Applied Digital (NASDAQ:APLD) Stock Price Down 1.5% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) shares dropped 1.5% during mid-day trading on Wednesday . The company traded as low as $45.25 and last traded at $45.57. Approximately 26,875,955 shares changed hands during mid-day trading, an increase of 5% from the average daily volume of 25,528,248 shares. The stock had previously closed at $46.27.

Analyst Upgrades and Downgrades

APLD has been the subject of several recent analyst reports. Northland Securities set a $82.00 price objective on shares of Applied Digital and gave the stock an “outperform” rating in a research note on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Lucid Cap Mkts upgraded shares of Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Citigroup reaffirmed a “market outperform” rating on shares of Applied Digital in a research note on Tuesday, June 9th. Finally, Needham & Company LLC upped their price target on shares of Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Applied Digital has an average rating of “Moderate Buy” and an average target price of $70.56.

Applied Digital Price Performance

The stock has a 50 day moving average of $39.65 and a 200-day moving average of $33.37. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $13.31 billion, a P/E ratio of -62.96 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) 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 business had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. During the same period last year, the company earned ($0.08) EPS. The business’s revenue was up 139.3% compared to the same quarter last year. On average, equities research analysts anticipate that Applied Digital Corporation will post -0.68 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the transaction, the director directly owned 184,859 shares in the company, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the transaction, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. This represents a 5.66% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 35,000 shares of company stock worth $1,182,175. Company insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of large investors have recently modified their holdings of APLD. Newbridge Financial Services Group Inc. increased its holdings in Applied Digital by 8.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after purchasing an additional 300 shares during the period. Concurrent Investment Advisors LLC grew its position in shares of Applied Digital by 1.5% during the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after buying an additional 318 shares in the last quarter. Brookstone Capital Management grew its position in shares of Applied Digital by 3.6% during the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after buying an additional 321 shares in the last quarter. Independent Advisor Alliance increased its stake in shares of Applied Digital by 4.6% during the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock valued at $226,000 after buying an additional 407 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Applied Digital by 7.4% during the third quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the company’s stock valued at $137,000 after buying an additional 408 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.