Applied Digital (NASDAQ:APLD) Trading Down 3.5% - Should You Sell?

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

Analyst Ratings Changes

Several brokerages have commented on APLD. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Roth Capital reissued a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Needham & Company LLC restated a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a research report on Monday, June 2nd. Craig Hallum upped their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Finally, JMP Securities lifted their target price on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $12.73.

Applied Digital Trading Down 3.8%

The firm has a market cap of $2.30 billion, a P/E ratio of -7.45 and a beta of 6.08. The company's fifty day moving average price is $7.28 and its two-hundred day moving average price is $7.67. 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 posted its quarterly earnings data 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 analyst estimates of $62.91 million. Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. During the same period in the previous year, the business posted ($0.24) EPS. As a group, sell-side analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the 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 approximately $585,291. This trade represents a 22.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. bought a new position in shares of Applied Digital in the 1st quarter valued at about $28,000. US Bancorp DE bought a new position in Applied Digital in the fourth quarter valued at approximately $37,000. Geneos Wealth Management Inc. raised its position 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 valued at $37,000 after acquiring an additional 3,542 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Applied Digital in the 4th quarter valued at $39,000. Finally, Amalgamated Bank boosted its position in shares of Applied Digital by 113.3% in the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock worth $50,000 after purchasing an additional 3,473 shares during the last quarter. Institutional investors 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.