Applied Digital (NASDAQ:APLD) Shares Down 8.9% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) shares were down 8.9% during trading on Thursday . The company traded as low as $25.82 and last traded at $26.44. 18,371,459 shares changed hands during trading, a decline of 25% from the average session volume of 24,612,820 shares. The stock had previously closed at $29.03.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Craig Hallum raised their target price on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Northland Securities set a $82.00 target price on Applied Digital and gave the stock an “outperform” rating in a report on Wednesday, June 17th. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a research note on Tuesday, June 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Three investment 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $70.56.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The company has a fifty day moving average price of $40.36 and a 200 day moving average price of $34.40. The stock has a market cap of $7.37 billion, a P/E ratio of -34.85 and a beta of 5.67.

Insiders Place Their Bets

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

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Noble Wealth Management PBC bought a new position in shares of Applied Digital in the fourth quarter valued at approximately $25,000. Albion Financial Group UT purchased a new stake in Applied Digital in the 4th quarter valued at $25,000. Activest Wealth Management bought a new position in Applied Digital during the 4th quarter valued at $25,000. FNY Investment Advisers LLC bought a new position in Applied Digital during the 2nd quarter valued at $37,000. Finally, Ameriflex Group Inc. purchased a new position in Applied Digital during the 4th quarter worth $25,000. 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.