Applied Digital (NASDAQ:APLD) Trading Down 13.5% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) shares traded down 13.5% during trading on Monday . The stock traded as low as $20.00 and last traded at $20.55. 26,969,703 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 27,248,768 shares. The stock had previously closed at $23.76.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on APLD. Roth Mkm restated a “buy” rating on shares of Applied Digital in a report on Tuesday, February 17th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research report on Thursday, January 8th. Northland Securities set a $56.00 target price on shares of Applied Digital in a research note on Wednesday, January 28th. Finally, B. Riley Financial increased their target price on Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and a consensus price target of $37.00.

Applied Digital Trading Down 13.5%

The company has a market cap of $5.75 billion, a PE ratio of -38.06 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. The company has a 50 day simple moving average of $31.33 and a two-hundred day simple moving average of $29.25.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The shares were 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 approximately $8,273,250.10. The trade was a 4.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Wes Cummins sold 165,000 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the completion of the transaction, the chief executive officer owned 4,176,329 shares in the company, valued at approximately $152,101,902.18. This represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 244,593 shares of company stock valued at $9,003,278. Company insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds and other institutional investors have recently modified their holdings of the company. Noble Wealth Management PBC acquired a new stake in Applied Digital during the fourth quarter valued at $25,000. Albion Financial Group UT acquired a new position in Applied Digital in the 4th quarter worth about $25,000. Activest Wealth Management purchased a new stake in shares of Applied Digital during the 4th quarter worth about $25,000. Ameriflex Group Inc. purchased a new stake in shares of Applied Digital during the 4th quarter worth about $25,000. Finally, McMillan Office Inc. acquired a new stake in shares of Applied Digital during the 4th quarter valued at 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.