Applied Digital (NASDAQ:APLD) Shares Down 2.2% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s share price dropped 2.2% during trading on Tuesday . The company traded as low as $37.35 and last traded at $37.41. Approximately 24,207,908 shares changed hands during trading, a decline of 38% from the average daily volume of 39,222,086 shares. The stock had previously closed at $38.26.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on APLD. Northland Securities set a $56.00 price target on shares of Applied Digital in a research note on Wednesday, January 28th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Arete Research assumed coverage on Applied Digital in a report on Wednesday, January 7th. They issued a “buy” rating on the stock. Lake Street Capital restated a “buy” rating and issued a $45.00 price target on shares of Applied Digital in a research note on Tuesday, December 30th. Finally, Wall Street Zen raised Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $34.73.

Applied Digital Price Performance

The company has a fifty day moving average price of $31.36 and a two-hundred day moving average price of $25.73. The firm has a market capitalization of $10.46 billion, a price-to-earnings ratio of -69.28 and a beta of 7.25. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insider Buying and Selling at Applied Digital

In other news, Director Chuck Hastings sold 45,987 shares of the company’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $38.57, for a total value of $1,773,718.59. Following the completion of the sale, the director directly owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wes Cummins sold 165,000 shares of the business’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $36.42, for a total value of $6,009,300.00. Following the completion of the transaction, the chief executive officer owned 4,176,329 shares in the company, valued at $152,101,902.18. This trade represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 244,593 shares of company stock valued at $9,003,278. Company insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in APLD. Vanguard Group Inc. lifted its holdings in shares of Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after buying an additional 6,445,908 shares during the period. Hood River Capital Management LLC grew its holdings in Applied Digital by 2.8% during the second quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after acquiring an additional 592,314 shares during the period. Situational Awareness LP raised its position in Applied Digital by 63.3% in the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock worth $66,379,000 after acquiring an additional 2,556,200 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Applied Digital by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after acquiring an additional 304,228 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in shares of Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after purchasing an additional 5,198,223 shares in the last quarter. 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.