Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s share price traded down 7.9% during trading on Wednesday . The stock traded as low as $14.03 and last traded at $14.13. 14,711,680 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 37,924,227 shares. The stock had previously closed at $15.34.
Analysts Set New Price Targets
Several equities analysts recently commented on the company. Lake Street Capital upped their price objective on Applied Digital from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. B. Riley boosted their target price on shares of Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. JMP Securities boosted their target price on shares of Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a report on Tuesday, June 3rd. Compass Point raised shares of Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 target price on the stock in a report on Friday, July 25th. Finally, Needham & Company LLC boosted their target price on shares of Applied Digital from $12.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, Applied Digital currently has an average rating of "Buy" and a consensus target price of $15.18.
Get Our Latest Stock Report on Applied Digital
Applied Digital Trading Down 1.2%
The firm has a market cap of $3.96 billion, a P/E ratio of -13.90 and a beta of 6.17. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a 50 day moving average of $11.58 and a 200 day moving average of $8.55.
Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, meeting analysts' consensus estimates of ($0.12). The business had revenue of $38.01 million for the quarter, compared to analysts' expectations of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The firm's revenue was up 41.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. As a group, equities research analysts predict that Applied Digital Corporation will post -0.96 EPS for the current year.
Insider Buying and Selling
In related news, Director Richard N. Nottenburg sold 11,250 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $14.22, for a total value of $159,975.00. Following the transaction, the director owned 317,987 shares of the company's stock, valued at $4,521,775.14. This represents a 3.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.81% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp bought a new position in Applied Digital in the second quarter valued at $25,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Applied Digital during the second quarter valued at about $26,000. Ameriflex Group Inc. bought a new position in shares of Applied Digital during the second quarter valued at about $42,000. PNC Financial Services Group Inc. bought a new position in shares of Applied Digital during the first quarter valued at about $28,000. Finally, Hollencrest Capital Management bought a new stake in shares of Applied Digital in the second quarter worth about $50,000. Institutional investors own 65.67% of the company's stock.
Applied Digital Company Profile
(
Get Free Report)
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.
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