Applied Digital (NASDAQ:APLD) Shares Down 6.5% – Time to Sell?

Applied Digital Corporation (NASDAQ:APLD) traded down 6.5% on Friday . The company traded as low as $23.96 and last traded at $24.05. 15,263,441 shares traded hands during trading, a decline of 56% from the average session volume of 34,838,047 shares. The stock had previously closed at $25.72.

Analysts Set New Price Targets

A number of equities analysts have issued reports on APLD shares. HC Wainwright upped their target price on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Northland Securities upped their price target on shares of Applied Digital to $40.00 and gave the company an “outperform” rating in a report on Friday, October 10th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Thursday, October 9th. Needham & Company LLC restated a “buy” rating and issued a $41.00 target price on shares of Applied Digital in a research note on Wednesday, October 29th. Finally, Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.20.

Applied Digital Trading Down 6.5%

The firm has a market cap of $6.72 billion, a P/E ratio of -21.28 and a beta of 6.94. The business’s 50-day moving average is $28.37 and its two-hundred day moving average is $20.60. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. The company had revenue of $64.22 million during the quarter, compared to the consensus estimate of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.Applied Digital’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.15) earnings per share. As a group, analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 25,000 shares of the firm’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $34.27, for a total value of $856,750.00. Following the sale, the director directly owned 426,612 shares in the company, valued at approximately $14,619,993.24. This trade represents a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Rachel H. Lee sold 24,213 shares of the company’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $33.20, for a total transaction of $803,871.60. Following the transaction, the director owned 59,400 shares of the company’s stock, valued at $1,972,080. This represents a 28.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 328,035 shares of company stock valued at $11,376,479 over the last three months. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently made changes to their positions in the business. Atlantic Union Bankshares Corp acquired a new position in shares of Applied Digital during the second quarter worth approximately $25,000. Larson Financial Group LLC raised its stake in Applied Digital by 56,450.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after acquiring an additional 1,129 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in Applied Digital during the 2nd quarter worth $26,000. Dagco Inc. bought a new position in shares of Applied Digital in the third quarter worth $27,000. Finally, Evolution Wealth Management Inc. increased its holdings in shares of Applied Digital by 101.8% during the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock valued at $37,000 after purchasing an additional 807 shares during the period. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.