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

Applied Digital Corporation (NASDAQ:APLD)’s share price was down 4.8% during mid-day trading on Wednesday . The company traded as low as $35.07 and last traded at $35.52. 18,550,259 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 25,207,504 shares. The stock had previously closed at $37.30.

Analyst Upgrades and Downgrades

Several analysts have weighed in on APLD shares. Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Compass Point reaffirmed a “buy” rating and set a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. B. Riley Financial reiterated a “buy” rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Zacks Research downgraded Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Finally, Craig Hallum raised their price objective on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $70.56.

Applied Digital Trading Down 4.8%

The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The stock has a market capitalization of $10.15 billion, a P/E ratio of -48.00 and a beta of 5.69. The firm’s fifty day simple moving average is $41.71 and its 200 day simple moving average is $34.01.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The firm had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business’s revenue was up 139.3% on a year-over-year basis. During the same period last year, the company posted ($0.08) EPS. As a group, equities research analysts forecast that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Noble Wealth Management PBC acquired a new position in Applied Digital during the fourth quarter worth about $25,000. Albion Financial Group UT bought a new stake in shares of Applied Digital during the 4th quarter valued at approximately $25,000. Activest Wealth Management acquired a new position in Applied Digital during the 4th quarter worth approximately $25,000. Ameriflex Group Inc. acquired a new position in Applied Digital during the 4th quarter worth approximately $25,000. Finally, McMillan Office Inc. bought a new position in Applied Digital in the 4th quarter valued at approximately $25,000. 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.