Applied Digital (NASDAQ:APLD) Shares Down 3.2% - Here's What Happened

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price traded down 3.2% during mid-day trading on Wednesday . The company traded as low as $11.75 and last traded at $12.08. 20,935,268 shares were traded during mid-day trading, a decline of 46% from the average session volume of 38,850,402 shares. The stock had previously closed at $12.48.

Wall Street Analyst Weigh In

APLD has been the subject of several recent research reports. Citigroup reissued an "outperform" rating on shares of Applied Digital in a report on Tuesday, June 3rd. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 price target for the company in a research report on Thursday, May 22nd. Roth Capital reiterated a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. Cantor Fitzgerald decreased their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Finally, HC Wainwright lifted their price objective on shares of Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Applied Digital has an average rating of "Buy" and a consensus target price of $12.73.

Applied Digital Trading Down 10.6%

The firm has a market cap of $2.52 billion, a PE ratio of -6.46 and a beta of 6.08. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock's fifty day simple moving average is $6.83 and its two-hundred day simple moving average is $7.62.

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 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 net margin of 127.86% and a negative return on equity of 117.67%. During the same quarter last year, the company earned ($0.24) EPS. On average, sell-side analysts forecast that Applied Digital Co. will post -0.96 EPS 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 firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Several large investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. lifted its stake in shares of Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after purchasing an additional 1,500 shares during the period. Corebridge Financial Inc. lifted its position in Applied Digital by 2.0% in the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock valued at $546,000 after buying an additional 1,899 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its position in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. Wedbush Securities Inc. lifted its position in Applied Digital by 14.8% in the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock valued at $87,000 after buying an additional 2,000 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Applied Digital by 11.7% during the first quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock worth $107,000 after purchasing an additional 2,001 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

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.