Applied Digital (NASDAQ:APLD) Stock Price Down 9.3% – Should You Sell?

Applied Digital Corporation (NASDAQ:APLD)’s stock price dropped 9.3% on Thursday . The stock traded as low as $25.30 and last traded at $25.72. Approximately 18,975,629 shares traded hands during trading, a decline of 31% from the average daily volume of 27,447,840 shares. The stock had previously closed at $28.37.

Analyst Ratings Changes

APLD has been the topic of several recent research reports. Arete Research initiated coverage on shares of Applied Digital in a research report on Wednesday, January 7th. They issued a “buy” rating on the stock. B. Riley Financial lifted their price objective on Applied Digital to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 target price on shares of Applied Digital in a research note on Thursday, January 8th. Roth Mkm reiterated a “buy” rating on shares of Applied Digital in a report on Tuesday, February 17th. Finally, Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $37.00.

Applied Digital Trading Down 9.3%

The business’s fifty day moving average price is $31.79 and its 200 day moving average price is $29.02. 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 market capitalization of $7.19 billion, a PE ratio of -47.63 and a beta of 7.20.

Insider Activity

In other Applied Digital news, Director Chuck Hastings sold 45,987 shares of Applied Digital stock in a transaction that occurred on 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. The trade was a 10.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 12,000 shares of the stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total value of $425,400.00. Following the transaction, the director directly owned 233,378 shares in the company, valued at approximately $8,273,250.10. This represents a 4.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 244,593 shares of company stock worth $9,003,278 in the last three months. 9.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

Large investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC acquired a new stake in Applied Digital in the 4th quarter worth about $29,510,000. Osbon Capital Management LLC purchased a new position in shares of Applied Digital during the 4th quarter worth about $28,000. Spear Advisors LLC acquired a new stake in shares of Applied Digital in the fourth quarter worth approximately $7,191,000. NWF Advisory Services Inc. boosted its position in shares of Applied Digital by 38.1% in the fourth quarter. NWF Advisory Services Inc. now owns 17,160 shares of the company’s stock worth $421,000 after acquiring an additional 4,730 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Applied Digital in the fourth quarter valued at approximately $4,328,000. 65.67% of the stock is currently 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.