Applied Digital (NASDAQ:APLD) Stock Price Down 2.4% – Time to Sell?

Applied Digital Co. (NASDAQ:APLD)’s stock price was down 2.4% during trading on Tuesday . The stock traded as low as $7.66 and last traded at $7.80. Approximately 7,176,387 shares changed hands during trading, a decline of 73% from the average daily volume of 26,156,033 shares. The stock had previously closed at $7.99.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Compass Point initiated coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. HC Wainwright boosted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Monday, February 24th. Northland Securities boosted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Finally, Cantor Fitzgerald dropped their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $12.11.

Applied Digital Price Performance

The firm’s 50 day moving average is $7.94 and its 200 day moving average is $8.00. The firm has a market cap of $1.67 billion, a P/E ratio of -4.34 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) EPS. As a group, analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.81% of the stock is owned by insiders.

Institutional Trading of Applied Digital

A number of institutional investors and hedge funds have recently modified their holdings of APLD. California State Teachers Retirement System boosted its position in shares of Applied Digital by 65.6% during the fourth quarter. California State Teachers Retirement System now owns 162,561 shares of the company’s stock valued at $1,242,000 after buying an additional 64,425 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new stake in shares of Applied Digital during the 4th quarter valued at about $510,000. Mackenzie Financial Corp bought a new stake in shares of Applied Digital in the fourth quarter worth approximately $92,000. GTS Securities LLC purchased a new position in shares of Applied Digital during the fourth quarter valued at approximately $196,000. Finally, Two Seas Capital LP bought a new position in Applied Digital during the fourth quarter valued at approximately $5,062,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.