Applied Digital (NASDAQ:APLD) Shares Down 1.2% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s share price was down 1.2% during trading on Tuesday . The stock traded as low as $37.18 and last traded at $37.30. 16,994,098 shares were traded during trading, a decline of 33% from the average session volume of 25,251,178 shares. The stock had previously closed at $37.77.

Wall Street Analysts Forecast Growth

APLD has been the topic of a number of research reports. Northland Securities set a $82.00 target price on shares of Applied Digital and gave the company an “outperform” rating in a report on Wednesday, June 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Compass Point reissued a “buy” rating and set a $70.00 price target on shares of Applied Digital in a research report on Friday, May 22nd. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Finally, Lake Street Capital upped their price objective on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Stock Down 1.2%

The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The stock has a 50 day simple moving average of $41.59 and a 200-day simple moving average of $33.97. The firm has a market cap of $10.66 billion, a PE ratio of -50.40 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The company had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. During the same period in the prior year, the company posted ($0.08) earnings per share. The company’s revenue was up 139.3% on a year-over-year basis. Sell-side analysts predict that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital 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 transaction of $349,800.00. Following the completion of the sale, the director directly owned 184,859 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm’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 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. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors 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 bought a new position in Applied Digital in the 4th quarter valued at approximately $25,000. Activest Wealth Management bought a new position in Applied Digital in the 4th quarter valued at approximately $25,000. Ameriflex Group Inc. purchased a new stake in Applied Digital during the 4th quarter valued at $25,000. Finally, McMillan Office Inc. purchased a new stake in Applied Digital during the 4th quarter valued at $25,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.