Applied Digital (NASDAQ:APLD) Stock Price Down 1.4% – Here’s Why

Shares of Applied Digital Corporation (NASDAQ:APLD) were down 1.4% on Wednesday . The stock traded as low as $25.56 and last traded at $25.72. Approximately 7,856,216 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 34,917,629 shares. The stock had previously closed at $26.08.

Wall Street Analyst Weigh In

Several analysts recently weighed in on APLD shares. Compass Point initiated coverage on Applied Digital in a report on Monday, September 15th. They issued a “buy” rating for the company. B. Riley reaffirmed a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Lake Street Capital lifted their price objective on shares of Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a report on Friday, October 10th. Craig Hallum boosted their price objective on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Finally, Northland Securities increased their target price on Applied Digital to $40.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Applied Digital has an average rating of “Moderate Buy” and a consensus target price of $26.20.

Applied Digital Stock Down 1.4%

The business’s fifty day moving average price is $29.03 and its two-hundred day moving average price is $20.39. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a market capitalization of $7.18 billion, a P/E ratio of -22.76 and a beta of 6.94.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.08. The firm had revenue of $64.22 million during the quarter, compared to analyst estimates of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. Applied Digital’s revenue was up 84.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.15) EPS. Equities analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Chuck Hastings sold 25,000 shares of the firm’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $34.27, for a total value of $856,750.00. Following the completion of the sale, the director owned 426,612 shares of the company’s stock, valued at $14,619,993.24. This trade represents a 5.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ella G. Benson sold 42,569 shares of the business’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $35.30, for a total value of $1,502,685.70. Following the transaction, the director owned 69,256 shares in the company, valued at approximately $2,444,736.80. This trade represents a 38.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 328,035 shares of company stock worth $11,376,479. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently modified their holdings of the business. Larson Financial Group LLC increased its holdings in shares of Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after acquiring an additional 1,129 shares in the last quarter. Dagco Inc. purchased a new stake in Applied Digital during the 3rd quarter worth approximately $27,000. Evolution Wealth Management Inc. increased its stake in Applied Digital by 101.8% during the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock valued at $37,000 after purchasing an additional 807 shares in the last quarter. Allworth Financial LP increased its stake in Applied Digital by 70.0% during the 3rd quarter. Allworth Financial LP now owns 1,746 shares of the company’s stock valued at $40,000 after purchasing an additional 719 shares in the last quarter. Finally, CoreCap Advisors LLC raised its holdings in shares of Applied Digital by 124.9% in the third quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock worth $41,000 after buying an additional 1,002 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.