Applied Digital (NASDAQ:APLD) Shares Down 2.1% – Time to Sell?

Shares of Applied Digital Co. (NASDAQ:APLD) fell 2.1% on Wednesday . The stock traded as low as $8.80 and last traded at $8.94. 2,438,908 shares were traded during trading, a decline of 65% from the average session volume of 6,875,554 shares. The stock had previously closed at $9.13.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on APLD. Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Craig Hallum upped 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. B. Riley raised their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Lake Street Capital boosted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Thursday, October 17th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $10.50.

Applied Digital Stock Performance

The stock has a market capitalization of $1.16 billion, a P/E ratio of -10.59 and a beta of 4.56. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The company’s fifty day simple moving average is $6.12 and its 200 day simple moving average is $5.01.

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. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The firm had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter last year, the company posted ($0.10) EPS. The business’s quarterly revenue was up 67.2% on a year-over-year basis. As a group, sell-side analysts forecast that Applied Digital Co. will post -1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,000 shares of company stock valued at $724,700 in the last quarter. Company insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares in the last quarter. Van ECK Associates Corp increased its position in Applied Digital by 92.1% during the 1st quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock valued at $10,384,000 after buying an additional 1,163,247 shares in the last quarter. Hood River Capital Management LLC raised its stake in Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after buying an additional 771,699 shares during the last quarter. Alight Capital Management LP bought a new stake in Applied Digital in the second quarter worth $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Applied Digital by 69.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock worth $5,614,000 after acquiring an additional 536,948 shares during the last quarter. Hedge funds and other institutional investors 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.