Applied Digital (NASDAQ:APLD) Shares Gap Down – What’s Next?

Shares of Applied Digital Corporation (NASDAQ:APLD) gapped down before the market opened on Wednesday . The stock had previously closed at $33.56, but opened at $31.32. Applied Digital shares last traded at $32.85, with a volume of 13,525,452 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on APLD shares. Craig Hallum lifted their price objective on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Arete Research initiated coverage on Applied Digital in a research note on Wednesday, January 7th. They set a “buy” rating for the company. Roth Mkm reissued a “buy” rating on shares of Applied Digital in a research note on Tuesday. Freedom Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $41.00 target price on shares of Applied Digital in a report on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Applied Digital currently has an average rating of “Buy” and an average price target of $37.00.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. The company has a market capitalization of $8.98 billion, a price-to-earnings ratio of -59.48 and a beta of 7.25. The firm has a 50-day simple moving average of $31.95 and a two-hundred day simple moving average of $26.76.

Insider Buying and Selling at Applied Digital

In related news, Director Chuck Hastings sold 45,987 shares of Applied Digital stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total value of $1,773,718.59. Following the completion of the transaction, the director directly owned 388,372 shares in the company, valued at approximately $14,979,508.04. This trade represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Monday, January 12th. The stock was sold at an average price of $38.54, for a total transaction of $385,400.00. Following the sale, the director directly owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. This trade represents a 4.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 244,593 shares of company stock worth $9,003,278. 9.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of APLD. AQR Capital Management LLC lifted its position in Applied Digital by 84.8% in the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after purchasing an additional 8,692 shares during the period. NewEdge Advisors LLC grew its holdings in Applied Digital by 239.1% in the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after purchasing an additional 23,457 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after purchasing an additional 3,542 shares during the last quarter. Strs Ohio acquired a new position in shares of Applied Digital during the 1st quarter worth $71,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Applied Digital in the 2nd quarter worth about $102,000. 65.67% of the stock is currently owned by hedge funds and other 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.