Applied Digital (NASDAQ:APLD) Stock Price Down 2.1% – What’s Next?

Shares of Applied Digital Co. (NASDAQ:APLD) traded down 2.1% on Tuesday . The stock traded as low as $12.60 and last traded at $12.75. 24,259,948 shares traded hands during trading, a decline of 37% from the average session volume of 38,661,836 shares. The stock had previously closed at $13.02.

Analyst Upgrades and Downgrades

Several research firms recently commented on APLD. Cantor Fitzgerald lowered their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. B. Riley lifted their price target on shares of Applied Digital from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, June 3rd. Compass Point reissued a “neutral” rating and issued a $13.00 target price (up previously from $10.00) on shares of Applied Digital in a report on Monday. Finally, JMP Securities lifted their price target on Applied Digital from $12.00 to $18.00 and gave the stock a “market outperform” rating in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Applied Digital has an average rating of “Buy” and an average price target of $12.73.

Applied Digital Stock Down 5.3%

The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market capitalization of $2.78 billion, a P/E ratio of -7.13 and a beta of 6.08. The stock has a fifty day moving average price of $6.28 and a two-hundred day moving average price of $7.55.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same quarter in the previous year, the company posted ($0.24) earnings per share. Research analysts forecast that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the firm’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the sale, the director now owns 83,613 shares in the company, valued at approximately $585,291. This trade represents a 22.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Rhumbline Advisers boosted its stake in Applied Digital by 7.8% during the first quarter. Rhumbline Advisers now owns 279,191 shares of the company’s stock worth $1,569,000 after buying an additional 20,299 shares in the last quarter. Strs Ohio bought a new position in shares of Applied Digital during the 1st quarter worth about $71,000. Wealth Management Associates Inc. lifted its holdings in shares of Applied Digital by 25.5% during the 1st quarter. Wealth Management Associates Inc. now owns 95,660 shares of the company’s stock worth $538,000 after acquiring an additional 19,450 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after acquiring an additional 3,542 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its stake in Applied Digital by 117.0% in the first quarter. Arete Wealth Advisors LLC now owns 1,065,432 shares of the company’s stock valued at $5,988,000 after acquiring an additional 574,485 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.