Shares of Applied Digital Co. (NASDAQ:APLD – Get Free Report) dropped 8.9% during trading on Tuesday . The company traded as low as $4.40 and last traded at $4.42. Approximately 847,452 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 3,732,780 shares. The stock had previously closed at $4.85.
Analyst Ratings Changes
Separately, Needham & Company LLC reissued a “buy” rating and issued a $16.00 target price on shares of Applied Digital in a research report on Thursday, February 8th.
Applied Digital Stock Performance
The business has a fifty day moving average of $6.13. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.18 and a quick ratio of 0.18. The firm has a market capitalization of $567.49 million, a P/E ratio of -12.69 and a beta of 4.25.
Applied Digital (NASDAQ:APLD – Get Free Report) last released its earnings results on Tuesday, January 16th. The company reported ($0.10) earnings per share for the quarter. The company had revenue of $42.20 million for the quarter, compared to the consensus estimate of $54.78 million. Applied Digital had a negative net margin of 28.94% and a negative return on equity of 31.26%. As a group, equities analysts predict that Applied Digital Co. will post -0.32 EPS for the current year.
Insider Activity
In other Applied Digital news, Director Virginia Moore sold 15,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $4.87, for a total value of $73,050.00. Following the transaction, the director now owns 178,630 shares of the company’s stock, valued at approximately $869,928.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 23.70% of the company’s stock.
Institutional Investors Weigh In On Applied Digital
Several hedge funds have recently made changes to their positions in APLD. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Applied Digital during the 3rd quarter worth $68,000. International Assets Investment Management LLC acquired a new position in Applied Digital during the 3rd quarter valued at about $74,000. Capstone Investment Advisors LLC acquired a new position in Applied Digital during the 4th quarter valued at about $78,000. Chesapeake Capital Corp IL acquired a new position in Applied Digital during the 4th quarter valued at about $86,000. Finally, Baader Bank Aktiengesellschaft acquired a new position in Applied Digital during the 4th quarter valued at about $101,000. 53.75% of the stock is currently owned by hedge funds and other institutional investors.
About Applied Digital
Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.