Applied Digital (NASDAQ:APLD) Shares Down 4.8% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s stock price was down 4.8% on Friday . The stock traded as low as $26.08 and last traded at $27.27. Approximately 18,246,886 shares changed hands during trading, a decline of 45% from the average daily volume of 33,210,516 shares. The stock had previously closed at $28.65.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Lake Street Capital reiterated a “buy” rating and set a $45.00 price target on shares of Applied Digital in a report on Tuesday, December 30th. Finally, B. Riley Financial boosted their price target on Applied Digital to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $37.00.

Applied Digital Trading Down 4.8%

The business has a fifty day moving average price of $32.51 and a 200-day moving average price of $27.36. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79. The company has a market cap of $7.62 billion, a P/E ratio of -50.50 and a beta of 7.25.

Insider Transactions at Applied Digital

In related news, Director Chuck Hastings sold 45,987 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the transaction, the director directly owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. This trade represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $38.54, for a total transaction of $385,400.00. Following the completion of the sale, the director directly owned 200,859 shares of the company’s stock, valued at $7,741,105.86. This represents a 4.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 244,593 shares of company stock valued at $9,003,278. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. White Knight Strategic Wealth Advisors LLC grew its position in Applied Digital by 7.6% during the fourth quarter. White Knight Strategic Wealth Advisors LLC now owns 29,846 shares of the company’s stock worth $732,000 after buying an additional 2,120 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new stake in shares of Applied Digital during the 4th quarter valued at $27,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of Applied Digital by 104.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,209,702 shares of the company’s stock worth $103,222,000 after purchasing an additional 2,154,213 shares in the last quarter. Invesco Ltd. increased its position in shares of Applied Digital by 9.3% in the fourth quarter. Invesco Ltd. now owns 178,565 shares of the company’s stock worth $4,378,000 after purchasing an additional 15,266 shares during the period. Finally, CrossGen Wealth LLC acquired a new position in Applied Digital in the fourth quarter valued at about $43,000. 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.