Applied Digital (NASDAQ:APLD) Stock Price Down 4.9% – Should You Sell?

Applied Digital Co. (NASDAQ:APLD)’s stock price fell 4.9% during mid-day trading on Tuesday . The company traded as low as $7.16 and last traded at $7.18. 3,750,710 shares were traded during trading, a decline of 44% from the average session volume of 6,675,948 shares. The stock had previously closed at $7.55.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Thursday. Craig Hallum boosted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright increased their target price on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday. Roth Mkm reiterated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Finally, B. Riley increased their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $10.50.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The company has a market cap of $1.09 billion, a P/E ratio of -10.01 and a beta of 4.56. The stock’s fifty day moving average price is $5.76 and its two-hundred day moving average price is $4.86.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same quarter last year, the business posted ($0.10) EPS. The company’s revenue was up 67.2% compared to the same quarter last year. As a group, equities analysts predict that Applied Digital Co. will post -1.12 earnings per share for the current year.

Insider Transactions at Applied Digital

In related 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 directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Richard N. Nottenburg sold 80,000 shares of the firm’s 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 sale, the director now owns 433,686 shares of the company’s stock, valued at $3,196,265.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently added to or reduced their stakes in APLD. Principal Financial Group Inc. bought a new position in shares of Applied Digital during the first quarter valued at $50,000. Headlands Technologies LLC raised its position in Applied Digital by 381.8% during the 2nd 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 last quarter. ARS Investment Partners LLC acquired a new position in Applied Digital during the 2nd quarter worth about $60,000. ICA Group Wealth Management LLC bought a new stake in shares of Applied Digital in the 4th quarter valued at about $81,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Applied Digital by 15.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after buying an additional 3,182 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.