Applied Digital (NASDAQ:APLD) Stock Price Down 1.4% – Here’s Why

Shares of Applied Digital Corporation (NASDAQ:APLD) fell 1.4% on Wednesday . The stock traded as low as $25.56 and last traded at $25.72. 7,856,216 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 34,917,629 shares. The stock had previously closed at $26.08.

Analyst Upgrades and Downgrades

APLD has been the subject of several research analyst reports. HC Wainwright raised their target price on shares of Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a report on Wednesday, October 8th. Craig Hallum upped their price objective on Applied Digital to $39.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Thursday, October 9th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $41.00 target price on shares of Applied Digital in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.20.

Applied Digital Trading Down 1.4%

The stock has a market cap of $7.18 billion, a PE ratio of -22.76 and a beta of 6.94. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a fifty day moving average price of $29.03 and a 200 day moving average price of $20.39.

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

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 9,375 shares of the stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $35.91, for a total value of $336,656.25. Following the sale, the director directly owned 249,237 shares in the company, valued at approximately $8,950,100.67. This represents a 3.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Rachel H. Lee sold 24,213 shares of the firm’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $33.20, for a total value of $803,871.60. Following the sale, the director directly owned 59,400 shares of the company’s stock, valued at $1,972,080. This represents a 28.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 328,035 shares of company stock worth $11,376,479 over the last three months. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

Several institutional investors and hedge funds have recently made changes to their positions in the business. Hood River Capital Management LLC grew its holdings in shares of Applied Digital by 2.8% in the second quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after purchasing an additional 592,314 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Applied Digital by 23.2% in 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 period. Situational Awareness LP grew its stake in Applied Digital by 63.3% in the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock worth $66,379,000 after purchasing an additional 2,556,200 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after purchasing an additional 5,198,223 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Applied Digital by 20.2% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,199,135 shares of the company’s stock worth $73,388,000 after purchasing an additional 537,839 shares during the period. 65.67% of the stock is currently owned by institutional investors.

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.