Applied Digital (NASDAQ:APLD) Shares Down 9.2% - Time to Sell?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) fell 9.2% during mid-day trading on Monday . The stock traded as low as $6.53 and last traded at $6.59. 6,398,956 shares traded hands during trading, a decline of 77% from the average session volume of 27,996,920 shares. The stock had previously closed at $7.26.

Wall Street Analyst Weigh In

Several research firms have weighed in on APLD. Compass Point began coverage on Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price on the stock. HC Wainwright lifted their target price on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Wednesday, January 15th. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research note on Monday, February 24th. Cantor Fitzgerald lowered their target price on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 15th. Finally, Northland Securities lifted their target price on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $12.11.

Applied Digital Trading Up 11.5 %

The firm has a market cap of $1.56 billion, a P/E ratio of -4.05 and a beta of 4.69. The company has a 50 day moving average of $8.11 and a 200 day moving average of $7.82. 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 posted its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period in the previous year, the company earned ($0.05) EPS. The company's revenue for the quarter was up 51.3% on a year-over-year basis. Analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of APLD. Victory Capital Management Inc. lifted its holdings in shares of Applied Digital by 72.5% during the third quarter. Victory Capital Management Inc. now owns 19,535 shares of the company's stock worth $161,000 after buying an additional 8,212 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Applied Digital by 1.4% during the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company's stock worth $9,340,000 after buying an additional 15,763 shares during the last quarter. Chesapeake Capital Corp IL acquired a new position in shares of Applied Digital during the third quarter worth approximately $94,000. Intech Investment Management LLC acquired a new position in shares of Applied Digital during the third quarter worth approximately $115,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock worth $7,419,000 after buying an additional 240,554 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.