Applied Digital (NASDAQ:APLD) Stock Price Down 2.5% – Time to Sell?

Applied Digital Corporation (NASDAQ:APLD)’s stock price dropped 2.5% during trading on Friday . The stock traded as low as $33.52 and last traded at $35.28. Approximately 22,330,989 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 37,463,402 shares. The stock had previously closed at $36.17.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on APLD shares. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Craig Hallum upped their price objective on Applied Digital to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 target price on shares of Applied Digital in a report on Thursday, January 8th. Finally, Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Three investment 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $34.73.

Applied Digital Trading Down 2.5%

The stock has a market cap of $9.86 billion, a price-to-earnings ratio of -65.33 and a beta of 7.25. 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 company’s fifty day moving average price is $31.87 and its 200-day moving average price is $26.34.

Insider Transactions at Applied Digital

In related news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the completion of the sale, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at $152,101,902.18. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total transaction of $425,400.00. Following the transaction, the director directly owned 233,378 shares of the company’s stock, valued at $8,273,250.10. This represents a 4.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 244,593 shares of company stock worth $9,003,278 in the last 90 days. 9.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of the stock. Atlantic Union Bankshares Corp purchased a new stake in Applied Digital during the second quarter worth $25,000. Noble Wealth Management PBC purchased a new stake in shares of Applied Digital during the 4th quarter worth about $25,000. Albion Financial Group UT acquired a new stake in shares of Applied Digital during the 4th quarter valued at about $25,000. Activest Wealth Management purchased a new position in shares of Applied Digital in the 4th quarter valued at about $25,000. Finally, McMillan Office Inc. purchased a new position in shares of Applied Digital in the 4th quarter valued at about $25,000. 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.