – Here’s Why

Applied Digital Co. (NASDAQ:APLD)’s stock price dropped 4.1% on Tuesday . The stock traded as low as $7.00 and last traded at $7.04. Approximately 3,700,619 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 26,772,354 shares. The stock had previously closed at $7.34.

Analyst Ratings Changes

APLD has been the topic of several recent analyst reports. HC Wainwright lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Cantor Fitzgerald cut their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Compass Point initiated coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Monday, February 24th. Finally, Northland Securities raised their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Down 0.5 %

The stock’s 50 day simple moving average is $8.06 and its two-hundred day simple moving average is $7.87. The firm has a market cap of $1.63 billion, a P/E ratio of -4.22 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) earnings per share. As a group, research analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 17th. The shares were 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 of the company’s stock, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.81% of the stock is owned by insiders.

Institutional Trading of Applied Digital

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in shares of Applied Digital by 36.5% during the 3rd 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 period. Quadrature Capital Ltd bought a new stake in shares of Applied Digital during the 3rd quarter valued at about $545,000. Rhumbline Advisers grew its stake 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 purchasing an additional 105,428 shares during the period. Exchange Traded Concepts LLC grew its stake in shares of Applied Digital by 37.6% during the 4th 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 period. Finally, Barclays PLC grew its stake in shares of Applied Digital by 736.8% during the 3rd 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. Institutional investors 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.