Applied Digital (NASDAQ:APLD) Stock Price Down 1.6% – Here’s Why

Shares of Applied Digital Corporation (NASDAQ:APLD) fell 1.6% during trading on Tuesday . The stock traded as low as $44.72 and last traded at $45.14. 21,804,093 shares changed hands during trading, a decline of 17% from the average session volume of 26,271,762 shares. The stock had previously closed at $45.87.

Wall Street Analyst Weigh In

Several research firms recently commented on APLD. Roth Mkm reaffirmed a “buy” rating and set a $65.00 target price on shares of Applied Digital in a report on Thursday, April 23rd. Needham & Company LLC increased their target price on shares of Applied Digital from $51.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Lake Street Capital reaffirmed a “buy” rating and set a $70.00 target price (up from $55.00) on shares of Applied Digital in a report on Thursday, May 21st. Citizens Jmp increased their price target on shares of Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Thursday, May 21st. Finally, Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.11.

Applied Digital Stock Up 1.4%

The firm has a market cap of $14.19 billion, a PE ratio of -67.09 and a beta of 5.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The company’s 50-day simple moving average is $33.99 and its two-hundred day simple moving average is $31.31.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The firm had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The company’s quarterly revenue was up 139.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.08) EPS. On average, analysts predict that Applied Digital Corporation will post -0.61 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director directly owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 35,000 shares of company stock valued at $1,182,175. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently made changes to their positions in the company. Noble Wealth Management PBC bought a new stake in shares of Applied Digital during the fourth quarter valued at approximately $25,000. Albion Financial Group UT purchased a new position in Applied Digital during the 4th quarter valued at about $25,000. Activest Wealth Management purchased a new position in Applied Digital during the 4th quarter valued at about $25,000. Ameriflex Group Inc. purchased a new position in Applied Digital during the 4th quarter valued at about $25,000. Finally, McMillan Office Inc. purchased a new position in Applied Digital during the 4th quarter valued at about $25,000. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.