Applied Digital (NASDAQ:APLD) Stock Price Down 9% – Should You Sell?

Applied Digital Corporation (NASDAQ:APLD) fell 9% during trading on Friday . The company traded as low as $26.84 and last traded at $27.19. 19,690,053 shares changed hands during mid-day trading, a decline of 19% from the average session volume of 24,365,211 shares. The stock had previously closed at $29.89.

Wall Street Analyst Weigh In

APLD has been the topic of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday. Citigroup reaffirmed a “market outperform” rating on shares of Applied Digital in a report on Tuesday, June 9th. Needham & Company LLC lifted their target price on shares of Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. B. Riley Financial reissued a “buy” rating and issued a $66.00 target price (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Finally, Zacks Research lowered shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $67.15.

Applied Digital Stock Down 9.0%

The stock has a market capitalization of $7.77 billion, a price-to-earnings ratio of -36.74 and a beta of 5.67. The firm has a 50 day simple moving average of $39.10 and a 200-day simple moving average of $34.59. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,500 shares of the firm’s 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 completion of the sale, the director owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital 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 completion of the transaction, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 35,000 shares of company stock valued at $1,182,175 in the last quarter. 9.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently bought and sold shares of APLD. Albion Financial Group UT bought a new position in shares of Applied Digital in the fourth quarter valued at about $25,000. Activest Wealth Management bought a new stake in shares of Applied Digital during the fourth quarter valued at approximately $25,000. Ameriflex Group Inc. bought a new stake in shares of Applied Digital during the fourth quarter valued at approximately $25,000. McMillan Office Inc. acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $25,000. Finally, Larson Financial Group LLC increased its holdings in shares of Applied Digital by 56,450.0% in the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after purchasing an additional 1,129 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.