Applied Digital (NASDAQ:APLD) Stock Price Down 1.7% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) was down 1.7% during trading on Thursday . The company traded as low as $30.45 and last traded at $30.62. Approximately 16,000,637 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 24,067,598 shares. The stock had previously closed at $31.15.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Craig Hallum raised their target price on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Roth Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. Northland Securities set a $82.00 price objective on Applied Digital and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. B. Riley Financial reaffirmed a “buy” rating and set a $75.00 target price (up from $66.00) on shares of Applied Digital in a research report on Monday, August 3rd. Finally, Morgan Stanley upped their target price on Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Trading Up 1.9%

The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. The firm has a market cap of $9.09 billion, a PE ratio of -35.06 and a beta of 5.75. The company’s 50-day moving average is $34.03 and its 200 day moving average is $33.90.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.30). The firm had revenue of $240.35 million for the quarter, compared to analysts’ expectations of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The company’s revenue for the quarter was up 406.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.24) earnings per share. As a group, sell-side analysts predict that Applied Digital Corporation will post -1.09 EPS for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 75,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the transaction, the director directly owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. The trade was a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after purchasing an additional 6,445,908 shares in the last quarter. Value Aligned Research Advisors LLC purchased a new position in Applied Digital during the fourth quarter valued at approximately $138,380,000. Situational Awareness LP grew its position in Applied Digital by 87.0% during the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after purchasing an additional 5,274,905 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after buying an additional 5,198,223 shares during the period. Finally, Marex Group plc increased its stake in Applied Digital by 38,484.6% in the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock valued at $95,745,000 after buying an additional 3,894,639 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.