Applied Digital (NASDAQ:APLD) Stock Price Down 0.9% – What’s Next?

18 Oct 2024, 14:40 by Jessica Moore · The Cerbat Gem

Applied Digital Co. (NASDAQ:APLD – Get Free Report) shares fell 0.9% during trading on Friday . The company traded as low as $7.60 and last traded at $7.88. 2,748,400 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 6,752,360 shares. The stock had previously closed at $7.95.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on APLD shares. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research note on Thursday. Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. B. Riley upped their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Finally, HC Wainwright lifted their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $10.50.

Read Our Latest Stock Report on APLD

Applied Digital Trading Up 7.2 %

The company has a market cap of $1.17 billion, a P/E ratio of -9.84 and a beta of 4.56. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The firm’s 50 day moving average is $5.84 and its two-hundred day moving average is $4.88.

Applied Digital (NASDAQ:APLD – Get Free Report) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The company had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. The business’s quarterly revenue was up 67.2% on a year-over-year basis. As a group, equities research analysts anticipate that Applied Digital Co. will post -1.12 EPS for the current year.

Insider Transactions at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares in the company, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds have recently made changes to their positions in APLD. Principal Financial Group Inc. bought a new stake in shares of Applied Digital during the 1st quarter valued at $50,000. Headlands Technologies LLC increased its position in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the last quarter. ARS Investment Partners LLC purchased a new stake in Applied Digital in the second quarter valued at approximately $60,000. Price T Rowe Associates Inc. MD lifted its position in Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after purchasing an additional 3,182 shares during the last quarter. Finally, Crumly & Associates Inc. purchased a new position in Applied Digital in the 2nd quarter worth approximately $110,000. 65.67% of the stock is currently owned by institutional investors.

About Applied Digital

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