Applied Digital (NASDAQ:APLD) Trading Down 3.1% – Time to Sell?

Applied Digital Corporation (NASDAQ:APLD)’s share price fell 3.1% during trading on Monday . The stock traded as low as $9.61 and last traded at $10.01. 12,436,015 shares traded hands during trading, a decline of 68% from the average session volume of 39,206,977 shares. The stock had previously closed at $10.33.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Roth Capital reissued a “buy” rating on shares of Applied Digital in a report on Monday, June 2nd. Citigroup restated an “outperform” rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Citizens Jmp upgraded Applied Digital to a “strong-buy” rating and set a $12.00 price target for the company in a research note on Thursday, May 22nd. HC Wainwright boosted their price target on Applied Digital from $7.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Finally, JMP Securities boosted their price target on Applied Digital from $12.00 to $18.00 and gave the stock a “market outperform” rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $12.73.

Applied Digital Stock Down 5.0%

The company has a fifty day simple moving average of $7.38 and a 200-day simple moving average of $7.64. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56. The firm has a market cap of $2.21 billion, a P/E ratio of -7.16 and a beta of 6.09.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The company had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. During the same period in the prior year, the firm posted ($0.24) EPS. On average, equities analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director now directly owns 83,613 shares in the company, valued at $585,291. This represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 11.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently modified their holdings of APLD. PNC Financial Services Group Inc. purchased a new stake in shares of Applied Digital in the first quarter worth approximately $28,000. US Bancorp DE purchased a new stake in shares of Applied Digital in the fourth quarter worth approximately $37,000. Geneos Wealth Management Inc. raised its holdings in shares of Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after buying an additional 3,542 shares during the period. Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital in the fourth quarter worth approximately $39,000. Finally, Amalgamated Bank raised its holdings in shares of Applied Digital by 113.3% in the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock worth $50,000 after buying an additional 3,473 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Company Profile

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.