Applied Digital (NASDAQ:APLD) Stock Price Down 11% – Time to Sell?

Applied Digital Corporation (NASDAQ:APLD)’s stock price fell 11% during trading on Friday . The company traded as low as $33.53 and last traded at $33.88. 30,621,043 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 41,786,125 shares. The stock had previously closed at $38.07.

Analysts Set New Price Targets

APLD has been the topic of a number of research analyst reports. Lake Street Capital reiterated a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research note on Tuesday, December 30th. Wall Street Zen raised Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Wednesday, October 8th. Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Finally, Arete Research started coverage on Applied Digital in a report on Wednesday, January 7th. They issued a “buy” rating on the stock. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $34.73.

Applied Digital Stock Down 11.0%

The firm has a 50 day moving average of $30.08 and a 200-day moving average of $24.39. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The stock has a market capitalization of $9.47 billion, a P/E ratio of -62.74 and a beta of 6.89.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, January 7th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $126.59 million for the quarter, compared to analyst estimates of $82.22 million. Applied Digital had a negative return on equity of 13.53% and a negative net margin of 43.49%.Applied Digital’s revenue for the quarter was up 250.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.06) EPS. On average, equities research analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the sale, the chief executive officer directly owned 4,176,329 shares of the company’s stock, valued at approximately $152,101,902.18. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $38.54, for a total value of $385,400.00. Following the completion of the sale, the director owned 200,859 shares in the company, valued at approximately $7,741,105.86. This represents a 4.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 198,606 shares of company stock valued at $7,229,560. Company insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of large investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. lifted its holdings in shares of Applied Digital by 8.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock valued at $93,000 after acquiring an additional 300 shares during the period. Concurrent Investment Advisors LLC lifted its holdings in Applied Digital by 1.5% during the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after purchasing an additional 318 shares during the last quarter. Brookstone Capital Management boosted its position in Applied Digital by 3.6% in the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after buying an additional 321 shares in the last quarter. ProShare Advisors LLC grew its stake in Applied Digital by 1.0% during the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after buying an additional 376 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in Applied Digital by 7.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the company’s stock valued at $137,000 after purchasing an additional 408 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.