Applied Digital (NASDAQ:APLD) Shares Down 1.5% – Time to Sell?

Applied Digital Corporation (NASDAQ:APLD)’s stock price traded down 1.5% during trading on Tuesday . The stock traded as low as $41.05 and last traded at $43.93. 20,200,282 shares changed hands during trading, a decline of 24% from the average session volume of 26,688,408 shares. The stock had previously closed at $44.59.

Analysts Set New Price Targets

A number of brokerages recently issued reports on APLD. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Texas Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. Citizens Jmp reissued a “market outperform” rating and issued a $40.00 price objective on shares of Applied Digital in a report on Thursday, April 9th. Needham & Company LLC increased their price objective on Applied Digital to $48.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Finally, Northland Securities set a $56.00 price objective on Applied Digital in a report on Wednesday, January 28th. Two investment 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.33.

Applied Digital Price Performance

The firm has a market capitalization of $12.55 billion, a P/E ratio of -59.36 and a beta of 5.69. The business has a fifty day moving average of $29.56 and a 200-day moving average of $30.26. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.

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

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the transaction, the director directly owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. The trade was 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 valued at $1,182,175. 9.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after purchasing an additional 6,445,908 shares in the last quarter. Situational Awareness LP boosted its stake in Applied Digital by 87.0% during the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after purchasing an additional 5,274,905 shares in the last quarter. Geode Capital Management LLC boosted its stake in Applied Digital by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after purchasing an additional 304,228 shares in the last quarter. Value Aligned Research Advisors LLC bought a new position in Applied Digital during the 4th quarter valued at $138,380,000. Finally, BNP Paribas Financial Markets boosted its stake in Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after purchasing an additional 5,198,223 shares in the last quarter. 65.67% of the stock is owned by 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.