Applied Digital (NASDAQ:APLD) Stock Price Down 4.8% – Here’s Why

Shares of Applied Digital Corporation (NASDAQ:APLD) traded down 4.8% on Friday . The company traded as low as $26.08 and last traded at $27.27. 18,246,886 shares were traded during mid-day trading, a decline of 45% from the average session volume of 33,210,516 shares. The stock had previously closed at $28.65.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Northland Securities set a $56.00 price target on shares of Applied Digital in a research report on Wednesday, January 28th. Lake Street Capital restated a “buy” rating and set a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research report on Thursday, January 8th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Finally, B. Riley Financial raised their target price on Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $37.00.

Applied Digital Stock Performance

The company has a market cap of $7.62 billion, a PE ratio of -50.50 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 business’s 50 day moving average is $32.50 and its two-hundred day moving average is $27.54.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $38.54, for a total transaction of $385,400.00. Following the completion of the sale, the director directly owned 200,859 shares of the company’s stock, valued at $7,741,105.86. This trade represents a 4.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Chuck Hastings sold 45,987 shares of Applied Digital stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the sale, the director owned 388,372 shares in the company, valued at approximately $14,979,508.04. The trade was a 10.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 244,593 shares of company stock worth $9,003,278. 9.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after purchasing an additional 6,445,908 shares during the last quarter. Hood River Capital Management LLC boosted its stake in Applied Digital by 2.8% during the second quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock valued at $220,120,000 after buying an additional 592,314 shares during the last quarter. Situational Awareness LP boosted its stake in Applied Digital by 87.0% during the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after buying an additional 5,274,905 shares during the last quarter. Geode Capital Management LLC grew its holdings in Applied Digital by 5.1% during the 4th 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, Value Aligned Research Advisors LLC bought a new stake in Applied Digital in the 4th quarter worth approximately $138,380,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.