Shares of Applied Digital Corporation (NASDAQ:APLD – Get Free Report) fell 4.4% on Tuesday . The stock traded as low as $24.10 and last traded at $24.29. Approximately 14,910,483 shares traded hands during trading, a decline of 36% from the average session volume of 23,384,377 shares. The stock had previously closed at $25.41.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Citigroup restated a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Northland Securities set a $82.00 price target on Applied Digital and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Craig Hallum boosted their price objective on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Lake Street Capital upped their price objective on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Finally, Morgan Stanley increased their target price on Applied Digital from $36.50 to $37.50 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $68.15.
Read Our Latest Report on APLD
Applied Digital Stock Down 4.4%
Applied Digital (NASDAQ:APLD – Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The business had revenue of $240.35 million during the quarter, compared to analyst estimates of $96.85 million. During the same period last year, the firm posted ($0.24) earnings per share. The company’s quarterly revenue was up 406.3% on a year-over-year basis. On average, sell-side analysts predict that Applied Digital Corporation will post -1.09 earnings per share for the current fiscal year.
Insider Activity at Applied Digital
In other news, Director Richard N. Nottenburg sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the completion of the transaction, the director directly owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.50% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the stock. Concurrent Investment Advisors LLC lifted its stake in Applied Digital by 1.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after buying an additional 318 shares during the last quarter. Independent Advisor Alliance lifted its position in Applied Digital by 4.6% in the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock valued at $226,000 after purchasing an additional 407 shares during the last quarter. GAMMA Investing LLC boosted its stake in Applied Digital by 28.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,092 shares of the company’s stock valued at $78,000 after purchasing an additional 464 shares during the period. Krilogy Financial LLC grew its position in Applied Digital by 4.1% in the 2nd quarter. Krilogy Financial LLC now owns 14,243 shares of the company’s stock worth $531,000 after purchasing an additional 561 shares during the last quarter. Finally, Vermillion Wealth Management Inc. increased its stake in shares of Applied Digital by 29.4% in the first quarter. Vermillion Wealth Management Inc. now owns 2,563 shares of the company’s stock valued at $61,000 after purchasing an additional 583 shares during the period. 65.67% of the stock is currently owned by institutional investors.
About Applied Digital
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.
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