Applied Digital (NASDAQ:APLD) Trading Down 2.3% - What's Next?

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) dropped 2.3% during mid-day trading on Wednesday . The stock traded as low as $10.64 and last traded at $10.74. Approximately 10,998,980 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 39,285,656 shares. The stock had previously closed at $10.99.

Analysts Set New Price Targets

APLD has been the topic of a number of research analyst reports. Craig Hallum lifted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Roth Capital reiterated a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. Citigroup reissued an "outperform" rating on shares of Applied Digital in a report on Tuesday, June 3rd. Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 target price on the stock in a research report on Thursday, May 22nd. Finally, JMP Securities upped their price target on shares of Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $12.73.

Applied Digital Trading Down 2.6%

The company has a fifty day moving average of $7.38 and a two-hundred day moving average of $7.67. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of -7.54 and a beta of 6.08.

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

Insider Activity at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was 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 in the company, valued at approximately $585,291. The trade was a 22.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 11.81% of the stock is owned by insiders.

Institutional Trading of Applied Digital

A number of institutional investors have recently modified their holdings of the business. Situational Awareness LP acquired a new stake in Applied Digital in the first quarter valued at $22,680,000. Vanguard Group Inc. grew its stake in shares of Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after purchasing an additional 3,587,619 shares during the period. Tidal Investments LLC increased its holdings in shares of Applied Digital by 14,635.7% in the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock valued at $12,972,000 after purchasing an additional 1,686,328 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of Applied Digital in the fourth quarter valued at about $12,843,000. Finally, Geode Capital Management LLC boosted its holdings in Applied Digital by 54.4% during the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after buying an additional 1,665,335 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other 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.