Applied Digital (NASDAQ:APLD) Shares Down 1.3% – Time to Sell?

Applied Digital Corporation (NASDAQ:APLD)’s stock price fell 1.3% during mid-day trading on Thursday . The stock traded as low as $41.86 and last traded at $44.15. 14,410,600 shares were traded during mid-day trading, a decline of 44% from the average session volume of 25,804,285 shares. The stock had previously closed at $44.71.

Wall Street Analyst Weigh In

Several research firms recently issued reports on APLD. Lake Street Capital reissued a “buy” rating and issued a $70.00 price target (up from $55.00) on shares of Applied Digital in a research report on Thursday, May 21st. Roth Mkm reissued a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a research report on Thursday, April 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. B. Riley Financial reissued a “buy” rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Finally, Citizens Jmp increased their price target on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Applied Digital presently has an average rating of “Buy” and an average target price of $59.11.

Applied Digital Stock Performance

The firm has a market capitalization of $12.62 billion, a P/E ratio of -59.66 and a beta of 5.69. The stock has a 50-day moving average of $35.61 and a 200 day moving average of $31.86. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The business had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm’s revenue was up 139.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.08) earnings per share. On average, research analysts anticipate that Applied Digital Corporation will post -0.68 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the sale, the director directly owned 184,859 shares in the company, valued at $6,466,367.82. This represents a 5.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC increased its holdings in shares of Applied Digital by 84.8% in the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after purchasing an additional 8,692 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Applied Digital by 239.1% in the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after purchasing an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after purchasing an additional 3,542 shares in the last quarter. Strs Ohio acquired a new stake in shares of Applied Digital in the first quarter valued at approximately $71,000. Finally, Cetera Investment Advisers increased its holdings in shares of Applied Digital by 61.0% in the second quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock valued at $621,000 after purchasing an additional 23,360 shares in the last quarter. 65.67% of the stock is currently owned by 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.