Applied Digital (NASDAQ:APLD) Stock Price Down 1.4% - What's Next?

Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s stock price dropped 1.4% on Monday . The stock traded as low as $11.67 and last traded at $11.76. Approximately 16,534,123 shares changed hands during trading, a decline of 57% from the average daily volume of 38,525,816 shares. The stock had previously closed at $11.93.

Analyst Ratings Changes

APLD has been the topic of several research reports. Roth Capital reiterated a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. Craig Hallum increased their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Citizens Jmp upgraded 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. Cantor Fitzgerald reduced their target price on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Finally, HC Wainwright lifted their price objective on shares of Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $12.73.

Applied Digital Stock Down 0.2%

The stock's 50 day moving average price is $9.55 and its 200-day moving average price is $7.83. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $2.46 billion, a PE ratio of -7.98 and a beta of 6.04.

Insider Activity

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of Applied Digital 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 transaction, the director owned 83,613 shares of the company's stock, valued at approximately $585,291. The trade was a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Large investors have recently bought and sold shares of the business. Teacher Retirement System of Texas acquired a new stake in shares of Applied Digital during the first quarter worth $139,000. Exchange Traded Concepts LLC grew its stake in shares of Applied Digital by 4.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock worth $5,856,000 after purchasing an additional 39,945 shares during the last quarter. Register Financial Advisors LLC boosted its holdings in shares of Applied Digital by 26.2% in the first quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock worth $1,429,000 after buying an additional 52,700 shares during the period. Wells Fargo & Company MN raised its position in shares of Applied Digital by 96.6% in the fourth quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock valued at $917,000 after purchasing an additional 58,943 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after purchasing an additional 3,587,619 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.