Applied Digital (NASDAQ:APLD) Shares Down 2.8% - Time to Sell?

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on APLD shares. Needham & Company LLC reissued a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a report on Wednesday, April 23rd. Cantor Fitzgerald lowered their target price on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 price objective on the stock in a research note on Thursday. HC Wainwright dropped their price objective on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Compass Point assumed coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective on the stock. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Applied Digital has an average rating of "Buy" and an average target price of $10.91.

Applied Digital Stock Performance

The stock's 50-day moving average is $5.56 and its 200-day moving average is $7.40. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -4.27 and a beta of 5.98. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued 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). The company had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same quarter last year, the business earned ($0.24) earnings per share. On average, analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently added to or reduced their stakes in APLD. PNC Financial Services Group Inc. purchased a new stake in Applied Digital in the first quarter worth $28,000. Wilmington Savings Fund Society FSB increased its holdings in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd purchased a new stake in Applied Digital in the 4th quarter worth about $36,000. US Bancorp DE bought a new stake in Applied Digital in the 4th quarter valued at about $37,000. Finally, Geneos Wealth Management Inc. lifted its holdings in Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after purchasing an additional 3,542 shares during the last quarter. 65.67% of the stock is owned by 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.

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