Applied Digital (NASDAQ:APLD) Shares Down 1% - Should You Sell?

Shares of Applied Digital Corporation (NASDAQ:APLD - Get Free Report) were down 1% during trading on Friday . The stock traded as low as $10.26 and last traded at $10.45. Approximately 17,883,734 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 58,577,256 shares. The stock had previously closed at $10.56.

Wall Street Analysts Forecast Growth

Several analysts recently commented on APLD shares. Cantor Fitzgerald reduced their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Craig Hallum upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Roth Capital reiterated a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. B. Riley upped their price target on shares of Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, JMP Securities boosted their price objective on shares of Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $12.73.

Applied Digital Stock Down 1.0%

The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -7.63 and a beta of 6.04. The firm's 50 day simple moving average is $8.58 and its 200-day simple moving average is $7.72.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. The company had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same period last year, the company earned ($0.24) earnings per share. On average, sell-side analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director directly owned 83,613 shares of the company's stock, valued at approximately $585,291. This represents a 22.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE purchased a new position in Applied Digital during the 4th quarter valued at about $37,000. PNC Financial Services Group Inc. purchased a new position in Applied Digital during the 1st quarter valued at about $28,000. Jones Financial Companies Lllp purchased a new stake in Applied Digital in the 4th quarter valued at approximately $39,000. Geneos Wealth Management Inc. lifted its stake in Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after buying an additional 3,542 shares in the last quarter. Finally, CWM LLC lifted its stake in Applied Digital by 116.5% in the 1st quarter. CWM LLC now owns 9,506 shares of the company's stock valued at $53,000 after buying an additional 5,116 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.