Applied Digital (NASDAQ:APLD) Stock Price Down 4.9% - Here's What Happened

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares traded down 4.9% during mid-day trading on Wednesday . The company traded as low as $7.18 and last traded at $7.22. 7,045,957 shares traded hands during trading, a decline of 77% from the average session volume of 30,394,775 shares. The stock had previously closed at $7.59.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. HC Wainwright cut their target price 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 boosted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, February 4th. Cantor Fitzgerald cut their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Needham & Company LLC reissued a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Wednesday, April 23rd. Finally, Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a research report on Thursday, May 22nd. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $10.91.

Applied Digital Stock Down 0.3%

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm's 50-day moving average is $5.57 and its 200 day moving average is $7.40. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -4.19 and a beta of 5.98.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly 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). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same period last year, the company posted ($0.24) EPS. Sell-side analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the sale, the director now owns 83,613 shares of the company's stock, valued at $585,291. This represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently made changes to their positions in the business. Rhumbline Advisers increased its position in shares of Applied Digital by 7.8% in the first quarter. Rhumbline Advisers now owns 279,191 shares of the company's stock worth $1,569,000 after acquiring an additional 20,299 shares in the last quarter. Strs Ohio acquired a new stake in shares of Applied Digital in the first quarter worth $71,000. Wealth Management Associates Inc. increased its position in shares of Applied Digital by 25.5% in the first quarter. Wealth Management Associates Inc. now owns 95,660 shares of the company's stock worth $538,000 after acquiring an additional 19,450 shares in the last quarter. 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 worth $37,000 after acquiring an additional 3,542 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its position in shares of Applied Digital by 117.0% in the first quarter. Arete Wealth Advisors LLC now owns 1,065,432 shares of the company's stock worth $5,988,000 after acquiring an additional 574,485 shares in the last quarter. Institutional investors and hedge funds 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.