Applied Digital (NASDAQ:APLD) Shares Down 1.7% – Should You Sell?

Applied Digital Corporation (NASDAQ:APLD)’s stock price dropped 1.7% on Tuesday . The stock traded as low as $26.08 and last traded at $26.79. Approximately 12,684,242 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 27,796,479 shares. The stock had previously closed at $27.26.

Analyst Upgrades and Downgrades

Several research analysts have commented on APLD shares. Arete Research initiated coverage on shares of Applied Digital in a research report on Wednesday, January 7th. They issued a “buy” rating for the company. Roth Mkm reiterated a “buy” rating on shares of Applied Digital in a research report on Tuesday, February 17th. B. Riley Financial increased their price objective on Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and a consensus target price of $37.00.

Applied Digital Price Performance

The company has a market capitalization of $7.49 billion, a P/E ratio of -49.61 and a beta of 7.20. The business’s 50-day simple moving average is $32.14 and its 200 day simple moving average is $28.93. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the sale, the director owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. The trade was a 4.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wes Cummins sold 165,000 shares of the company’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $36.42, for a total value of $6,009,300.00. Following the completion of the sale, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at approximately $152,101,902.18. This trade represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 244,593 shares of company stock valued at $9,003,278 in the last quarter. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently bought and sold shares of APLD. Noble Wealth Management PBC acquired a new position in shares of Applied Digital in the 4th quarter worth approximately $25,000. Albion Financial Group UT acquired a new stake in Applied Digital during the fourth quarter valued at approximately $25,000. Activest Wealth Management bought a new stake in Applied Digital during the fourth quarter worth approximately $25,000. Ameriflex Group Inc. bought a new stake in Applied Digital during the fourth quarter worth approximately $25,000. Finally, McMillan Office Inc. acquired a new position in Applied Digital in the fourth quarter worth approximately $25,000. 65.67% of the stock is 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.