Applied Digital (NASDAQ:APLD) Shares Down 1.4% – Here’s What Happened

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

Analysts Set New Price Targets

Several brokerages recently issued reports on APLD. Lake Street Capital lifted their price target 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. Craig Hallum lifted their target price 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. Cantor Fitzgerald began coverage on Applied Digital in a research report on Friday, December 20th. They set an “overweight” rating and a $15.00 price target on the stock. 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. Finally, B. Riley increased their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $11.14.

Applied Digital Stock Up 10.7 %

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 firm has a market cap of $1.85 billion, a P/E ratio of -7.50 and a beta of 4.67. The firm’s 50 day moving average is $8.47 and its two-hundred day moving average is $6.57.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping 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 last year, the firm posted ($0.10) earnings per share. Applied Digital’s revenue was up 67.2% compared to the same quarter last year. As a group, research analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the business’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 value of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares in the company, valued at $3,196,265.82. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 359,369 shares of company stock valued at $3,115,161. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Headlands Technologies LLC grew its position in Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Applied Digital during the 3rd quarter worth approximately $59,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in shares of Applied Digital during the 3rd quarter worth approximately $83,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Applied Digital in the 3rd quarter valued at approximately $88,000. Finally, Chesapeake Capital Corp IL acquired a new position in Applied Digital during the third quarter worth $94,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.