Applied Digital (NASDAQ:APLD) Shares Down 0.9% – Should You Sell?

Applied Digital Co. (NASDAQ:APLD) shares traded down 0.9% during trading on Monday . The stock traded as low as $8.58 and last traded at $8.90. 23,061,663 shares were traded during mid-day trading, an increase of 69% from the average session volume of 13,653,270 shares. The stock had previously closed at $8.98.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Lake Street Capital lifted their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Cantor Fitzgerald reduced their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $11.29.

Applied Digital Trading Up 5.7 %

The company has a market cap of $2.10 billion, a price-to-earnings ratio of -5.44 and a beta of 4.78. The firm has a fifty day moving average price of $8.84 and a 200 day moving average price of $7.00. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.05) earnings per share. As a group, equities analysts predict that Applied Digital Co. will post -0.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the sale, the director now owns 334,317 shares in the company, valued at approximately $3,075,716.40. This trade represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 269,369 shares of company stock worth $2,445,461. Company insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after acquiring an additional 1,002,862 shares during the last quarter. State Street Corp increased its stake in shares of Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after purchasing an additional 286,852 shares during the period. Royce & Associates LP lifted its holdings in Applied Digital by 1.4% during the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after purchasing an additional 15,763 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after purchasing an additional 273,666 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Applied Digital by 36.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after buying an additional 240,554 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.