Applied Digital (NASDAQ:APLD) Shares Down 10.5% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD)’s share price traded down 10.5% during mid-day trading on Friday . The company traded as low as $25.07 and last traded at $25.14. 20,315,569 shares were traded during mid-day trading, a decline of 35% from the average session volume of 31,330,688 shares. The stock had previously closed at $28.09.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Citigroup reissued an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Northland Securities set a $56.00 price target on shares of Applied Digital in a report on Wednesday, January 28th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Finally, Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. 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 stock. Based on data from MarketBeat.com, Applied Digital has a consensus rating of “Buy” and an average price target of $37.00.

Applied Digital Price Performance

The firm has a fifty day moving average of $32.64 and a 200 day moving average of $27.96. The company has a market capitalization of $7.03 billion, a P/E ratio of -46.54 and a beta of 7.20. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

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 transaction of $425,400.00. Following the completion of the transaction, the director directly owned 233,378 shares of the company’s stock, valued at $8,273,250.10. The trade was a 4.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the director owned 200,859 shares in the company, valued at approximately $7,741,105.86. This trade represents a 4.74% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 244,593 shares of company stock worth $9,003,278. 9.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC bought a new position in shares of Applied Digital during the 4th quarter valued at $29,510,000. NWF Advisory Services Inc. boosted its stake in shares of Applied Digital by 38.1% in the 4th quarter. NWF Advisory Services Inc. now owns 17,160 shares of the company’s stock worth $421,000 after buying an additional 4,730 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Applied Digital in the fourth quarter worth $4,328,000. White Knight Strategic Wealth Advisors LLC grew its holdings in shares of Applied Digital by 7.6% in the fourth quarter. White Knight Strategic Wealth Advisors LLC now owns 29,846 shares of the company’s stock worth $732,000 after acquiring an additional 2,120 shares during the period. Finally, Mcguire Capital Advisors Inc. purchased a new stake in Applied Digital during the fourth quarter valued at $27,000. 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.