Applied Digital (NASDAQ:APLD) Trading Down 2.1% - Should You Sell?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price dropped 2.1% during trading on Tuesday . The stock traded as low as $12.60 and last traded at $12.75. Approximately 24,259,948 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 38,661,836 shares. The stock had previously closed at $13.02.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Needham & Company LLC reiterated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Monday, June 2nd. B. Riley upped their price target on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. HC Wainwright raised their price objective on shares of Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Craig Hallum upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Cantor Fitzgerald decreased their price target on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $12.73.

Applied Digital Trading Up 3.8%

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market cap of $2.82 billion, a P/E ratio of -7.23 and a beta of 6.08. The stock has a 50 day simple moving average of $6.56 and a 200-day simple moving average of $7.61.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The business had revenue of $52.92 million during the quarter, compared to analysts' expectations 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 previous year, the business earned ($0.24) earnings per share. On average, equities research analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director now directly owns 83,613 shares of the company's stock, valued at $585,291. This represents a 22.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 11.81% of the company's stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. purchased a new position in Applied Digital during the 1st quarter valued at $28,000. Wilmington Savings Fund Society FSB grew its holdings in shares of Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after purchasing an additional 2,000 shares during the last quarter. US Bancorp DE bought a new position in shares of Applied Digital in the fourth quarter worth about $37,000. Geneos Wealth Management Inc. increased its stake in Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after buying an additional 3,542 shares during the period. Finally, Jones Financial Companies Lllp bought a new stake in Applied Digital during the 4th quarter valued at about $39,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.