Applied Digital (NASDAQ:APLD) Shares Down 2.3% – Time to Sell?

Applied Digital Co. (NASDAQ:APLD)’s stock price was down 2.3% during trading on Thursday . The stock traded as low as $6.11 and last traded at $6.38. Approximately 8,974,940 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 26,243,443 shares. The stock had previously closed at $6.53.

Analyst Ratings Changes

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

Applied Digital Stock Down 6.1 %

The stock has a market capitalization of $1.37 billion, a PE ratio of -3.54 and a beta of 4.69. 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 firm has a 50 day moving average of $7.88 and a two-hundred day moving average of $8.01.

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

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of APLD. California State Teachers Retirement System boosted its holdings in shares of Applied Digital by 65.6% during the fourth quarter. California State Teachers Retirement System now owns 162,561 shares of the company’s stock worth $1,242,000 after purchasing an additional 64,425 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new stake in Applied Digital in the fourth quarter valued at approximately $510,000. Mackenzie Financial Corp acquired a new position in Applied Digital during the fourth quarter worth approximately $92,000. GTS Securities LLC purchased a new stake in shares of Applied Digital during the 4th quarter valued at $196,000. Finally, Two Seas Capital LP acquired a new stake in shares of Applied Digital during the 4th quarter worth $5,062,000. 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.