Applied Digital (NASDAQ:APLD) Stock Price Down 2.5% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s stock price was down 2.5% on Friday . The stock traded as low as $24.03 and last traded at $25.79. 23,494,531 shares were traded during trading, a decline of 5% from the average session volume of 24,605,094 shares. The stock had previously closed at $26.44.

Analysts Set New Price Targets

A number of research firms have issued reports on APLD. Craig Hallum raised their price target on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Lake Street Capital raised their target price on Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Roth Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Applied Digital in a research report on Thursday, April 23rd. Citigroup reiterated a “market outperform” rating on shares of Applied Digital in a research note on Tuesday, June 9th. Finally, Citizens Jmp increased their price objective on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a report on Thursday, May 21st. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $70.56.

Applied Digital Price Performance

The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The stock’s 50 day moving average price is $40.36 and its two-hundred day moving average price is $34.40. The stock has a market cap of $7.37 billion, a price-to-earnings ratio of -34.85 and a beta of 5.67.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the transaction, the director directly owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 over the last ninety days. 9.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Noble Wealth Management PBC purchased a new position in shares of Applied Digital during the 4th quarter valued at approximately $25,000. Albion Financial Group UT purchased a new stake in Applied Digital during the fourth quarter worth $25,000. Activest Wealth Management purchased a new stake in Applied Digital during the fourth quarter worth $25,000. FNY Investment Advisers LLC acquired a new stake in Applied Digital during the second quarter valued at $37,000. Finally, Ameriflex Group Inc. acquired a new stake in Applied Digital during the fourth quarter valued at $25,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.