Applied Digital (NASDAQ:APLD) Shares Down 2.8%

Applied Digital Co. (NASDAQ:APLD)’s share price dropped 2.8% on Thursday . The stock traded as low as $5.88 and last traded at $5.90. Approximately 5,472,278 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 5,981,656 shares. The stock had previously closed at $6.07.

Analysts Set New Price Targets

APLD has been the subject of a number of research analyst reports. B. Riley upped their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Monday, September 9th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, September 5th. Finally, HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of Applied Digital in a research note on Thursday, August 29th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $8.40.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The company has a 50 day moving average price of $4.80 and a 200 day moving average price of $4.42. The firm has a market cap of $764.25 million, a PE ratio of -7.09 and a beta of 4.51.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.29). Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. The firm had revenue of $43.70 million during the quarter, compared to analyst estimates of $42.70 million. During the same quarter last year, the business posted ($0.07) EPS. Sell-side analysts expect that Applied Digital Co. will post -1.02 EPS for the current fiscal year.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares in the company, valued at $1,201,783. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of institutional investors have recently bought and sold shares of APLD. Swiss National Bank raised its stake in shares of Applied Digital by 6.9% during the 4th quarter. Swiss National Bank now owns 146,600 shares of the company’s stock worth $988,000 after buying an additional 9,500 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Applied Digital in the fourth quarter valued at about $107,000. Chesapeake Capital Corp IL acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $86,000. Capstone Investment Advisors LLC purchased a new position in shares of Applied Digital during the 4th quarter worth approximately $78,000. Finally, Redmond Asset Management LLC raised its position in shares of Applied Digital by 118.5% during the 4th quarter. Redmond Asset Management LLC now owns 221,638 shares of the company’s stock worth $1,494,000 after purchasing an additional 120,195 shares during the last quarter. 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.