Applied Digital (NASDAQ:APLD) Stock Price Down 3% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s share price fell 3% during mid-day trading on Monday . The company traded as low as $25.77 and last traded at $26.38. 21,726,527 shares were traded during trading, a decline of 11% from the average session volume of 24,357,430 shares. The stock had previously closed at $27.19.

Analysts Set New Price Targets

APLD has been the subject of several research analyst reports. Roth Capital reiterated a “buy” rating and issued a $65.00 price objective on shares of Applied Digital in a research note on Thursday, April 23rd. Compass Point reissued a “buy” rating and set a $70.00 target price on shares of Applied Digital in a research note on Friday, May 22nd. B. Riley Financial restated a “buy” rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Finally, Needham & Company LLC upped their price objective on shares of Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Applied Digital has a consensus rating of “Moderate Buy” and an average target price of $67.15.

Applied Digital Trading Down 3.0%

The firm has a fifty day simple moving average of $38.80 and a 200-day simple moving average of $34.57. The firm has a market cap of $7.54 billion, a P/E ratio of -35.65 and a beta of 5.67. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This represents a 5.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after buying an additional 6,445,908 shares in the last quarter. Value Aligned Research Advisors LLC bought a new stake in shares of Applied Digital during the fourth quarter worth about $138,380,000. Situational Awareness LP increased its position in shares of Applied Digital by 87.0% during the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after acquiring an additional 5,274,905 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after acquiring an additional 5,198,223 shares during the last quarter. Finally, Marex Group plc raised its holdings in shares of Applied Digital by 38,484.6% in the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after acquiring an additional 3,894,639 shares during the last quarter. Institutional investors and hedge funds 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.