Applied Digital (NASDAQ:APLD) Trading Down 3.4% - Should You Sell?

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) traded down 3.4% during trading on Wednesday . The company traded as low as $9.88 and last traded at $9.97. 14,241,624 shares changed hands during trading, a decline of 64% from the average session volume of 39,154,594 shares. The stock had previously closed at $10.32.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on APLD. JMP Securities raised their target price on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a report on Tuesday, June 3rd. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a report on Tuesday, June 3rd. HC Wainwright raised their target price on Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Finally, B. Riley raised their target price on Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $12.73.

Applied Digital Price Performance

The stock has a 50-day simple moving average of $7.98 and a 200 day simple moving average of $7.69. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $2.34 billion, a P/E ratio of -7.58 and a beta of 6.08.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. The firm had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the prior year, the business posted ($0.24) EPS. On average, equities analysts expect that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director now owns 83,613 shares of the company's stock, valued at $585,291. The trade was a 22.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.81% of the stock is owned by insiders.

Institutional Trading of Applied Digital

Several institutional investors have recently bought and sold shares of APLD. Rhumbline Advisers boosted its stake in Applied Digital by 68.7% in the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock worth $1,978,000 after purchasing an additional 105,428 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Applied Digital by 44.2% in the fourth quarter. Principal Financial Group Inc. now owns 14,542 shares of the company's stock worth $111,000 after purchasing an additional 4,459 shares in the last quarter. Atria Wealth Solutions Inc. acquired a new position in Applied Digital in the fourth quarter worth $149,000. New York State Common Retirement Fund boosted its stake in Applied Digital by 75.0% in the fourth quarter. New York State Common Retirement Fund now owns 40,819 shares of the company's stock worth $312,000 after purchasing an additional 17,500 shares in the last quarter. Finally, Private Advisor Group LLC boosted its stake in Applied Digital by 50.0% in the fourth quarter. Private Advisor Group LLC now owns 58,055 shares of the company's stock worth $444,000 after purchasing an additional 19,355 shares in the last quarter. Institutional investors and hedge funds 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.