Applied Digital (NASDAQ:APLD) Stock Price Down 6.4% – Should You Sell?

Applied Digital Corporation (NASDAQ:APLD)’s share price was down 6.4% during mid-day trading on Tuesday . The stock traded as low as $35.68 and last traded at $36.62. Approximately 15,178,626 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 26,170,688 shares. The stock had previously closed at $39.14.

Analysts Set New Price Targets

Several equities analysts recently issued reports on APLD shares. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Northland Securities set a $56.00 price target on Applied Digital in a report on Wednesday, January 28th. Needham & Company LLC raised their target price on Applied Digital to $51.00 and gave the stock a “buy” rating in a report on Friday. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. Finally, Citizens Jmp restated a “market outperform” rating and set a $40.00 target price on shares of Applied Digital in a report on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.67.

Applied Digital Stock 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 has a market cap of $10.46 billion, a P/E ratio of -49.49 and a beta of 5.69. The stock has a fifty day simple moving average of $31.15 and a 200-day simple moving average of $30.62.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The company had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. During the same quarter last year, the business posted ($0.08) EPS. Applied Digital’s quarterly revenue was up 139.3% on a year-over-year basis. Equities analysts expect that Applied Digital Corporation will post -0.61 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm’s 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital 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 transaction, the director owned 208,378 shares in the company, valued at $7,207,795.02. This trade represents a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 35,000 shares of company stock worth $1,182,175. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky acquired a new stake in Applied Digital in the 3rd quarter valued at approximately $994,000. Federated Hermes Inc. acquired a new stake in Applied Digital in the 3rd quarter valued at approximately $3,204,000. AlphaQuest LLC acquired a new stake in Applied Digital in the 3rd quarter valued at approximately $1,369,000. MRA Advisory Group acquired a new stake in Applied Digital in the 3rd quarter valued at approximately $978,000. Finally, Vanguard Group Inc. raised its position in Applied Digital by 23.2% in the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock valued at $406,547,000 after buying an additional 3,339,062 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

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.