Applied Digital (NASDAQ:APLD) Trading Down 4.9% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s stock price traded down 4.9% during mid-day trading on Tuesday . The stock traded as low as $32.39 and last traded at $33.56. 18,701,680 shares changed hands during trading, a decline of 49% from the average session volume of 36,861,594 shares. The stock had previously closed at $35.28.

Wall Street Analysts Forecast Growth

APLD has been the subject of several recent research reports. Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Northland Securities set a $56.00 price objective on shares of Applied Digital in a research note on Wednesday, January 28th. Roth Mkm reaffirmed a “buy” rating on shares of Applied Digital in a research note on Tuesday. Finally, Arete Research assumed coverage on Applied Digital in a report on Wednesday, January 7th. They set a “buy” rating on the stock. Two equities research 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. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $37.00.

Applied Digital Stock Performance

The company’s fifty day moving average price is $31.95 and its two-hundred day moving average price is $26.76. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,000 shares of the stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total transaction of $425,400.00. Following the completion of the sale, the director owned 233,378 shares of the company’s stock, valued at approximately $8,273,250.10. This represents a 4.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $1,773,718.59. Following the transaction, the director directly owned 388,372 shares in the company, valued at approximately $14,979,508.04. This trade represents a 10.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 244,593 shares of company stock valued at $9,003,278 over the last quarter. 9.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position 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 worth $592,601,000 after purchasing an additional 6,445,908 shares during the last quarter. Hood River Capital Management LLC raised its stake 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 valued at $220,120,000 after buying an additional 592,314 shares in the last quarter. Situational Awareness LP lifted its holdings in Applied Digital by 87.0% during the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after buying an additional 5,274,905 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Applied Digital by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock worth $154,151,000 after acquiring an additional 304,228 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after acquiring an additional 5,198,223 shares during the last quarter. Hedge funds and other institutional investors 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.