Applied Digital (NASDAQ:APLD) Shares Down 1.5% - Time to Sell?

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) traded down 1.5% during trading on Thursday . The company traded as low as $9.28 and last traded at $9.37. 5,289,628 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 38,721,777 shares. The stock had previously closed at $9.51.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on APLD shares. B. Riley raised their price objective on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Citizens Jmp upgraded 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. JMP Securities raised 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. Compass Point reiterated a "neutral" rating and issued a $13.00 price objective (up previously from $10.00) on shares of Applied Digital in a research note on Monday, June 9th. Finally, HC Wainwright raised 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. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Applied Digital presently has a consensus rating of "Buy" and a consensus price target of $12.73.

Applied Digital Price Performance

The company's fifty day moving average is $8.96 and its two-hundred day moving average is $7.76. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -6.70 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.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its 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 net margin of 109.99% and a negative return on equity of 77.49%. The firm had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same period in the previous year, the company posted ($0.24) EPS. Equities research analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Rachel H. Lee sold 24,212 shares of the 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 owned 83,613 shares of the company's stock, valued at $585,291. This represents a 22.45% decrease in their ownership of the stock. 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 owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently made changes to their positions in APLD. Hood River Capital Management LLC grew its position in 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 valued at $115,726,000 after purchasing an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 730,978 shares during the last quarter. Geode Capital Management LLC raised its stake in Applied Digital by 54.4% in the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after purchasing an additional 1,665,335 shares in the last quarter. Situational Awareness LP acquired a new stake in Applied Digital in the 1st quarter worth about $22,680,000. Finally, Pertento Partners LLP raised its stake in Applied Digital by 49.0% in the 4th quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock worth $19,319,000 after purchasing an additional 831,705 shares in the last quarter. Institutional investors own 65.67% of the company's stock.

About Applied Digital

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.