Applied Digital (NASDAQ:APLD) Stock Price Down 5.3% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares fell 5.3% during trading on Thursday . The company traded as low as $36.99 and last traded at $38.07. 30,253,080 shares were traded during mid-day trading, a decline of 29% from the average session volume of 42,366,355 shares. The stock had previously closed at $40.22.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 target price on shares of Applied Digital in a report on Thursday, January 8th. Arete Research began coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They issued a “buy” rating on the stock. Roth Mkm boosted their target price on shares of Applied Digital to $58.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Northland Securities set a $56.00 target price on shares of Applied Digital in a report on Wednesday. Finally, HC Wainwright lifted their price target on shares of Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $34.73.

Applied Digital Stock Down 5.3%

The firm has a market cap of $10.64 billion, a PE ratio of -70.50 and a beta of 6.89. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The business has a fifty day moving average price of $29.74 and a two-hundred day moving average price of $24.29.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, January 7th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The business had revenue of $126.59 million for the quarter, compared to analysts’ expectations of $82.22 million. Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. The company’s revenue was up 250.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.06) EPS. On average, analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the transaction, the director owned 233,378 shares in the company, valued at approximately $8,273,250.10. This represents a 4.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction on Friday, January 16th. The shares were sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the sale, the chief executive officer directly owned 4,176,329 shares of the company’s stock, valued at $152,101,902.18. This trade represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 232,981 shares of company stock valued at $8,422,966. Company insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after buying an additional 6,445,908 shares during the last quarter. Hood River Capital Management LLC increased its holdings in Applied Digital by 2.8% in the second quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after buying an additional 592,314 shares during the last quarter. Situational Awareness LP raised its position in Applied Digital by 63.3% during the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after acquiring an additional 2,556,200 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after acquiring an additional 5,198,223 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Applied Digital by 20.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,199,135 shares of the company’s stock worth $73,388,000 after acquiring an additional 537,839 shares in the last quarter. Hedge funds and other 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.