Applied Digital (NASDAQ:APLD) Stock Price Down 1.3% - What's Next?

Key Points

• Applied Digital's stock price decreased by 1.3% to **$15.06**, with trading volume significantly lower at approximately **4.8 million shares**, down 87% from its average daily volume.
• Several analysts have raised their price targets for Applied Digital, with estimates now ranging from **$13.00** to **$23.00**, and a consensus rating of **"Buy"** among most analysts.
• The company reported quarterly earnings of **($0.12)** per share, matching analysts' expectations, with a **41.3% increase** in revenue year-over-year despite a negative net margin of **107.22%**.

Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s stock price dropped 1.3% on Wednesday . The stock traded as low as $14.91 and last traded at $15.06. Approximately 4,806,833 shares changed hands during trading, a decline of 87% from the average daily volume of 37,231,754 shares. The stock had previously closed at $15.26.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on APLD shares. JMP Securities boosted their price objective on shares of Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a report on Tuesday, June 3rd. Lake Street Capital boosted their price objective on shares of Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Compass Point upgraded shares of Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 price objective on the stock in a report on Friday, July 25th. Roth Capital reiterated a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Finally, Craig Hallum boosted their price objective on shares of Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. According to data from MarketBeat.com, Applied Digital presently has a consensus rating of "Buy" and a consensus target price of $15.64.

Applied Digital Price Performance

The company's 50-day moving average price is $12.59 and its two-hundred day moving average price is $9.11. The company has a market cap of $3.77 billion, a P/E ratio of -13.22 and a beta of 6.64. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.36.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported ($0.12) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.12). Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. The business had revenue of $38.01 million during the quarter, compared to the consensus estimate of $42.86 million. During the same quarter in the prior year, the firm earned ($0.14) EPS. The company's revenue for the quarter was up 41.3% compared to the same quarter last year. As a group, sell-side analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 11,250 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $14.22, for a total transaction of $159,975.00. Following the completion of the sale, the director owned 317,987 shares of the company's stock, valued at $4,521,775.14. This represents a 3.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of the business. Flagship Harbor Advisors LLC grew its position in shares of Applied Digital by 6.0% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 15,930 shares of the company's stock valued at $160,000 after buying an additional 900 shares during the last quarter. Quantinno Capital Management LP grew its position in shares of Applied Digital by 1.6% during the 2nd quarter. Quantinno Capital Management LP now owns 68,417 shares of the company's stock valued at $689,000 after buying an additional 1,063 shares during the last quarter. Corebridge Financial Inc. grew its position in Applied Digital by 2.0% in the 1st quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock worth $546,000 after purchasing an additional 1,899 shares during the last quarter. Wedbush Securities Inc. grew its position in Applied Digital by 14.8% in the 1st quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock worth $87,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in Applied Digital by 11.7% in the 1st 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 during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.