Applied Digital (NASDAQ:APLD) Trading Down 1.2% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) was down 1.2% during trading on Wednesday . The company traded as low as $7.22 and last traded at $7.50. Approximately 5,713,151 shares were traded during trading, a decline of 75% from the average daily volume of 23,204,156 shares. The stock had previously closed at $7.59.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on APLD shares. Northland Securities upped their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. HC Wainwright boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Wednesday, January 15th. Compass Point assumed coverage on Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Finally, Cantor Fitzgerald reduced their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $12.11.

Applied Digital Stock Up 0.3 %

The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of -4.40 and a beta of 4.77. The business has a 50 day moving average of $8.51 and a 200 day moving average of $7.24. 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 quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter in the prior year, the company posted ($0.05) EPS. The business’s revenue was up 51.3% on a year-over-year basis. On average, equities analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The stock was 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 directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 270,000 shares of company stock valued at $2,477,000 over the last quarter. Corporate insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently added to or reduced their stakes in APLD. Vontobel Holding Ltd. increased its holdings in shares of Applied Digital by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock worth $128,000 after buying an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Applied Digital by 16.8% in 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 in the last quarter. Wilmington Savings Fund Society FSB grew its holdings in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares during the last quarter. Wellington Management Group LLP lifted 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 in the last quarter. Finally, Amalgamated Bank increased its position in Applied Digital by 113.3% in the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock valued at $50,000 after acquiring an additional 3,473 shares in the last quarter. 65.67% of the stock is owned by institutional investors.

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.