Applied Digital (NASDAQ:APLD) Stock Price Down 11% Following Insider Selling

Shares of Applied Digital Corporation (NASDAQ:APLD) were down 11% during trading on Friday after an insider sold shares in the company. The stock traded as low as $33.53 and last traded at $33.88. Approximately 30,621,043 shares changed hands during trading, a decline of 27% from the average daily volume of 41,786,125 shares. The stock had previously closed at $38.07.

Specifically, Director Chuck Hastings sold 45,987 shares of the business’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $38.57, for a total value of $1,773,718.59. Following the transaction, the director owned 388,372 shares in the company, valued at approximately $14,979,508.04. The trade was a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on APLD. Arete Research began coverage on shares of Applied Digital in a report on Wednesday, January 7th. They set a “buy” rating for the company. B. Riley upped their target price on Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Craig Hallum increased their price target on Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Finally, HC Wainwright lifted their price target on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 10th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Applied Digital has an average rating of “Buy” and an average target price of $34.73.

Applied Digital Trading Down 11.0%

The company’s 50-day moving average is $30.33 and its 200 day moving average is $24.66. The firm has a market cap of $9.47 billion, a PE ratio of -62.74 and a beta of 6.89. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

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

Institutional Trading of Applied Digital

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after purchasing an additional 6,445,908 shares during the period. Hood River Capital Management LLC grew its holdings in shares of Applied Digital by 2.8% during the 2nd quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after purchasing an additional 592,314 shares in the last quarter. Situational Awareness LP boosted its stake in Applied Digital by 63.3% during the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock worth $66,379,000 after buying an additional 2,556,200 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Applied Digital by 24,356.8% during the 2nd 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 in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Applied Digital by 20.2% during 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 purchasing an additional 537,839 shares during the period. 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.