Applied Digital (NASDAQ:APLD) Stock Price Down 2.1% – Time to Sell?

Applied Digital Co. (NASDAQ:APLD)’s stock price was down 2.1% during trading on Wednesday . The stock traded as low as $8.80 and last traded at $8.94. Approximately 2,438,908 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 6,875,554 shares. The stock had previously closed at $9.13.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on APLD shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Thursday, October 17th. Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. B. Riley increased their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. HC Wainwright boosted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Lake Street Capital increased their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital presently has a consensus rating of “Buy” and an average price target of $10.50.

Applied Digital Stock Down 2.3 %

The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -10.25 and a beta of 4.56. The firm has a 50 day simple moving average of $6.30 and a two-hundred day simple moving average of $5.06. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period last year, the business posted ($0.10) earnings per share. The business’s revenue for the quarter was up 67.2% compared to the same quarter last year. As a group, sell-side analysts expect that Applied Digital Co. will post -1.12 EPS for the current year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now directly owns 208,506 shares in the company, valued at $1,670,133.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 100,000 shares of company stock valued at $724,700 over the last 90 days. 20.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently made changes to their positions in APLD. Principal Financial Group Inc. acquired a new position in shares of Applied Digital during the 1st quarter worth about $50,000. Headlands Technologies LLC increased its holdings in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares during the last quarter. ARS Investment Partners LLC bought a new stake in Applied Digital in the 2nd quarter valued at $60,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Applied Digital during the 3rd quarter worth about $88,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after acquiring an additional 3,182 shares during the period. 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.