Applied Digital (NASDAQ:APLD) Shares Down 3.5% - Here's Why

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) traded down 3.5% during trading on Thursday . The company traded as low as $10.58 and last traded at $10.61. 28,833,459 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 81,584,544 shares. The stock had previously closed at $10.99.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Compass Point reissued a "neutral" rating and issued a $13.00 price target (up from $10.00) on shares of Applied Digital in a report on Monday, June 9th. JMP Securities boosted their price target on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a report on Tuesday, June 3rd. Cantor Fitzgerald lowered 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. Roth Capital reissued a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Finally, Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $12.73.

Applied Digital Stock Down 2.6%

The business has a 50-day moving average price of $7.38 and a 200-day moving average price of $7.66. The firm has a market cap of $2.32 billion, a P/E ratio of -7.54 and a beta of 6.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same period in the previous year, the business earned ($0.24) EPS. On average, equities analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was 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 of the company's stock, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Vontobel Holding Ltd. raised its stake in shares of Applied Digital by 9.8% in the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock worth $128,000 after purchasing an additional 1,500 shares during the last quarter. Corebridge Financial Inc. boosted its holdings in Applied Digital by 2.0% during the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock worth $546,000 after buying an additional 1,899 shares in the last quarter. Wedbush Securities Inc. raised its holdings in Applied Digital by 14.8% in the 1st quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock worth $87,000 after purchasing an additional 2,000 shares during the period. Wellington Management Group LLP raised its holdings in Applied Digital by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock worth $107,000 after purchasing an additional 2,001 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Applied Digital by 29.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock valued at $77,000 after purchasing an additional 3,127 shares during the period. 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.