Applied Digital (NASDAQ:APLD) Shares Down 4.9% - Time to Sell?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price fell 4.9% on Friday . The stock traded as low as $8.01 and last traded at $8.28. 5,409,452 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 14,062,823 shares. The stock had previously closed at $8.71.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on APLD. HC Wainwright increased their target price on shares of Applied Digital from $5.00 to $10.00 and gave the stock a "buy" rating in a research note on Wednesday, October 16th. Lake Street Capital increased their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Cantor Fitzgerald started coverage on Applied Digital in a research report on Friday, December 20th. They issued an "overweight" rating and a $15.00 target price for the company. Craig Hallum increased their price target on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Finally, B. Riley boosted their price objective on Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a report on Friday, September 13th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $11.14.

Applied Digital Price Performance

The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $8.66 and a 200 day simple moving average of $6.90. The stock has a market capitalization of $1.75 billion, a P/E ratio of -7.09 and a beta of 4.78.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. Applied Digital's quarterly revenue was up 67.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.10) EPS. On average, analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the transaction, the director now owns 208,506 shares of the company's stock, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard N. Nottenburg sold 50,000 shares of the company's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the transaction, the director now owns 334,317 shares of the company's stock, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 359,369 shares of company stock worth $3,115,161 in the last quarter. 11.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hood River Capital Management LLC raised its position in Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company's stock worth $57,098,000 after acquiring an additional 771,699 shares during the period. Geode Capital Management LLC increased its stake in shares of Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock worth $25,258,000 after purchasing an additional 1,002,862 shares during the last quarter. State Street Corp raised its holdings in shares of Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company's stock worth $19,282,000 after purchasing an additional 286,852 shares during the period. Royce & Associates LP lifted its stake in Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company's stock valued at $9,340,000 after purchasing an additional 15,763 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock valued at $7,419,000 after purchasing an additional 240,554 shares during the period. 65.67% of the stock is owned by hedge funds and other 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.