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

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price fell 2.1% on Tuesday . The company traded as low as $11.05 and last traded at $11.31. 10,896,096 shares were traded during mid-day trading, a decline of 72% from the average session volume of 39,376,289 shares. The stock had previously closed at $11.55.

Analyst Ratings Changes

APLD has been the subject of a number of recent research reports. JMP Securities increased their target price on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research note on Tuesday, June 3rd. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 target price for the company in a research note on Thursday, May 22nd. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price target on shares of Applied Digital in a report on Monday, June 2nd. Cantor Fitzgerald cut their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Finally, Craig Hallum boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Applied Digital has a consensus rating of "Buy" and a consensus target price of $12.73.

Applied Digital Stock Down 3.7%

The company has a market cap of $2.50 billion, a P/E ratio of -6.43 and a beta of 6.08. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The business's 50 day moving average price is $6.96 and its 200-day moving average price is $7.62.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the previous year, the company posted ($0.24) EPS. On average, analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of Applied Digital 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 completion of the sale, the director now owns 83,613 shares in the company, valued at $585,291. The trade was a 22.45% decrease in their position. The sale was disclosed in a document filed 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

Several institutional investors and hedge funds have recently made changes to their positions in APLD. PNC Financial Services Group Inc. acquired a new stake in shares of Applied Digital during the first quarter worth $28,000. US Bancorp DE acquired a new position in Applied Digital in the fourth quarter valued at approximately $37,000. Geneos Wealth Management Inc. boosted its holdings in shares of Applied Digital by 113.3% during 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 in the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Applied Digital in the 4th quarter valued at $39,000. Finally, Amalgamated Bank lifted its position in shares of Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after acquiring an additional 3,473 shares during the period. Institutional investors and hedge funds 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.

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