Applied Digital (NASDAQ:APLD) Shares Down 7.4% – Should You Sell?

Shares of Applied Digital Corporation (NASDAQ:APLD) traded down 7.4% during trading on Monday . The stock traded as low as $28.49 and last traded at $28.84. 15,096,910 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 24,748,918 shares. The stock had previously closed at $31.15.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Needham & Company LLC raised their price target on shares of Applied Digital from $66.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Roth Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research report on Thursday, April 23rd. Craig Hallum increased their price objective on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Applied Digital currently has a consensus rating of “Moderate Buy” and an average price target of $70.56.

Applied Digital Trading Down 7.4%

The firm has a 50-day moving average of $41.61 and a 200 day moving average of $34.39. The company has a market cap of $8.24 billion, a P/E ratio of -38.97 and a beta of 5.67. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65.

Insider Activity at Applied Digital

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. increased its stake in Applied Digital by 8.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock valued at $93,000 after purchasing an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in shares of Applied Digital by 1.5% during the fourth 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 period. Brookstone Capital Management boosted its position in shares of Applied Digital by 3.6% during the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after purchasing an additional 321 shares in the last quarter. Independent Advisor Alliance boosted its position in shares of Applied Digital by 4.6% during the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after purchasing an additional 407 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Applied Digital by 28.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,092 shares of the company’s stock valued at $78,000 after buying an additional 464 shares during the period. 65.67% of the stock is 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.