Applied Digital (NASDAQ:APLD) Stock Price Down 2.1% - Time to Sell?

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) traded down 2.1% on Tuesday . The stock traded as low as $11.05 and last traded at $11.31. 10,896,096 shares traded hands 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.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on APLD shares. Cantor Fitzgerald cut their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. JMP Securities lifted their price target 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. HC Wainwright boosted 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. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Finally, Roth Capital restated a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. One 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 stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $12.73.

Applied Digital Price Performance

The firm's fifty day simple moving average is $7.38 and its 200-day simple moving average is $7.67. The firm has a market capitalization of $2.32 billion, a PE ratio of -7.54 and a beta of 6.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The firm had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. During the same period last year, the business earned ($0.24) EPS. On average, research analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

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

Institutional Trading of Applied Digital

A number of hedge funds have recently bought and sold shares of APLD. PNC Financial Services Group Inc. bought a new stake in shares of Applied Digital during the 1st quarter valued at about $28,000. US Bancorp DE purchased a new position in shares of Applied Digital in the fourth quarter worth approximately $37,000. Geneos Wealth Management Inc. grew its position in Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after buying an additional 3,542 shares during the period. Jones Financial Companies Lllp bought a new stake in Applied Digital during the fourth quarter valued at approximately $39,000. Finally, Amalgamated Bank increased its holdings in Applied Digital by 113.3% during the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after buying an additional 3,473 shares during the last quarter. Hedge funds and other institutional investors 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.