Applied Digital (NASDAQ:APLD) Stock Price Down 4% - Should You Sell?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares traded down 4% during mid-day trading on Monday . The company traded as low as $4.93 and last traded at $5.09. 7,635,112 shares changed hands during trading, a decline of 74% from the average session volume of 28,858,307 shares. The stock had previously closed at $5.30.

Analysts Set New Price Targets

A number of equities analysts recently commented on APLD shares. Compass Point started coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a research report on Wednesday, April 23rd. HC Wainwright decreased their price objective on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Northland Securities lifted their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Finally, Cantor Fitzgerald cut their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $10.67.

Applied Digital Stock Performance

The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.03 and a beta of 5.98. The company has a 50 day moving average price of $5.87 and a 200 day moving average price of $7.57. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

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 net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same period last year, the business posted ($0.24) EPS. Equities research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Hood River Capital Management LLC increased its holdings in Applied Digital by 10.7% during the 4th quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock worth $115,726,000 after purchasing an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 3,587,619 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Applied Digital by 54.4% in the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after acquiring an additional 1,665,335 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after purchasing an additional 2,344,572 shares during the last quarter. Finally, Pertento Partners LLP lifted its position in shares of Applied Digital by 49.0% during the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock valued at $19,319,000 after purchasing an additional 831,705 shares in the last quarter. 65.67% of the stock is owned by institutional investors.

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.

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.