Applied Digital (NASDAQ:APLD) Stock Price Down 2.4% – Time to Sell?

Shares of Applied Digital Co. (NASDAQ:APLD) were down 2.4% during mid-day trading on Tuesday . The company traded as low as $7.66 and last traded at $7.80. Approximately 7,176,387 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 26,156,033 shares. The stock had previously closed at $7.99.

Analyst Upgrades and Downgrades

A number of analysts recently commented on APLD shares. Cantor Fitzgerald reduced their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. HC Wainwright upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday, February 24th. Northland Securities boosted their target price on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Finally, Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Nine analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital presently has a consensus rating of “Buy” and an average target price of $12.11.

Applied Digital Trading Down 6.0 %

The stock’s 50-day simple moving average is $7.94 and its two-hundred day simple moving average is $8.00. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market capitalization of $1.67 billion, a P/E ratio of -4.34 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.05) EPS. Equities research analysts expect that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after acquiring an additional 240,554 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in Applied Digital in the 3rd quarter worth $545,000. Rhumbline Advisers boosted its holdings in shares of Applied Digital by 68.7% during the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock valued at $1,978,000 after purchasing an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC grew its position in shares of Applied Digital by 37.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after purchasing an additional 273,666 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after purchasing an additional 428,428 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.