Applied Digital (NASDAQ:APLD) Shares Down 6.4% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) fell 6.4% during mid-day trading on Tuesday . The stock traded as low as $25.28 and last traded at $26.15. 13,608,040 shares were traded during trading, a decline of 58% from the average session volume of 32,318,387 shares. The stock had previously closed at $27.93.

Analysts Set New Price Targets

A number of analysts have issued reports on APLD shares. Northland Securities set a $56.00 target price on Applied Digital in a research note on Wednesday, January 28th. Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Needham & Company LLC reaffirmed 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 upgraded Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Finally, Citigroup reissued an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and a consensus target price of $37.00.

Applied Digital Price Performance

The stock has a market cap of $7.31 billion, a price-to-earnings ratio of -48.43 and a beta of 7.20. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79. The company’s fifty day moving average is $32.51 and its two-hundred day moving average is $27.72.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,000 shares of Applied Digital stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Wes Cummins sold 165,000 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the sale, the chief executive officer directly owned 4,176,329 shares in the company, valued at approximately $152,101,902.18. The trade was a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 244,593 shares of company stock valued at $9,003,278. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new position in shares of Applied Digital in the 2nd quarter valued at $25,000. Noble Wealth Management PBC acquired a new stake in shares of Applied Digital during the fourth quarter worth about $25,000. Albion Financial Group UT purchased a new stake in shares of Applied Digital in the 4th quarter valued at about $25,000. Activest Wealth Management acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $25,000. Finally, Ameriflex Group Inc. purchased a new position in Applied Digital during the 4th quarter worth approximately $25,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Company Profile

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.