Applied Digital (NASDAQ:APLD) Stock Price Down 1.6% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD) fell 1.6% on Wednesday . The company traded as low as $9.20 and last traded at $9.26. 8,632,402 shares changed hands during trading, a decline of 63% from the average session volume of 23,031,754 shares. The stock had previously closed at $9.41.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Lake Street Capital increased their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reissued a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Cantor Fitzgerald lowered their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, January 15th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $11.29.

Applied Digital Stock Up 1.6 %

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of -5.53 and a beta of 4.78. The company has a 50-day moving average of $8.84 and a 200-day moving average of $7.00.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data 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. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same period in the prior year, the company earned ($0.05) earnings per share. The company’s revenue was up 51.3% on a year-over-year basis. On average, equities analysts predict that Applied Digital Co. will post -0.8 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard N. Nottenburg sold 50,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the transaction, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. The trade was a 13.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 269,369 shares of company stock valued at $2,445,461 in the last quarter. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Geode Capital Management LLC increased its stake in shares of Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after acquiring an additional 1,002,862 shares during the last quarter. Alight Capital Management LP acquired a new stake in Applied Digital during the second quarter worth about $3,570,000. Barclays PLC boosted its holdings in Applied Digital by 736.8% in 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 last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of Applied Digital by 66.1% in 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 period. Finally, State Street Corp increased its holdings in shares of Applied Digital by 14.0% during the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after buying an additional 286,852 shares during the last quarter. Institutional investors and hedge funds 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.