Applied Digital (NASDAQ:APLD) Shares Down 1.5% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares traded down 1.5% on Wednesday . The stock traded as low as $45.25 and last traded at $45.57. 26,875,955 shares were traded during trading, an increase of 5% from the average session volume of 25,528,248 shares. The stock had previously closed at $46.27.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Lake Street Capital upped their price target on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Wall Street Zen cut Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. B. Riley Financial restated a “buy” rating and issued a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Lucid Cap Mkts upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Finally, Northland Securities set a $82.00 price objective on shares of Applied Digital and gave the stock an “outperform” rating in a research report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Price 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 business’s 50-day simple moving average is $38.81 and its 200 day simple moving average is $33.09. The firm has a market capitalization of $13.02 billion, a P/E ratio of -61.58 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last issued 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). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The business had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share. The firm’s revenue was up 139.3% on a year-over-year basis. Sell-side analysts forecast that Applied Digital Corporation will post -0.68 earnings per share for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the transaction, the director directly owned 184,859 shares in the company, valued at $6,466,367.82. This trade represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 35,000 shares of company stock worth $1,182,175 over the last quarter. Company insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of institutional investors have recently made changes to their positions in APLD. AQR Capital Management LLC boosted its stake in shares of Applied Digital by 84.8% during 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 during the period. NewEdge Advisors LLC boosted its stake in shares of Applied Digital by 239.1% during 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 during the period. Geneos Wealth Management Inc. boosted its stake in shares of Applied Digital by 113.3% during 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 during the period. Strs Ohio purchased a new stake in shares of Applied Digital during the first quarter valued at approximately $71,000. Finally, Cetera Investment Advisers boosted its stake in shares of Applied Digital by 61.0% during 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 during the period. Hedge funds and other 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.