Applied Digital (NASDAQ:APLD) Stock Price Down 1.4% – Should You Sell?

Shares of Applied Digital Co. (NASDAQ:APLD) dropped 1.4% during mid-day trading on Monday . The company traded as low as $7.74 and last traded at $7.90. Approximately 5,373,023 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 8,606,560 shares. The stock had previously closed at $8.01.

Analyst Ratings Changes

Several research firms have recently commented on APLD. Roth Mkm restated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. HC Wainwright boosted their target price on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Cantor Fitzgerald started coverage on Applied Digital in a research note on Friday, December 20th. They set an “overweight” rating and a $15.00 price target for the company. B. Riley boosted their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, Craig Hallum increased their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $11.14.

Applied Digital Stock Up 10.7 %

The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -7.50 and a beta of 4.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The business’s 50 day moving average is $8.47 and its 200-day moving average is $6.57.

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

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the sale, the director now owns 334,317 shares in the company, valued at $3,075,716.40. The trade was a 13.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 359,369 shares of company stock valued at $3,115,161. Insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several institutional investors have recently made changes to their positions in APLD. Headlands Technologies LLC boosted its holdings in Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Applied Digital during the 3rd quarter worth approximately $59,000. Beacon Harbor Wealth Advisors Inc. bought a new position in shares of Applied Digital during the 3rd quarter worth approximately $83,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Applied Digital in the 3rd quarter valued at $88,000. Finally, Chesapeake Capital Corp IL bought a new stake in Applied Digital in the third quarter valued at $94,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.