Applied Digital (NASDAQ:APLD) Stock Price Down 7.6% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s share price fell 7.6% during trading on Friday . The stock traded as low as $23.28 and last traded at $23.76. 15,925,879 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 27,263,854 shares. The stock had previously closed at $25.72.

Analysts Set New Price Targets

Several analysts have recently weighed in on APLD shares. Arete Research began coverage on shares of Applied Digital in a research report on Wednesday, January 7th. They set a “buy” rating for the company. Lake Street Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Finally, Freedom Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. 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. According to data from MarketBeat, the company 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 $6.64 billion, a PE ratio of -44.00 and a beta of 7.20. The stock has a 50 day simple moving average of $31.60 and a two-hundred day simple moving average of $29.00. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,000 shares of the company’s stock in a transaction 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 completion of the sale, the director owned 233,378 shares in the company, valued at $8,273,250.10. This represents a 4.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 165,000 shares of the stock in a transaction on Friday, January 16th. The stock was sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the sale, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at approximately $152,101,902.18. This represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 244,593 shares of company stock valued at $9,003,278. Insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Noble Wealth Management PBC purchased a new stake in shares of Applied Digital during the fourth quarter worth approximately $25,000. Albion Financial Group UT purchased a new position in Applied Digital during the 4th quarter worth $25,000. Activest Wealth Management acquired a new stake in shares of Applied Digital in the 4th quarter worth $25,000. Ameriflex Group Inc. acquired a new stake in shares of Applied Digital in the 4th quarter worth $25,000. Finally, McMillan Office Inc. purchased a new stake in shares of Applied Digital in the fourth quarter valued at about $25,000. 65.67% of the stock is 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.