Applied Digital (NASDAQ:APLD) Stock Price Down 3% Following Analyst Downgrade

Applied Digital Co. (NASDAQ:APLDGet Free Report)’s share price dropped 3% during mid-day trading on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $15.00 to $14.00. Cantor Fitzgerald currently has an overweight rating on the stock. Applied Digital traded as low as $8.11 and last traded at $8.28. Approximately 16,873,491 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 21,458,602 shares. The stock had previously closed at $8.54.

Several other equities research analysts have also weighed in on APLD. HC Wainwright upped their target price on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Craig Hallum boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital raised their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Wednesday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $11.29.

Read Our Latest Report on Applied Digital

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the sale, the director now directly owns 334,317 shares of the company’s stock, valued at approximately $3,075,716.40. This trade represents a 13.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 269,369 shares of company stock worth $2,445,461. Corporate insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Hedge funds have recently added to or reduced their stakes in the stock. SeaCrest Wealth Management LLC acquired a new position in Applied Digital during the 4th quarter worth about $586,000. Gunderson Capital Management Inc. bought a new stake in Applied Digital in the 4th quarter valued at about $83,000. JPMorgan Chase & Co. increased its holdings in shares of Applied Digital by 18.4% during the third quarter. JPMorgan Chase & Co. now owns 56,355 shares of the company’s stock valued at $465,000 after acquiring an additional 8,774 shares in the last quarter. Tidal Investments LLC acquired a new position in Applied Digital during the third quarter worth $95,000. Finally, Virtu Financial LLC acquired a new stake in shares of Applied Digital in the 3rd quarter worth about $2,030,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Trading Up 7.3 %

The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average price of $8.79 and a 200 day moving average price of $6.96. The stock has a market capitalization of $1.90 billion, a PE ratio of -7.68 and a beta of 4.78.

Applied Digital (NASDAQ:APLDGet Free Report) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same quarter last year, the business posted ($0.05) EPS. The company’s revenue for the quarter was up 51.3% on a year-over-year basis. Equities analysts expect that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Applied Digital Company Profile

(Get Free Report)

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.

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