Applied Digital (NASDAQ:APLD) Stock Price Down 4.9% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s share price dropped 4.9% during trading on Tuesday . The company traded as low as $32.39 and last traded at $33.56. Approximately 18,701,680 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 36,861,594 shares. The stock had previously closed at $35.28.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on APLD shares. Craig Hallum increased their price objective on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Texas Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research note on Thursday, January 8th. Finally, Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $37.00.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The stock’s 50-day moving average is $31.95 and its 200-day moving average is $26.76.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the sale, the director owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. The trade was a 4.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wes Cummins sold 165,000 shares of the company’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $36.42, for a total value of $6,009,300.00. Following the completion of the sale, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at approximately $152,101,902.18. This trade represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 244,593 shares of company stock valued at $9,003,278. 9.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after purchasing an additional 6,445,908 shares in the last quarter. Hood River Capital Management LLC grew its position in Applied Digital by 2.8% in the second quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after buying an additional 592,314 shares during the last quarter. Situational Awareness LP grew its position in Applied Digital by 87.0% in the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after buying an additional 5,274,905 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Applied Digital by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after buying an additional 304,228 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after acquiring an additional 5,198,223 shares in the last quarter. Institutional investors and hedge funds 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.