Applied Digital (NASDAQ:APLD) Stock Price Down 4% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) was down 4% during trading on Monday . The stock traded as low as $35.72 and last traded at $36.18. Approximately 47,817,189 shares were traded during mid-day trading, an increase of 10% from the average daily volume of 43,527,031 shares. The stock had previously closed at $37.69.

Analyst Ratings Changes

APLD has been the topic of several analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Applied Digital in a research report on Thursday, January 8th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Tuesday, December 30th. Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Finally, Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $33.27.

Applied Digital Trading Down 4.0%

The stock’s 50 day simple moving average is $29.03 and its 200 day simple moving average is $23.95. The firm has a market cap of $10.12 billion, a PE ratio of -67.00 and a beta of 6.89. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, January 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company had revenue of $126.59 million for the quarter, compared to the consensus estimate of $82.22 million. Applied Digital had a negative return on equity of 13.53% and a negative net margin of 43.49%.The business’s revenue was up 250.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.06) earnings per share. On average, sell-side analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 12,000 shares of the business’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the sale, the director directly owned 233,378 shares of the company’s stock, valued at $8,273,250.10. The trade was a 4.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ella G. Benson sold 42,569 shares of the company’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total transaction of $1,502,685.70. Following the sale, the director owned 69,256 shares of the company’s stock, valued at approximately $2,444,736.80. The trade was a 38.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 368,053 shares of company stock worth $13,251,886 over the last 90 days. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of APLD. Voya Investment Management LLC increased its holdings in Applied Digital by 403.4% during the 3rd quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock valued at $33,605,000 after purchasing an additional 1,173,929 shares during the period. Chelsea Counsel Co. purchased a new stake in Applied Digital in the 2nd quarter worth approximately $582,000. KLP Kapitalforvaltning AS grew its position in shares of Applied Digital by 27.7% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 41,500 shares of the company’s stock worth $418,000 after buying an additional 9,000 shares during the last quarter. Kovack Advisors Inc. purchased a new position in shares of Applied Digital during the second quarter valued at approximately $116,000. Finally, Two Seas Capital LP purchased a new position in shares of Applied Digital during the second quarter valued at approximately $5,035,000. 65.67% of the stock is currently owned by institutional investors.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.