Applied Digital (NASDAQ:APLD) Trading Down 3.6% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares traded down 3.6% on Thursday . The company traded as low as $26.55 and last traded at $27.48. 14,805,747 shares traded hands during trading, a decline of 51% from the average session volume of 30,082,234 shares. The stock had previously closed at $28.52.

Analyst Ratings Changes

A number of analysts have commented on APLD shares. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Roth Mkm restated a “buy” rating on shares of Applied Digital in a report on Tuesday, February 17th. Wall Street Zen upgraded Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Freedom Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Finally, B. Riley Financial lifted their price objective on Applied Digital to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average price target of $37.00.

Applied Digital Stock Down 3.6%

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 has a market capitalization of $7.68 billion, a price-to-earnings ratio of -50.89 and a beta of 7.20. The firm’s fifty day simple moving average is $32.83 and its two-hundred day simple moving average is $28.21.

Insider Activity

In other news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the sale, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at approximately $152,101,902.18. The trade was a 3.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 12,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director owned 233,378 shares in the company, valued at $8,273,250.10. This represents a 4.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 244,593 shares of company stock worth $9,003,278 in the last 90 days. 9.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after purchasing an additional 6,445,908 shares during the last quarter. Hood River Capital Management LLC raised its holdings in Applied Digital by 2.8% in the 2nd quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock valued at $220,120,000 after buying an additional 592,314 shares during the period. Situational Awareness LP lifted its position in Applied Digital by 87.0% in the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after buying an additional 5,274,905 shares during the last quarter. Geode Capital Management LLC boosted its stake in Applied Digital by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock worth $154,151,000 after buying an additional 304,228 shares during the period. Finally, Value Aligned Research Advisors LLC purchased a new position in Applied Digital during the fourth quarter worth about $138,380,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.