Applied Digital (NASDAQ:APLD) Shares Down 7.6% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares traded down 7.6% on Friday . The stock traded as low as $23.28 and last traded at $23.76. 15,925,879 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 27,263,854 shares. The stock had previously closed at $25.72.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on APLD shares. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a report on Thursday, January 8th. Wall Street Zen upgraded Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Lake Street Capital reissued a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research note on Tuesday, December 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $37.00.

Applied Digital Stock Down 7.6%

The firm’s 50 day moving average price is $31.33 and its 200-day moving average price is $29.16. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79. The company has a market cap of $6.64 billion, a P/E ratio of -44.00 and a beta of 7.20.

Insider Buying and Selling at Applied Digital

In other news, CEO Wes Cummins sold 165,000 shares of the firm’s stock in a transaction on Friday, January 16th. The stock was sold at an average price of $36.42, for a total value of $6,009,300.00. Following the transaction, the chief executive officer directly owned 4,176,329 shares in the company, valued at $152,101,902.18. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard N. Nottenburg sold 12,000 shares of the company’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the sale, the director owned 233,378 shares of the company’s stock, valued at $8,273,250.10. This represents a 4.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 244,593 shares of company stock worth $9,003,278 over the last quarter. 9.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently modified their holdings of APLD. Noble Wealth Management PBC bought a new position in Applied Digital during the 4th quarter worth approximately $25,000. Albion Financial Group UT bought a new stake in Applied Digital in the fourth quarter valued at approximately $25,000. Activest Wealth Management bought a new stake in Applied Digital in the fourth quarter valued at approximately $25,000. Ameriflex Group Inc. acquired a new stake in Applied Digital in the fourth quarter worth $25,000. Finally, McMillan Office Inc. bought a new position in shares of Applied Digital during the fourth quarter worth $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.