Applied Digital (NASDAQ:APLD) Trading Down 3.1% - Here's Why

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) traded down 3.1% on Monday . The stock traded as low as $9.61 and last traded at $10.01. 12,436,015 shares were traded during trading, a decline of 68% from the average session volume of 39,206,977 shares. The stock had previously closed at $10.33.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 price target for the company in a research report on Thursday, May 22nd. Roth Capital restated a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. JMP Securities increased their price target on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a report on Tuesday, June 3rd. Needham & Company LLC restated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Monday, June 2nd. Finally, Compass Point reiterated a "neutral" rating and issued a $13.00 target price (up from $10.00) on shares of Applied Digital in a research note on Monday, June 9th. 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 company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $12.73.

Applied Digital Trading Up 7.5%

The firm has a market cap of $2.38 billion, a P/E ratio of -7.71 and a beta of 6.08. The company's 50 day moving average is $7.72 and its two-hundred day moving average is $7.67. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.70 and a quick ratio of 0.70.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly 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 net margin of 109.99% and a negative return on equity of 77.49%. The firm had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same period last year, the company earned ($0.24) EPS. On average, sell-side analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

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 transaction of $169,484.00. Following 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 11.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in the business. Exchange Traded Concepts LLC increased its stake in Applied Digital by 4.0% in the first quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock valued at $5,856,000 after acquiring an additional 39,945 shares during the period. Register Financial Advisors LLC boosted its holdings in Applied Digital by 26.2% during the first quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock valued at $1,429,000 after purchasing an additional 52,700 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Applied Digital by 96.6% during 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 in the last quarter. Vanguard Group Inc. grew 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 during the period. Finally, Rhumbline Advisers boosted its stake in Applied Digital by 68.7% in the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after buying an additional 105,428 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.