Applied Digital (NASDAQ:APLD) Shares Down 1.3% – Here’s What Happened

Shares of Applied Digital Corporation (NASDAQ:APLD) traded down 1.3% during mid-day trading on Tuesday . The company traded as low as $27.66 and last traded at $28.47. 17,129,791 shares changed hands during trading, a decline of 31% from the average session volume of 24,673,031 shares. The stock had previously closed at $28.84.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Citizens Jmp upped their price objective on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Thursday, May 21st. Roth Capital reiterated a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. Needham & Company LLC raised their price objective on shares of Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Compass Point restated a “buy” rating and set a $70.00 target price on shares of Applied Digital in a research report on Friday, May 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, Applied Digital presently has an average rating of “Moderate Buy” and a consensus price target of $70.56.

Applied Digital Stock Down 1.3%

The firm has a market capitalization of $8.14 billion, a PE ratio of -38.47 and a beta of 5.67. The firm’s 50-day moving average is $41.50 and its 200 day moving average is $34.40. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the transaction, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the transaction, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently made changes to their positions in APLD. Cannon Capital Management Inc. purchased a new position in Applied Digital in the 4th quarter valued at about $3,635,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Applied Digital during the fourth quarter worth about $2,674,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Applied Digital in the fourth quarter valued at approximately $1,284,000. M&T Bank Corp purchased a new position in shares of Applied Digital during the fourth quarter valued at approximately $2,232,000. Finally, TFR Capital LLC. purchased a new position in shares of Applied Digital during the fourth quarter valued at approximately $1,741,000. 65.67% of the stock is owned by institutional investors and hedge funds.

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.