Applied Digital (NASDAQ:APLD) Stock Price Down 2.8%

Applied Digital Co. (NASDAQ:APLD)’s share price dropped 2.8% on Thursday . The stock traded as low as $5.88 and last traded at $5.90. Approximately 5,472,278 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 5,981,656 shares. The stock had previously closed at $6.07.

Wall Street Analysts Forecast Growth

APLD has been the subject of several analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday, September 9th. B. Riley lifted their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, September 5th. Finally, HC Wainwright reiterated a “buy” rating and issued a $5.00 price objective on shares of Applied Digital in a research note on Thursday, August 29th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $8.40.

Applied Digital Trading Up 8.3 %

The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The stock has a market capitalization of $826.00 million, a P/E ratio of -7.62 and a beta of 4.51. The firm’s fifty day simple moving average is $4.79 and its 200 day simple moving average is $4.44.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The firm had revenue of $43.70 million during the quarter, compared to the consensus estimate of $42.70 million. During the same period in the prior year, the business earned ($0.07) earnings per share. As a group, equities research analysts forecast that Applied Digital Co. will post -1.02 EPS for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 20.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. acquired a new stake in Applied Digital during the 1st quarter worth approximately $50,000. Headlands Technologies LLC boosted its position in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares during the period. ARS Investment Partners LLC acquired a new stake in Applied Digital during the 2nd quarter worth approximately $60,000. Capstone Investment Advisors LLC acquired a new stake in Applied Digital during the 4th quarter worth approximately $78,000. Finally, ICA Group Wealth Management LLC acquired a new stake in Applied Digital during the 4th quarter worth approximately $81,000. 65.67% of the stock is owned by institutional investors.

Applied Digital Company Profile

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.