Applied Digital (NASDAQ:APLD) Trading Down 3% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) shares traded down 3% during mid-day trading on Monday . The company traded as low as $22.71 and last traded at $22.94. 25,351,066 shares changed hands during trading, a decline of 29% from the average session volume of 35,933,031 shares. The stock had previously closed at $23.65.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. HC Wainwright upped their target price on shares of Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, October 10th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research report on Thursday, October 9th. Lake Street Capital lifted their target price on shares of Applied Digital from $18.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Northland Securities boosted their target price on Applied Digital to $40.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Finally, B. Riley reaffirmed a “buy” rating on shares of Applied Digital in a report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.20.

Applied Digital Price Performance

The stock has a market cap of $6.52 billion, a P/E ratio of -20.29 and a beta of 6.77. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. The business’s 50-day simple moving average is $27.68 and its two-hundred day simple moving average is $16.89.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. The business had revenue of $64.22 million during the quarter, compared to analyst estimates of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. Applied Digital’s revenue was up 84.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.15) EPS. Sell-side analysts expect that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 400,000 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $6,104,000.00. Following the transaction, the chief executive officer directly owned 2,659,379 shares in the company, valued at $40,582,123.54. This represents a 13.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Chuck Hastings sold 50,000 shares of the business’s stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $35.69, for a total value of $1,784,500.00. Following the transaction, the director directly owned 451,612 shares of the company’s stock, valued at $16,118,032.28. The trade was a 9.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 823,035 shares of company stock valued at $18,930,179 over the last 90 days. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. ProShare Advisors LLC grew its stake in shares of Applied Digital by 1.0% in the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after purchasing an additional 376 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Applied Digital by 7.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the company’s stock valued at $137,000 after purchasing an additional 408 shares during the last quarter. Wedbush Securities Inc. grew its position in shares of Applied Digital by 5.7% in the 3rd quarter. Wedbush Securities Inc. now owns 10,785 shares of the company’s stock worth $247,000 after buying an additional 585 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in Applied Digital by 51.8% in the third quarter. Farther Finance Advisors LLC now owns 2,306 shares of the company’s stock valued at $53,000 after acquiring an additional 787 shares in the last quarter. Finally, Evolution Wealth Management Inc. increased its position in Applied Digital by 101.8% during the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock valued at $37,000 after purchasing an additional 807 shares during the period. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.