Applied Digital (NASDAQ:APLD) Stock Price Down 1.7% – Here’s What Happened

Shares of Applied Digital Corporation (NASDAQ:APLD) were down 1.7% on Tuesday . The stock traded as low as $26.08 and last traded at $26.79. Approximately 12,684,242 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 27,796,479 shares. The stock had previously closed at $27.26.

Wall Street Analyst Weigh In

Several equities analysts recently commented on APLD shares. B. Riley Financial raised their target price on Applied Digital to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Lake Street Capital reissued a “buy” rating and set a $45.00 price objective on shares of Applied Digital in a report on Tuesday, December 30th. Roth Mkm restated a “buy” rating on shares of Applied Digital in a research note on Tuesday, February 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 target price on shares of Applied Digital in a report on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $37.00.

Applied Digital Stock Performance

The stock has a 50-day moving average of $31.79 and a 200 day moving average of $29.02. The firm has a market capitalization of $7.19 billion, a P/E ratio of -47.63 and a beta of 7.20. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82.

Insiders Place Their Bets

In other news, Director Chuck Hastings sold 45,987 shares of the stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the sale, the director owned 388,372 shares in the company, valued at approximately $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard N. Nottenburg sold 12,000 shares of the firm’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the sale, the director owned 233,378 shares of the company’s stock, valued at approximately $8,273,250.10. This trade represents a 4.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 244,593 shares of company stock worth $9,003,278 in the last three months. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Newbridge Financial Services Group Inc. lifted its position in shares of Applied Digital by 8.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after purchasing an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in shares of 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 purchasing an additional 318 shares in the last quarter. Brookstone Capital Management increased its holdings in shares of Applied Digital by 3.6% in the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after purchasing an additional 321 shares in the last quarter. ProShare Advisors LLC raised its position in Applied Digital by 1.0% in the 3rd quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after purchasing an additional 376 shares during the last quarter. Finally, Independent Advisor Alliance lifted its holdings in Applied Digital by 4.6% during the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after buying an additional 407 shares in the last quarter. Institutional investors and hedge funds 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.