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

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on APLD shares. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a research note on Thursday, May 22nd. Craig Hallum lifted 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. Needham & Company LLC reissued a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Monday, June 2nd. Roth Capital reissued a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. Finally, Compass Point reissued a "neutral" rating and issued a $13.00 price objective (up from $10.00) on shares of Applied Digital in a research note on Monday, June 9th. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Applied Digital presently has an average rating of "Buy" and a consensus target price of $12.73.

Applied Digital Price Performance

The company has a market capitalization of $2.27 billion, a P/E ratio of -7.35 and a beta of 6.09. The firm's fifty day moving average is $7.98 and its 200 day moving average is $7.67. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The company had revenue of $52.92 million during the quarter, compared to analysts' expectations of $62.91 million. Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. During the same period last year, the firm earned ($0.24) earnings per share. As a group, analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the business's 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 completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. purchased a new stake in shares of Applied Digital in the 1st quarter worth approximately $28,000. US Bancorp DE purchased a new stake in shares of Applied Digital in the 4th quarter worth approximately $37,000. Geneos Wealth Management Inc. lifted its position in shares of Applied Digital by 113.3% in 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 period. Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital in the 4th quarter worth approximately $39,000. Finally, Amalgamated Bank lifted its position in shares of Applied Digital by 113.3% in the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock worth $50,000 after purchasing an additional 3,473 shares during the period. 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.