Applied Digital (NASDAQ:APLD) Stock Price Down 2.1% – Time to Sell?

Applied Digital Co. (NASDAQ:APLD)’s share price was down 2.1% during mid-day trading on Wednesday . The stock traded as low as $8.80 and last traded at $8.94. Approximately 2,438,908 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 6,875,554 shares. The stock had previously closed at $9.13.

Analysts Set New Price Targets

A number of research firms have recently commented on APLD. HC Wainwright increased their price target 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. Craig Hallum increased their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. B. Riley lifted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Lake Street Capital raised their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $10.50.

Applied Digital Trading Down 7.1 %

The stock has a 50 day moving average of $6.12 and a 200-day moving average of $5.01. The company has a market capitalization of $1.16 billion, a P/E ratio of -10.59 and a beta of 4.56. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The company’s revenue was up 67.2% on a year-over-year basis. During the same period last year, the firm earned ($0.10) EPS. On average, research analysts predict that Applied Digital Co. will post -1.12 EPS for the current year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now owns 218,506 shares of the company’s stock, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,000 shares of company stock worth $724,700 over the last ninety days. Corporate insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently added to or reduced their stakes in the stock. Private Advisor Group LLC boosted its holdings in shares of Applied Digital by 159.7% in the 3rd quarter. Private Advisor Group LLC now owns 38,700 shares of the company’s stock worth $319,000 after purchasing an additional 23,800 shares during the period. Jade Capital Advisors LLC purchased a new stake in shares of Applied Digital in the third quarter worth approximately $236,000. Exchange Traded Concepts LLC lifted its stake in shares of Applied Digital by 4.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 728,424 shares of the company’s stock worth $6,009,000 after acquiring an additional 34,166 shares during the last quarter. SG Americas Securities LLC purchased a new position in Applied Digital during the 3rd quarter valued at $426,000. Finally, Point72 Asset Management L.P. bought a new position in Applied Digital in the 2nd quarter valued at $1,451,000. 65.67% of the stock is owned by institutional investors.

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.