Applied Digital (NASDAQ:APLD) Stock Price Down 3.8% – Time to Sell?

Shares of Applied Digital Co. (NASDAQ:APLD) dropped 3.8% during trading on Thursday . The stock traded as low as $8.21 and last traded at $8.43. Approximately 5,107,536 shares traded hands during trading, a decline of 40% from the average daily volume of 8,453,530 shares. The stock had previously closed at $8.76.

Wall Street Analyst Weigh In

APLD has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Cantor Fitzgerald began coverage on Applied Digital in a report on Friday. They set an “overweight” rating and a $15.00 price target for the company. HC Wainwright boosted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Lake Street Capital increased their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, B. Riley boosted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $11.14.

Applied Digital Trading Down 0.5 %

The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The firm has a market cap of $1.69 billion, a PE ratio of -6.85 and a beta of 4.67. The company’s 50 day moving average price is $8.47 and its 200 day moving average price is $6.52.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm’s revenue was up 67.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) EPS. As a group, analysts forecast that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Wes Cummins sold 200,000 shares of the firm’s 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 transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the transaction, the director now directly owns 208,506 shares in the company, valued at $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 359,369 shares of company stock worth $3,115,161 in the last quarter. 11.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC lifted its holdings in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital in the 3rd quarter worth $59,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of Applied Digital during the third quarter worth about $83,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Applied Digital during the third quarter worth about $88,000. Finally, Chesapeake Capital Corp IL acquired a new stake in Applied Digital in the third quarter valued at about $94,000. Institutional investors and hedge funds 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.