Applied Digital (NASDAQ:APLD) Shares Down 1.3% – Should You Sell?

Shares of Applied Digital Corporation (NASDAQ:APLD) traded down 1.3% during trading on Tuesday . The company traded as low as $27.66 and last traded at $28.47. Approximately 17,129,791 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 24,673,031 shares. The stock had previously closed at $28.84.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on APLD shares. Craig Hallum increased their price target on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Roth Capital restated a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a research report on Thursday, April 23rd. Zacks Research downgraded shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Finally, Northland Securities set a $82.00 target price on Applied Digital and gave the company an “outperform” rating in a report on Wednesday, June 17th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Stock Performance

The firm has a market capitalization of $7.79 billion, a price-to-earnings ratio of -36.64 and a beta of 5.67. The company has a 50-day moving average price of $40.97 and a 200-day moving average price of $34.45. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction 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 represents a 5.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 35,000 shares of company stock worth $1,182,175 over the last three months. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after buying an additional 6,445,908 shares during the period. Situational Awareness LP boosted its stake in Applied Digital by 18.9% during the first quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock valued at $319,978,000 after buying an additional 2,139,378 shares in the last quarter. Geode Capital Management LLC grew its holdings in Applied Digital by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock worth $154,151,000 after acquiring an additional 304,228 shares during the period. Value Aligned Research Advisors LLC bought a new stake in Applied Digital in the fourth quarter worth about $138,380,000. Finally, BNP Paribas Financial Markets raised its position in Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after acquiring an additional 5,198,223 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

About Applied Digital

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.