Applied Digital (NASDAQ:APLD) Trading Down 5.2% – Time to Sell?
by Sarita Garza · The Markets DailyApplied Digital Corporation (NASDAQ:APLD – Get Free Report)’s share price dropped 5.2% during mid-day trading on Wednesday . The company traded as low as $28.83 and last traded at $29.08. Approximately 18,547,267 shares traded hands during trading, a decline of 46% from the average daily volume of 34,064,375 shares. The stock had previously closed at $30.66.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the stock. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Citigroup restated an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Needham & Company LLC restated a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research report on Thursday, January 8th. Finally, Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $37.00.
View Our Latest Report on APLD
Applied Digital Stock Performance
The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The firm’s 50-day moving average price is $32.50 and its 200-day moving average price is $27.45. The stock has a market cap of $7.62 billion, a P/E ratio of -50.50 and a beta of 7.25.
Insider Transactions at Applied Digital
In other news, CEO Wes Cummins sold 165,000 shares of the business’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $36.42, for a total value of $6,009,300.00. Following the sale, the chief executive officer directly owned 4,176,329 shares in the company, valued at $152,101,902.18. The trade was a 3.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the sale, the director directly owned 233,378 shares of the company’s stock, valued at $8,273,250.10. The trade was a 4.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 244,593 shares of company stock valued at $9,003,278 in the last ninety days. Corporate insiders own 9.50% of the company’s stock.
Institutional Trading of Applied Digital
A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after acquiring an additional 6,445,908 shares during the last quarter. Hood River Capital Management LLC lifted its stake in shares of Applied Digital by 2.8% during the 2nd quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after acquiring an additional 592,314 shares during the last quarter. Situational Awareness LP lifted its stake in shares of Applied Digital by 87.0% during the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after acquiring an additional 5,274,905 shares during the last quarter. Geode Capital Management LLC boosted its holdings 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 acquiring an additional 304,228 shares during the period. Finally, Value Aligned Research Advisors LLC bought a new position in Applied Digital in the 4th quarter valued at $138,380,000. 65.67% of the stock is currently 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.