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

Applied Digital Corporation (NASDAQ:APLD)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $24.49, but opened at $22.78. Applied Digital shares last traded at $23.2830, with a volume of 2,600,853 shares traded.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Arete Research assumed coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They set a “buy” rating for the company. Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Roth Mkm reiterated a “buy” rating on shares of Applied Digital in a research report on Tuesday, February 17th. Finally, Northland Securities set a $56.00 target price on shares of Applied Digital in a research note on Wednesday, January 28th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $37.00.

Applied Digital Price Performance

The firm has a market cap of $6.87 billion, a price-to-earnings ratio of -45.48 and a beta of 7.25. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79. The stock’s fifty day moving average price is $30.08 and its 200-day moving average price is $29.28.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the sale, the director directly owned 233,378 shares of the company’s stock, valued at approximately $8,273,250.10. The trade was a 4.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the transaction, the director directly owned 200,859 shares in the company, valued at approximately $7,741,105.86. The trade was a 4.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 244,593 shares of company stock worth $9,003,278. 9.50% of the stock is owned by corporate insiders.

Institutional Trading of Applied Digital

A number of large investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its holdings in shares of Applied Digital by 84.8% in the 1st quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after acquiring an additional 8,692 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Applied Digital by 239.1% in the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after purchasing an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after purchasing an additional 3,542 shares during the last quarter. Strs Ohio acquired a new stake in Applied Digital during the first quarter worth approximately $71,000. Finally, Creative Planning boosted its holdings in shares of Applied Digital by 62.2% in the 2nd quarter. Creative Planning now owns 52,103 shares of the company’s stock valued at $525,000 after buying an additional 19,989 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Company Profile

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.