Applied Digital (NASDAQ:APLD) Stock Price Down 5% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares dropped 5% during trading on Friday . The stock traded as low as $26.93 and last traded at $27.21. Approximately 17,218,903 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 23,773,506 shares. The stock had previously closed at $28.65.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Zacks Research raised shares of Applied Digital from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. Lake Street Capital raised their price target on Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Needham & Company LLC reiterated a “buy” rating and issued a $83.00 price target on shares of Applied Digital in a research report on Tuesday, July 28th. Wall Street Zen lowered Applied Digital from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Craig Hallum increased their price objective on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Three 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.15.

Applied Digital Trading Down 5.0%

The firm’s 50 day moving average is $33.09 and its 200 day moving average is $33.62. The company has a market cap of $7.93 billion, a PE ratio of -30.57 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.

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

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 75,000 shares of the company’s stock in a transaction 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. This represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Concurrent Investment Advisors LLC raised its position in Applied Digital by 1.5% in the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after purchasing an additional 318 shares during the period. Independent Advisor Alliance lifted its stake in Applied Digital by 4.6% in the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after purchasing an additional 407 shares during the last quarter. GAMMA Investing LLC boosted its position in Applied Digital by 28.5% during the second 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. Krilogy Financial LLC boosted its position in Applied Digital by 4.1% during the second quarter. Krilogy Financial LLC now owns 14,243 shares of the company’s stock valued at $531,000 after buying an additional 561 shares during the period. Finally, Vermillion Wealth Management Inc. grew its stake in shares of Applied Digital by 29.4% during the first quarter. Vermillion Wealth Management Inc. now owns 2,563 shares of the company’s stock valued at $61,000 after buying an additional 583 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other 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.