Applied Digital (NASDAQ:APLD) Shares Down 3% – Here’s What Happened

Shares of Applied Digital Corporation (NASDAQ:APLD) were down 3% on Monday . The company traded as low as $22.71 and last traded at $22.94. Approximately 25,351,066 shares were traded during trading, a decline of 29% from the average daily volume of 35,933,031 shares. The stock had previously closed at $23.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Wednesday, October 8th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Thursday, October 9th. Craig Hallum boosted their price target on Applied Digital to $39.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. B. Riley reissued a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Finally, HC Wainwright lifted their price objective on shares of Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Applied Digital presently has an average rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Stock Up 1.1%

The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. The firm’s 50-day moving average price is $27.83 and its 200 day moving average price is $17.01. The firm has a market cap of $6.57 billion, a P/E ratio of -20.43 and a beta of 6.77.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The firm had revenue of $64.22 million during the quarter, compared to analyst estimates of $52.25 million. During the same period in the previous year, the business posted ($0.15) EPS. Applied Digital’s revenue was up 84.3% on a year-over-year basis. As a group, research analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Transactions at Applied Digital

In related news, Director Rachel H. Lee sold 24,213 shares of Applied Digital stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $33.20, for a total transaction of $803,871.60. Following the sale, the director directly owned 59,400 shares in the company, valued at $1,972,080. The trade was a 28.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Chuck Hastings sold 25,000 shares of the firm’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $34.27, for a total transaction of $856,750.00. Following the transaction, the director directly owned 426,612 shares in the company, valued at approximately $14,619,993.24. The trade was a 5.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 823,035 shares of company stock worth $18,930,179 over the last quarter. Insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its holdings in Applied Digital by 9.4% during the first quarter. Bank of New York Mellon Corp now owns 525,566 shares of the company’s stock worth $2,954,000 after purchasing an additional 45,040 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of Applied Digital by 44.8% during the 1st quarter. New York State Common Retirement Fund now owns 59,119 shares of the company’s stock valued at $332,000 after purchasing an additional 18,300 shares during the period. CWM LLC raised its stake in shares of Applied Digital by 116.5% in the 1st quarter. CWM LLC now owns 9,506 shares of the company’s stock worth $53,000 after buying an additional 5,116 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of Applied Digital by 23.5% in the first quarter. Private Advisor Group LLC now owns 71,690 shares of the company’s stock valued at $403,000 after buying an additional 13,635 shares during the period. Finally, Choreo LLC acquired a new stake in shares of Applied Digital in the first quarter valued at $71,000. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Company Profile

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.