Applied Digital (NASDAQ:APLD) Shares Down 8.6% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s share price was down 8.6% during trading on Tuesday . The company traded as low as $28.10 and last traded at $28.51. Approximately 17,548,882 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 23,912,201 shares. The stock had previously closed at $31.18.

Analysts Set New Price Targets

APLD has been the subject of a number of recent research reports. Zacks Research upgraded shares of Applied Digital from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. Needham & Company LLC reiterated a “buy” rating and issued a $83.00 price objective on shares of Applied Digital in a research note on Tuesday, July 28th. Citizens Jmp lifted their target price on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a report on Thursday, May 21st. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Finally, Craig Hallum upped their price target on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $68.15.

Applied Digital Stock Up 1.1%

The firm’s fifty day simple moving average is $33.35 and its 200 day simple moving average is $33.66. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. The company has a market cap of $8.32 billion, a price-to-earnings ratio of -32.09 and a beta of 5.75.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The firm had revenue of $240.35 million during the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. Applied Digital’s revenue for the quarter was up 406.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.24) earnings per share. Sell-side analysts predict that Applied Digital Corporation will post -1.09 earnings per share for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 75,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the sale, the director directly owned 133,378 shares in the company, valued at $4,154,724.70. This trade represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Applied Digital by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after purchasing an additional 6,445,908 shares during the last quarter. Situational Awareness LP raised its holdings in Applied Digital by 18.9% during the first quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock worth $319,978,000 after purchasing an additional 2,139,378 shares in the last quarter. Equitec Proprietary Markets LLC acquired a new stake in Applied Digital during the second quarter worth approximately $312,349,000. Geode Capital Management LLC lifted its position in shares of Applied Digital by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock worth $154,151,000 after buying an additional 304,228 shares during the last quarter. Finally, Value Aligned Research Advisors LLC purchased a new stake in shares of Applied Digital during the 4th quarter worth approximately $138,380,000. 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.