Applied Digital Corporation (NASDAQ:APLD – Get Free Report)’s share price traded down 1.6% during trading on Tuesday . The stock traded as low as $44.72 and last traded at $45.14. 21,804,093 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 26,271,762 shares. The stock had previously closed at $45.87.
Analyst Ratings Changes
A number of research firms have recently issued reports on APLD. Lake Street Capital reissued a “buy” rating and set a $70.00 price target (up from $55.00) on shares of Applied Digital in a research report on Thursday, May 21st. Needham & Company LLC increased their price target on Applied Digital to $66.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Compass Point reissued a “buy” rating and set a $70.00 price target on shares of Applied Digital in a research report on Friday. Northland Securities set a $56.00 price target on Applied Digital in a research report on Wednesday, January 28th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.67.
View Our Latest Research Report on Applied Digital
Applied Digital Stock Performance
Applied Digital (NASDAQ:APLD – Get Free Report) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share. The company’s revenue for the quarter was up 139.3% compared to the same quarter last year. Equities research analysts predict that Applied Digital Corporation will post -0.61 EPS for the current fiscal year.
Insider Activity
In other news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares in the company, valued at $6,466,367.82. This trade represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the transaction, the director owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 35,000 shares of company stock valued at $1,182,175. Company insiders own 9.50% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the company. Noble Wealth Management PBC purchased a new position in shares of Applied Digital in the fourth quarter worth about $25,000. Albion Financial Group UT acquired a new stake in Applied Digital during the fourth quarter worth about $25,000. Activest Wealth Management acquired a new stake in Applied Digital during the fourth quarter worth about $25,000. Ameriflex Group Inc. acquired a new stake in Applied Digital during the fourth quarter worth about $25,000. Finally, McMillan Office Inc. acquired a new stake in Applied Digital during the fourth quarter worth about $25,000. 65.67% of the stock is currently owned by hedge funds and other 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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