Applied Digital (NASDAQ:APLD) Shares Down 2.8% on Insider Selling

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price fell 2.8% on Friday after an insider sold shares in the company. The stock traded as low as $7.15 and last traded at $7.27. 9,403,512 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 30,479,793 shares. The stock had previously closed at $7.48.

Specifically, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director now owns 83,613 shares of the company's stock, valued at approximately $585,291. This trade represents a 22.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Cantor Fitzgerald lowered their price target on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Compass Point began coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target on the stock. 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 report on Thursday, May 22nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research note on Wednesday, April 23rd. Finally, JMP Securities assumed coverage on Applied Digital in a research note on Thursday, May 22nd. They issued a "market outperform" rating and a $12.00 price target on the stock. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $10.91.

Applied Digital Price Performance

The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of -4.39 and a beta of 5.98. The company's 50 day moving average is $5.56 and its 200 day moving average is $7.40. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same period in the prior year, the firm earned ($0.24) EPS. On average, equities research analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently added to or reduced their stakes in APLD. Wells Fargo & Company MN raised its holdings in Applied Digital by 96.6% in the 4th quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock valued at $917,000 after acquiring an additional 58,943 shares in the last quarter. Vanguard Group Inc. lifted its position in Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after purchasing an additional 3,587,619 shares during the period. Rhumbline Advisers increased its holdings in Applied Digital by 68.7% in the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after buying an additional 105,428 shares during the period. Numerai GP LLC acquired a new position in shares of Applied Digital in the 4th quarter valued at approximately $790,000. Finally, Barclays PLC raised its position in shares of Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after buying an additional 428,428 shares in the last quarter. Institutional investors and hedge funds 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.