Applied Digital (NASDAQ:APLD) Stock Price Down 1.6% – Here’s Why

Shares of Applied Digital Corporation (NASDAQ:APLD) were down 1.6% during mid-day trading on Friday . The stock traded as low as $26.80 and last traded at $27.05. Approximately 18,047,292 shares were traded during trading, a decline of 40% from the average daily volume of 29,837,311 shares. The stock had previously closed at $27.48.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on APLD shares. Northland Securities set a $56.00 target price on Applied Digital in a research report on Wednesday, January 28th. Lake Street Capital reiterated a “buy” rating and set a $45.00 price target on shares of Applied Digital in a research report on Tuesday, December 30th. Arete Research started coverage on Applied Digital in a report on Wednesday, January 7th. They issued a “buy” rating on the stock. Needham & Company LLC restated a “buy” rating and issued a $41.00 price objective on shares of Applied Digital in a research report on Thursday, January 8th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Two investment 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. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $37.00.

Applied Digital Stock Performance

The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79. The firm has a 50-day moving average price of $32.86 and a two-hundred day moving average price of $28.36. The firm has a market cap of $7.56 billion, a PE ratio of -50.09 and a beta of 7.20.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the transaction, the director owned 200,859 shares in the company, valued at approximately $7,741,105.86. This trade represents a 4.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,000 shares of Applied Digital 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 sale, the director directly owned 233,378 shares in the company, valued at approximately $8,273,250.10. This trade represents a 4.89% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 244,593 shares of company stock worth $9,003,278. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

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

About Applied Digital

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.