Applied Digital (NASDAQ:APLD) Stock Price Down 1.6% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s share price dropped 1.6% during trading on Tuesday . The stock traded as low as $44.72 and last traded at $45.14. Approximately 21,804,093 shares were traded during trading, a decline of 17% from the average daily volume of 26,271,762 shares. The stock had previously closed at $45.87.

Wall Street Analysts Forecast Growth

APLD has been the topic of several analyst reports. Zacks Research raised Applied Digital from a “strong sell” rating to a “hold” rating in a report on Thursday, May 7th. Citizens Jmp raised their target price on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Thursday, May 21st. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Thursday, May 21st. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Finally, Roth Mkm reissued a “buy” rating and issued a $65.00 price objective on shares of Applied Digital in a report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.67.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The firm has a fifty day simple moving average of $32.76 and a 200 day simple moving average of $30.96. The company has a market capitalization of $12.90 billion, a price-to-earnings ratio of -61.00 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $78.47 million. During the same period in the previous year, the business posted ($0.08) earnings per share. The firm’s revenue for the quarter was up 139.3% on a year-over-year basis. On average, analysts anticipate that Applied Digital Corporation will post -0.61 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital 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 directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by corporate insiders.

Institutional Trading of Applied Digital

Institutional investors have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Applied Digital in the third quarter worth approximately $994,000. Federated Hermes Inc. acquired a new stake in shares of Applied Digital in the third quarter worth approximately $3,204,000. AlphaQuest LLC purchased a new position in Applied Digital during the third quarter worth approximately $1,369,000. MRA Advisory Group purchased a new position in Applied Digital during the third quarter worth approximately $978,000. Finally, Vanguard Group Inc. lifted its position in Applied Digital by 23.2% during the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock worth $406,547,000 after buying an additional 3,339,062 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

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.