Applied Digital (NASDAQ:APLD) Shares Down 1.5% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares traded down 1.5% during mid-day trading on Wednesday . The company traded as low as $45.25 and last traded at $45.57. 26,875,955 shares traded hands during trading, an increase of 5% from the average session volume of 25,528,248 shares. The stock had previously closed at $46.27.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Craig Hallum boosted their price target on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a report on Tuesday, June 9th. Citizens Jmp boosted their price target on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Thursday, May 21st. Finally, Northland Securities set a $82.00 price target on shares of Applied Digital and gave the stock an “outperform” rating in a report on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Stock Performance

The firm has a market capitalization of $13.02 billion, a PE ratio of -61.58 and a beta of 5.69. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The company’s fifty day simple moving average is $38.81 and its 200 day simple moving average is $33.09.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The business had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. Applied Digital’s revenue for the quarter was up 139.3% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. As a group, equities research analysts expect that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the sale, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 35,000 shares of company stock worth $1,182,175. 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 modified their holdings of APLD. Noble Wealth Management PBC bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. Albion Financial Group UT bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. Activest Wealth Management bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. Ameriflex Group Inc. bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. Finally, McMillan Office Inc. bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. 65.67% of the stock is currently owned by institutional investors.

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.