Applied Digital (NASDAQ:APLD) Stock Price Down 7.4% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) fell 7.4% on Monday . The company traded as low as $28.49 and last traded at $28.84. 15,096,910 shares changed hands during trading, a decline of 39% from the average session volume of 24,748,918 shares. The stock had previously closed at $31.15.

Analyst Ratings Changes

APLD has been the topic of several analyst reports. Citizens Jmp lifted their target price on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research note on Thursday, May 21st. Compass Point reissued a “buy” rating and set a $70.00 price target on shares of Applied Digital in a research report on Friday, May 22nd. Lake Street Capital raised their price target on shares of Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Finally, Roth Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research note on Thursday, April 23rd. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $70.56.

Applied Digital Price Performance

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 stock has a market cap of $8.14 billion, a price-to-earnings ratio of -38.47 and a beta of 5.67. The stock has a 50-day moving average price of $41.27 and a two-hundred day moving average price of $34.42.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,500 shares of the business’s 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 sale, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

A number of institutional investors have recently bought and sold shares of APLD. Noble Wealth Management PBC purchased a new position in shares of Applied Digital in the fourth quarter worth $25,000. Albion Financial Group UT purchased a new stake in shares of Applied Digital during the fourth quarter valued at $25,000. Activest Wealth Management purchased a new stake in shares of Applied Digital during the fourth quarter valued at $25,000. Ameriflex Group Inc. acquired a new position in shares of Applied Digital in the 4th quarter valued at $25,000. Finally, McMillan Office Inc. acquired a new position in shares of Applied Digital in the 4th quarter valued at $25,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.