Applied Digital (NASDAQ:APLD) Stock Price Down 1.2% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD) shares fell 1.2% during trading on Thursday . The stock traded as low as $34.56 and last traded at $36.17. 18,134,043 shares traded hands during trading, a decline of 52% from the average session volume of 37,980,680 shares. The stock had previously closed at $36.60.

Analyst Upgrades and Downgrades

APLD has been the subject of a number of recent analyst reports. Northland Securities set a $56.00 target price on shares of Applied Digital in a research report on Wednesday, January 28th. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Roth Mkm boosted their target price on shares of Applied Digital to $58.00 and gave the company a “buy” rating in a report on Thursday, January 8th. B. Riley Financial upped their price target on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a research report on Friday, January 9th. Finally, Lake Street Capital reissued a “buy” rating and issued a $45.00 price objective on shares of Applied Digital in a research report on Tuesday, December 30th. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $34.73.

Applied Digital Trading Down 2.5%

The stock has a market capitalization of $9.86 billion, a P/E ratio of -65.33 and a beta of 7.25. The firm’s 50 day simple moving average is $31.87 and its two-hundred day simple moving average is $26.23. 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 Transactions at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Monday, January 12th. The shares were sold at an average price of $38.54, for a total value of $385,400.00. Following the completion of the sale, the director owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. This trade represents a 4.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 12,000 shares of the company’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total transaction of $425,400.00. Following the transaction, the director owned 233,378 shares in the company, valued at approximately $8,273,250.10. The trade was a 4.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 244,593 shares of company stock worth $9,003,278 in the last three months. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently made changes to their positions in the business. Voya Investment Management LLC lifted its holdings in Applied Digital by 403.4% during the 3rd quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock worth $33,605,000 after purchasing an additional 1,173,929 shares in the last quarter. KLP Kapitalforvaltning AS increased its position in shares of Applied Digital by 27.7% during the second quarter. KLP Kapitalforvaltning AS now owns 41,500 shares of the company’s stock valued at $418,000 after buying an additional 9,000 shares during the period. Federated Hermes Inc. purchased a new stake in shares of Applied Digital in the third quarter worth about $3,204,000. AlphaQuest LLC bought a new position in shares of Applied Digital in the third quarter valued at approximately $1,369,000. Finally, Kovack Advisors Inc. purchased a new position in Applied Digital during the second quarter valued at approximately $116,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.