Applied Digital (NASDAQ:APLD) Trading Down 3% on Analyst Downgrade

Applied Digital Co. (NASDAQ:APLD)’s share price was down 3% during trading on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $15.00 to $14.00. Cantor Fitzgerald currently has an overweight rating on the stock. Applied Digital traded as low as $8.11 and last traded at $8.28. Approximately 16,873,491 shares were traded during trading, a decline of 21% from the average daily volume of 21,458,602 shares. The stock had previously closed at $8.54.

Several other research analysts have also recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Wednesday. HC Wainwright raised their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Lake Street Capital lifted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $11.29.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the sale, the director now owns 384,317 shares of the company’s stock, valued at $2,886,220.67. This trade represents a 4.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were 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 owns 3,875,955 shares in the company, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 279,369 shares of company stock valued at $2,525,561 over the last three months. Insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Large investors have recently modified their holdings of the business. Geode Capital Management LLC raised its position in Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after purchasing an additional 1,002,862 shares during the last quarter. Hood River Capital Management LLC raised its holdings in shares of Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after acquiring an additional 771,699 shares in the last quarter. Alight Capital Management LP purchased a new stake in Applied Digital in the second quarter worth $3,570,000. Barclays PLC boosted its holdings in Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after acquiring an additional 428,428 shares in the last quarter. Finally, Thomist Capital Management LP purchased a new position in Applied Digital during the 2nd quarter valued at $2,529,000. 65.67% of the stock is owned by institutional investors.

Applied Digital Stock Down 2.8 %

The company’s fifty day simple moving average is $8.74 and its 200 day simple moving average is $6.94. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $1.75 billion, a P/E ratio of -7.09 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period last year, the business posted ($0.05) earnings per share. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. Research analysts expect that Applied Digital Co. will post -0.4 EPS for the current year.

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.