Applied Digital (NASDAQ:APLD) Trading Down 6% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD)’s share price was down 6% during mid-day trading on Friday . The company traded as low as $27.80 and last traded at $28.1040. Approximately 1,990,010 shares changed hands during trading, a decline of 92% from the average daily volume of 24,276,600 shares. The stock had previously closed at $29.89.

Wall Street Analyst Weigh In

APLD has been the subject of a number of research analyst reports. Northland Securities set a $82.00 target price on Applied Digital and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Citigroup reaffirmed a “market outperform” rating on shares of Applied Digital in a research note on Tuesday, June 9th. Roth Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a research report on Thursday, April 23rd. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Finally, Lake Street Capital upped their price target on Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $67.15.

Applied Digital Stock Down 5.5%

The stock has a 50-day moving average of $39.10 and a 200 day moving average of $34.59. The company has a market capitalization of $8.07 billion, a PE ratio of -38.39 and a beta of 5.67. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. This represents a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 35,000 shares of company stock valued at $1,182,175. Insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Albion Financial Group UT purchased a new stake in shares of Applied Digital during the 4th quarter worth approximately $25,000. Activest Wealth Management bought a new position in Applied Digital during the fourth quarter valued at $25,000. Ameriflex Group Inc. bought a new position in Applied Digital during the fourth quarter valued at $25,000. McMillan Office Inc. purchased a new stake in Applied Digital in the fourth quarter worth $25,000. Finally, Larson Financial Group LLC raised its stake in shares of Applied Digital by 56,450.0% in the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after buying an additional 1,129 shares during the period. 65.67% of the stock is owned by 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.