Applied Digital (NASDAQ:APLD) Shares Down 1.1% - Here's What Happened

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) shares traded down 1.1% during trading on Monday . The stock traded as low as $10.07 and last traded at $10.27. 9,609,276 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 39,273,320 shares. The stock had previously closed at $10.38.

Analysts Set New Price Targets

APLD has been the topic of several recent analyst reports. B. Riley increased their price objective on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 price target on the stock in a research note on Thursday, May 22nd. Compass Point reiterated 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 boosted their price objective on shares of Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Finally, Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $12.73.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 1.56, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market cap of $2.35 billion, a PE ratio of -7.63 and a beta of 6.04. The company has a 50-day moving average price of $8.47 and a two-hundred day moving average price of $7.72.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate 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 firm posted ($0.24) earnings per share. Sell-side analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of the firm'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 completion of the sale, the director directly owned 83,613 shares of the company's stock, valued at approximately $585,291. This trade represents a 22.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hood River Capital Management LLC lifted its stake in shares of Applied Digital by 10.7% in the fourth quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock worth $115,726,000 after acquiring an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. increased its holdings in Applied Digital by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 13,491,013 shares of the company's stock worth $75,819,000 after purchasing an additional 730,978 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Applied Digital by 54.4% in the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock valued at $36,117,000 after purchasing an additional 1,665,335 shares in the last quarter. Situational Awareness LP purchased a new position in shares of Applied Digital during the 1st quarter valued at approximately $22,680,000. Finally, Pertento Partners LLP boosted its stake in shares of Applied Digital by 49.0% during the 4th quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock valued at $19,319,000 after buying an additional 831,705 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.