Applied Digital (NASDAQ:APLD) Trading Down 6.5% - Should You Sell?

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded down 6.5% during mid-day trading on Thursday . The stock traded as low as $5.51 and last traded at $5.59. 9,382,012 shares were traded during trading, a decline of 68% from the average session volume of 29,255,928 shares. The stock had previously closed at $5.98.

Analyst Ratings Changes

APLD has been the topic of several recent research reports. HC Wainwright reduced their price objective on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Cantor Fitzgerald dropped their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price on the stock. Needham & Company LLC reissued a "buy" rating and set a $10.00 price target on shares of Applied Digital in a research report on Wednesday, April 23rd. Finally, 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. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $10.67.

Applied Digital Price Performance

The firm has a 50-day simple moving average of $5.54 and a 200 day simple moving average of $7.39. The firm has a market cap of $1.53 billion, a PE ratio of -3.94 and a beta of 5.98. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

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 analysts' consensus estimates of ($0.11) by ($0.05). The company had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same period in the prior year, the firm earned ($0.24) earnings per share. As a group, equities analysts expect that Applied Digital Co. will post -0.96 EPS for the current year.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. bought a new position in Applied Digital in the 1st quarter valued at approximately $28,000. Wilmington Savings Fund Society FSB lifted its holdings in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Applied Digital during the fourth quarter valued at $36,000. US Bancorp DE bought a new stake in Applied Digital in the 4th quarter worth about $37,000. Finally, Jones Financial Companies Lllp bought a new stake in Applied Digital in the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

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.