Applied Digital (NASDAQ:APLD) Shares Down 1.2% – Should You Sell?

Applied Digital Co. (NASDAQ:APLD)’s share price fell 1.2% on Tuesday . The company traded as low as $7.87 and last traded at $8.01. 4,918,472 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 23,268,408 shares. The stock had previously closed at $8.11.

Analyst Upgrades and Downgrades

APLD has been the subject of a number of recent analyst reports. HC Wainwright lifted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Compass Point began coverage on Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Northland Securities increased their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Cantor Fitzgerald reduced their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital presently has an average rating of “Buy” and an average target price of $12.11.

Applied Digital Trading Down 3.7 %

The business’s 50-day moving average price is $8.55 and its 200-day moving average price is $7.22. The firm has a market capitalization of $1.74 billion, a PE ratio of -4.51 and a beta of 4.78. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same period last year, the firm posted ($0.05) EPS. Applied Digital’s revenue for the quarter was up 51.3% on a year-over-year basis. As a group, analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,000 shares of company stock valued at $2,477,000 over the last quarter. 11.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its stake in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after buying an additional 2,344,572 shares in the last quarter. American Century Companies Inc. acquired a new stake in Applied Digital in the fourth quarter valued at $12,843,000. Geode Capital Management LLC boosted its position in shares of Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after purchasing an additional 1,002,862 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Applied Digital by 100.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company’s stock worth $13,740,000 after purchasing an additional 899,138 shares during the period. Finally, Barclays PLC increased its holdings in shares of Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares in the last quarter. Hedge funds and other 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.