Applied Digital (NASDAQ:APLD) Trading Down 4.8% – Here’s What Happened
by Doug Wharley · The Cerbat GemApplied Digital Corporation (NASDAQ:APLD – Get Free Report)’s stock price was down 4.8% during mid-day trading on Friday . The company traded as low as $46.20 and last traded at $47.2770. Approximately 21,453,529 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 26,170,455 shares. The stock had previously closed at $49.65.
Analysts Set New Price Targets
A number of research analysts have issued reports on APLD shares. Zacks Research raised Applied Digital from a “strong sell” rating to a “hold” rating in a report on Thursday, May 7th. Compass Point reissued a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a report on Friday, May 22nd. Citizens Jmp boosted their price target on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a report on Thursday, May 21st. B. Riley Financial reissued a “buy” rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a report on Wednesday. Finally, Needham & Company LLC upped their target price on Applied Digital from $51.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average target price of $59.11.
Get Our Latest Analysis on APLD
Applied Digital Trading Down 4.8%
The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The firm has a market capitalization of $13.51 billion, a price-to-earnings ratio of -63.89 and a beta of 5.69. The company has a 50 day moving average price of $33.99 and a two-hundred day moving average price of $31.31.
Applied Digital (NASDAQ:APLD – Get Free Report) last announced its earnings results 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). The business had revenue of $108.55 million for the quarter, compared to analyst estimates of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The company’s quarterly revenue was up 139.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) earnings per share. On average, research analysts forecast that Applied Digital Corporation will post -0.61 EPS for the current year.
Insider Activity at Applied Digital
In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred 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 $6,466,367.82. This represents a 5.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The stock was 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 35,000 shares of company stock valued at $1,182,175. Corporate insiders own 9.50% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the company. Vestor Capital LLC acquired a new position in Applied Digital in the 1st quarter valued at $98,000. Western Wealth Management LLC acquired a new position in Applied Digital in the 1st quarter valued at $87,000. Janus Henderson Group PLC raised its stake in Applied Digital by 318.5% in the 1st quarter. Janus Henderson Group PLC now owns 785,152 shares of the company’s stock valued at $18,638,000 after purchasing an additional 597,548 shares during the last quarter. Amundi raised its stake in Applied Digital by 61.8% in the 1st quarter. Amundi now owns 31,327 shares of the company’s stock valued at $744,000 after purchasing an additional 11,968 shares during the last quarter. Finally, Situational Awareness LP raised its stake in Applied Digital by 18.9% in the 1st quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock valued at $319,978,000 after purchasing an additional 2,139,378 shares during the last quarter. 65.67% of the stock is 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.