Applied Digital (NASDAQ:APLD) Shares Down 1.2% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s stock price fell 1.2% on Monday . The company traded as low as $26.06 and last traded at $26.89. 11,065,985 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 23,708,051 shares. The stock had previously closed at $27.21.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on APLD shares. Citizens Jmp lifted their price objective on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 21st. Morgan Stanley upped their target price on shares of Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Craig Hallum lifted their price target 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. Northland Securities set a $82.00 price target on shares of Applied Digital and gave the company an “outperform” rating in a report on Wednesday, June 17th. Finally, Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Applied Digital presently has an average rating of “Moderate Buy” and an average price target of $68.15.

Applied Digital Stock Performance

The company has a market cap of $7.84 billion, a price-to-earnings ratio of -30.21 and a beta of 5.75. The company has a debt-to-equity ratio of 2.88, a current ratio of 4.01 and a quick ratio of 4.01. The stock has a 50-day moving average price of $32.78 and a 200 day moving average price of $33.57.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The business had revenue of $240.35 million during the quarter, compared to analyst estimates of $96.85 million. During the same quarter in the prior year, the firm posted ($0.24) earnings per share. Applied Digital’s revenue for the quarter was up 406.3% compared to the same quarter last year. As a group, analysts anticipate that Applied Digital Corporation will post -1.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 75,000 shares of Applied Digital stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total value of $2,336,250.00. Following the transaction, the director owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. The trade was a 35.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. Activest Wealth Management bought a new stake in Applied Digital in the 4th quarter valued at $25,000. Ameriflex Group Inc. bought a new position in Applied Digital during the 4th quarter worth about $25,000. McMillan Office Inc. acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $25,000. Larson Financial Group LLC raised its stake in shares of Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after purchasing an additional 1,129 shares during the period. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of Applied Digital in the second quarter valued at about $26,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

About Applied Digital

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.