Applied Digital (NASDAQ:APLD) Stock Price Down 4.9% – Time to Sell?

Applied Digital Co. (NASDAQ:APLD)’s stock price fell 4.9% during trading on Monday . The stock traded as low as $7.46 and last traded at $7.88. 6,473,860 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 14,163,714 shares. The stock had previously closed at $8.29.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on APLD. 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 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 research note on Thursday, October 10th. Craig Hallum increased 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 Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Finally, HC Wainwright upped their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has an average rating of “Buy” and an average target price of $11.14.

Applied Digital Trading Down 6.2 %

The stock has a market capitalization of $1.64 billion, a PE ratio of -6.65 and a beta of 4.78. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The company has a 50 day simple moving average of $8.66 and a 200 day simple moving average of $6.91.

Insider Activity

In related news, Director Richard N. Nottenburg sold 19,369 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the transaction, the director now directly owns 384,317 shares of the company’s stock, valued at $2,886,220.67. This trade represents a 4.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 279,369 shares of company stock valued at $2,525,561 over the last quarter. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in APLD. Charles Schwab Investment Management Inc. raised its position in Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after acquiring an additional 240,554 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Applied Digital during the 3rd quarter worth approximately $545,000. Barclays PLC raised its position in shares of Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after purchasing an additional 428,428 shares during the last quarter. Virtu Financial LLC purchased a new stake in Applied Digital in the 3rd quarter valued at approximately $2,030,000. Finally, B. Riley Wealth Advisors Inc. grew its holdings in Applied Digital by 66.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after buying an additional 308,223 shares during the last quarter. 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.