Applied Digital (NASDAQ:APLD) Stock Price Down 1.3% – Should You Sell?
by Sarita Garza · The Markets DailyApplied Digital Corporation (NASDAQ:APLD – Get Free Report)’s stock price traded down 1.3% during trading on Thursday . The stock traded as low as $41.86 and last traded at $44.15. 14,410,600 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 25,804,285 shares. The stock had previously closed at $44.71.
Analyst Ratings Changes
APLD has been the topic of a number of recent analyst reports. 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. Needham & Company LLC raised their price objective on Applied Digital from $51.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Citizens Jmp lifted their target price on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Thursday, May 21st. Zacks Research raised Applied Digital from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 7th. Finally, Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Three 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $59.11.
Check Out Our Latest Analysis on Applied Digital
Applied Digital Stock Performance
The stock has a fifty day simple moving average of $36.19 and a 200-day simple moving average of $32.06. The stock has a market cap of $11.32 billion, a P/E ratio of -53.54 and a beta of 5.69. 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 – Get Free Report) last issued its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The firm had revenue of $108.55 million during 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% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) earnings per share. On average, equities analysts expect that Applied Digital Corporation will post -0.68 earnings per share for the current year.
Insider Buying and Selling
In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director owned 208,378 shares of the company’s stock, valued at $7,207,795.02. The trade was a 5.66% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 35,000 shares of company stock valued at $1,182,175. Insiders own 9.50% of the company’s stock.
Hedge Funds Weigh In On Applied Digital
A number of large investors have recently modified their holdings of APLD. Vanguard Group Inc. increased its position in shares of Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after acquiring an additional 6,445,908 shares during the last quarter. Situational Awareness LP raised its holdings in Applied Digital by 18.9% during the first quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock worth $319,978,000 after acquiring an additional 2,139,378 shares in the last quarter. Geode Capital Management LLC boosted its position in Applied Digital by 5.1% during the fourth 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 during the last quarter. Value Aligned Research Advisors LLC acquired a new position in Applied Digital during the fourth quarter valued at approximately $138,380,000. Finally, BNP Paribas Financial Markets grew its stake in Applied Digital by 24,356.8% in the second 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 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.