Applied Digital (NASDAQ:APLD) Trading Down 1.4% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) shares were down 1.4% during trading on Monday . The stock traded as low as $7.74 and last traded at $7.90. Approximately 5,373,023 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 8,606,560 shares. The stock had previously closed at $8.01.

Analyst Ratings Changes

Several research analysts have recently weighed in on APLD shares. Lake Street Capital upped their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. B. Riley upped their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Cantor Fitzgerald started coverage on shares of Applied Digital in a research report on Friday. They set an “overweight” rating and a $15.00 price target for the company. Finally, Craig Hallum raised 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. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $11.14.

Applied Digital Stock Down 1.7 %

The firm’s fifty day simple moving average is $8.47 and its two-hundred day simple moving average is $6.55. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of -6.73 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.10) earnings per share. Sell-side analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current year.

Insiders Place Their Bets

In other news, 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 transaction of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 359,369 shares of company stock valued at $3,115,161 over the last 90 days. 11.81% of the stock is owned by company insiders.

Institutional Trading of Applied Digital

Several hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC increased its stake in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital in the third quarter valued at $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new position in Applied Digital in the third quarter valued at $83,000. Wealth Enhancement Advisory Services LLC acquired a new position in Applied Digital during the 3rd quarter worth $88,000. Finally, Chesapeake Capital Corp IL acquired a new position in Applied Digital during the 3rd quarter worth $94,000. 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.