Applied Digital (NASDAQ:APLD) Stock Price Down 2.5% – Time to Sell?

Applied Digital Corporation (NASDAQ:APLD) was down 2.5% during mid-day trading on Friday . The company traded as low as $24.03 and last traded at $25.79. 23,494,531 shares were traded during trading, a decline of 5% from the average session volume of 24,605,094 shares. The stock had previously closed at $26.44.

Analysts Set New Price Targets

APLD has been the topic of several research reports. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Lake Street Capital increased their target price on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Wall Street Zen downgraded Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Zacks Research lowered Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Finally, Citigroup reissued a “market outperform” rating on shares of Applied Digital in a research report on Tuesday, June 9th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Applied Digital has a consensus rating of “Moderate Buy” and an average target price of $70.56.

Applied Digital Trading Down 2.5%

The company has a 50 day moving average of $40.67 and a two-hundred day moving average of $34.46. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The stock has a market capitalization of $7.37 billion, a PE ratio of -34.85 and a beta of 5.67.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated 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 owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

A number of institutional investors have recently bought and sold shares of APLD. Cannon Capital Management Inc. purchased a new stake in shares of Applied Digital during the fourth quarter valued at $3,635,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Applied Digital in the 4th quarter valued at $2,674,000. Prime Capital Investment Advisors LLC purchased a new position in Applied Digital in the 4th quarter worth $1,284,000. M&T Bank Corp purchased a new position in Applied Digital in the 4th quarter worth $2,232,000. Finally, TFR Capital LLC. acquired a new stake in Applied Digital during the 4th quarter worth about $1,741,000. 65.67% of the stock is currently 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.