Applied Digital (NASDAQ:APLD) Trading Down 3.6% – Should You Sell?
by Michael Walen · The Markets DailyApplied Digital Corporation (NASDAQ:APLD – Get Free Report)’s share price traded down 3.6% on Thursday . The stock traded as low as $26.55 and last traded at $27.48. 14,805,747 shares traded hands during trading, a decline of 51% from the average session volume of 30,082,234 shares. The stock had previously closed at $28.52.
Analyst Ratings Changes
Several research analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research note on Thursday, January 8th. Arete Research started coverage on shares of Applied Digital in a research report on Wednesday, January 7th. They issued a “buy” rating for the company. Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, B. Riley Financial increased their price objective on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $37.00.
Get Our Latest Stock Analysis on Applied Digital
Applied Digital Trading Down 1.6%
The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The business has a fifty day moving average of $32.86 and a 200-day moving average of $28.28. The stock has a market capitalization of $7.56 billion, a price-to-earnings ratio of -50.09 and a beta of 7.20.
Insider Buying and Selling at Applied Digital
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 transaction, the director owned 388,372 shares in the company, valued at approximately $14,979,508.04. The trade was a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 12,000 shares of the stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the sale, the director owned 233,378 shares of the company’s stock, valued at $8,273,250.10. This trade represents a 4.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 244,593 shares of company stock worth $9,003,278. 9.50% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Applied Digital
Hedge funds have recently modified their holdings of the stock. Spear Advisors LLC purchased a new position in Applied Digital in the 4th quarter worth about $7,191,000. Hsbc Holdings PLC acquired a new position in shares of Applied Digital in the fourth quarter worth about $29,510,000. NWF Advisory Services Inc. increased 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 in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Applied Digital during the fourth quarter valued at approximately $4,328,000. Finally, White Knight Strategic Wealth Advisors LLC lifted its position in shares of Applied Digital by 7.6% in the 4th quarter. White Knight Strategic Wealth Advisors LLC now owns 29,846 shares of the company’s stock valued at $732,000 after acquiring an additional 2,120 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.
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.