Applied Digital (NASDAQ:APLD) Shares Down 3.5% - What's Next?

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) shares fell 3.5% on Friday . The company traded as low as $10.13 and last traded at $10.24. 15,640,902 shares changed hands during trading, a decline of 60% from the average session volume of 39,229,164 shares. The stock had previously closed at $10.61.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on APLD. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price target for the company in a report on Thursday, May 22nd. B. Riley upped their price objective on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Craig Hallum boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Finally, Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. 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. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $12.73.

Applied Digital Stock Down 2.3%

The company's 50-day moving average is $7.28 and its 200 day moving average is $7.67. The stock has a market capitalization of $2.33 billion, a PE ratio of -7.57 and a beta of 6.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results 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 analyst estimates of $62.91 million. Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. During the same quarter in the previous year, the company posted ($0.24) EPS. As a group, analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current year.

Insiders Place Their Bets

In related news, Director Rachel H. Lee sold 24,212 shares of the business's 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 transaction, the director now directly owns 83,613 shares in the company, valued at $585,291. The trade was a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.81% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

Hedge funds have recently modified their holdings of the stock. US Bancorp DE acquired a new stake in shares of Applied Digital during the 4th quarter worth approximately $37,000. PNC Financial Services Group Inc. acquired a new position in Applied Digital in the 1st quarter worth about $28,000. Jones Financial Companies Lllp purchased a new position in Applied Digital during the fourth quarter worth approximately $39,000. Amalgamated Bank grew its holdings in Applied Digital by 113.3% in the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after purchasing an additional 3,473 shares during the period. Finally, Geneos Wealth Management Inc. increased its position in shares of Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after buying an additional 3,542 shares in the last quarter. Hedge funds and other 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.

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