Applied Digital (NASDAQ:APLD) Shares Down 1.5% – Time to Sell?

Applied Digital Corporation (NASDAQ:APLD)’s stock price was down 1.5% during trading on Tuesday . The stock traded as low as $41.05 and last traded at $43.93. Approximately 20,200,282 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 26,688,408 shares. The stock had previously closed at $44.59.

Analyst Ratings Changes

Several research analysts recently commented on APLD shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Wall Street Zen cut Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Citizens Jmp reiterated a “market outperform” rating and issued a $40.00 price target on shares of Applied Digital in a research note on Thursday, April 9th. Finally, Zacks Research upgraded Applied Digital from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.33.

Applied Digital Price Performance

The company has a 50 day simple moving average of $29.56 and a 200-day simple moving average of $30.26. The stock has a market cap of $12.55 billion, a price-to-earnings ratio of -59.36 and a beta of 5.69. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65.

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

Insider Activity at Applied Digital

In other Applied Digital news, 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 sale, the director owned 184,859 shares in the company, valued at $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,000 shares of company stock worth $1,182,175 in the last 90 days. 9.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently made changes to their positions in the stock. Teachers Retirement System of The State of Kentucky bought a new position in shares of Applied Digital during the third quarter valued at approximately $994,000. Federated Hermes Inc. bought a new position in shares of Applied Digital during the third quarter valued at approximately $3,204,000. AlphaQuest LLC bought a new position in shares of Applied Digital during the third quarter valued at approximately $1,369,000. MRA Advisory Group bought a new position in shares of Applied Digital during the third quarter valued at approximately $978,000. Finally, Vanguard Group Inc. grew its holdings in shares of Applied Digital by 23.2% during the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock valued at $406,547,000 after purchasing an additional 3,339,062 shares during the last quarter. 65.67% of the stock is 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.