Applied Digital (NASDAQ:APLD) Shares Down 3.1% – Time to Sell?

Applied Digital Corporation (NASDAQ:APLD) dropped 3.1% during mid-day trading on Wednesday . The company traded as low as $26.60 and last traded at $26.65. Approximately 12,234,705 shares changed hands during trading, a decline of 58% from the average daily volume of 28,862,053 shares. The stock had previously closed at $27.51.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a report on Thursday, January 8th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Lake Street Capital reiterated a “buy” rating and set a $45.00 target price on shares of Applied Digital in a research note on Tuesday, December 30th. Finally, Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Applied Digital has a consensus rating of “Buy” and an average price target of $37.00.

Applied Digital Stock Performance

The company has a market capitalization of $7.45 billion, a P/E ratio of -49.37 and a beta of 7.20. The company has a fifty day moving average price of $32.76 and a two-hundred day moving average price of $28.60. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82.

Insider Buying and Selling

In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $38.54, for a total transaction of $385,400.00. Following the sale, the director owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. This represents a 4.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Chuck Hastings sold 45,987 shares of Applied Digital stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the sale, the director directly owned 388,372 shares of the company’s stock, valued at $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 244,593 shares of company stock valued at $9,003,278 in the last 90 days. Insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Noble Wealth Management PBC bought a new stake in Applied Digital in the fourth quarter worth $25,000. Albion Financial Group UT purchased a new stake in Applied Digital during the fourth quarter valued at $25,000. Activest Wealth Management bought a new position in Applied Digital in the fourth quarter worth approximately $25,000. Ameriflex Group Inc. bought a new position in shares of Applied Digital in the fourth quarter worth about $25,000. Finally, McMillan Office Inc. bought a new position in Applied Digital in the 4th quarter worth $25,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Company Profile

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.