Applied Digital (NASDAQ:APLD) Trading Down 1% - Here's Why

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) shares dropped 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 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 Analyst Weigh In

A number of brokerages recently commented on APLD. Compass Point reaffirmed a "neutral" rating and issued a $13.00 price target (up previously from $10.00) on shares of Applied Digital in a report on Monday, June 9th. HC Wainwright increased their price target on shares of Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Craig Hallum raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. B. Riley boosted their target price on Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, Roth Capital restated a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Applied Digital currently has a consensus rating of "Buy" and a consensus price target of $12.73.

Applied Digital Stock Down 1.0%

The company has a market cap of $2.35 billion, a P/E ratio of -7.63 and a beta of 6.04. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56. The business's 50 day moving average is $8.58 and its 200 day moving average is $7.72.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS 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 business had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same period last year, the firm earned ($0.24) EPS. As a group, equities analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other news, Director Rachel H. Lee sold 24,212 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director directly owned 83,613 shares of the company's stock, valued at $585,291. The trade was a 22.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 11.81% of the company's stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently added to or reduced their stakes in APLD. Corebridge Financial Inc. boosted its stake in shares of Applied Digital by 2.0% during the 1st quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock worth $546,000 after acquiring an additional 1,899 shares in the last quarter. Wedbush Securities Inc. raised its position in shares of Applied Digital by 14.8% during the 1st quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock worth $87,000 after purchasing an additional 2,000 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Applied Digital by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock worth $107,000 after purchasing an additional 2,001 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Applied Digital by 29.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock worth $77,000 after purchasing an additional 3,127 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after purchasing an additional 3,542 shares during the last quarter. 65.67% of the stock is 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.