Applied Digital (NASDAQ:APLD) Trading Down 5.4% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) shares traded down 5.4% during mid-day trading on Tuesday . The company traded as low as $9.86 and last traded at $10.10. 6,176,113 shares were traded during mid-day trading, a decline of 22% from the average session volume of 7,878,003 shares. The stock had previously closed at $10.68.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on APLD shares. Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright increased their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. B. Riley lifted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average target price of $10.50.

Applied Digital Stock Down 9.7 %

The business’s 50 day moving average price is $7.66 and its 200-day moving average price is $5.85. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The firm has a market capitalization of $2.08 billion, a PE ratio of -8.24 and a beta of 4.65.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same quarter in the previous year, the company earned ($0.10) earnings per share. The firm’s quarterly revenue was up 67.2% compared to the same quarter last year. As a group, equities research analysts forecast that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the sale, the director now directly owns 208,506 shares of the company’s stock, valued at $1,670,133.06. This represents a 4.58 % decrease in their position. The sale 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 that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. This represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 119,369 shares of company stock valued at $870,161. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after buying an additional 2,547,485 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after acquiring an additional 3,182 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Applied Digital by 14.1% in the 1st quarter. California State Teachers Retirement System now owns 91,086 shares of the company’s stock valued at $390,000 after purchasing an additional 11,288 shares during the last quarter. Register Financial Advisors LLC increased its holdings in Applied Digital by 29.2% in the second quarter. Register Financial Advisors LLC now owns 417,800 shares of the company’s stock valued at $2,486,000 after buying an additional 94,400 shares during the last quarter. Finally, ARS Investment Partners LLC purchased a new stake in Applied Digital during the 2nd quarter worth about $60,000. 65.67% of the stock is owned by institutional investors and hedge funds.

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.