Applied Digital (NASDAQ:APLD) Trading Down 8.9% – Time to Sell?

Shares of Applied Digital Corporation (NASDAQ:APLD) traded down 8.9% during trading on Friday . The stock traded as low as $42.10 and last traded at $42.56. 17,622,283 shares were traded during trading, a decline of 33% from the average session volume of 26,357,557 shares. The stock had previously closed at $46.71.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Needham & Company LLC lifted their target price on shares of Applied Digital to $51.00 and gave the stock a “buy” rating in a report on Friday. Citizens Jmp reaffirmed a “market outperform” rating and set a $40.00 target price on shares of Applied Digital in a report on Thursday, April 9th. Zacks Research raised shares of Applied Digital from a “strong sell” rating to a “hold” rating in a report on Thursday, May 7th. Finally, Northland Securities set a $56.00 target price on shares of Applied Digital in a report on Wednesday, January 28th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.67.

Applied Digital Stock Down 8.9%

The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The firm’s 50 day simple moving average is $30.65 and its two-hundred day simple moving average is $30.53. The firm has a market cap of $12.16 billion, a price-to-earnings ratio of -57.51 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. During the same quarter last year, the firm earned ($0.08) EPS. Applied Digital’s revenue for the quarter was up 139.3% compared to the same quarter last year. On average, equities analysts forecast that Applied Digital Corporation will post -0.61 EPS for the current year.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director owned 184,859 shares in the company, valued at $6,466,367.82. The trade was a 5.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, the director owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 35,000 shares of company stock valued at $1,182,175 in the last quarter. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the company. Noble Wealth Management PBC acquired a new position in shares of Applied Digital in the 4th quarter valued at approximately $25,000. Albion Financial Group UT acquired a new position in shares of Applied Digital in the 4th quarter valued at approximately $25,000. Activest Wealth Management acquired a new position in shares of Applied Digital in the 4th quarter valued at approximately $25,000. Ameriflex Group Inc. acquired a new position in shares of Applied Digital in the 4th quarter valued at approximately $25,000. Finally, McMillan Office Inc. acquired a new position in shares of Applied Digital in the 4th quarter valued at approximately $25,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.