Applied Digital Co. (NASDAQ:APLD – Get Free Report)’s share price traded down 7.6% during mid-day trading on Wednesday after Needham & Company LLC lowered their price target on the stock from $17.50 to $16.00. Needham & Company LLC currently has a buy rating on the stock. Applied Digital traded as low as $5.09 and last traded at $5.11. 1,072,542 shares changed hands during trading, a decline of 75% from the average session volume of 4,334,347 shares. The stock had previously closed at $5.53.
APLD has been the topic of several other research reports. Roth Mkm began coverage on Applied Digital in a research report on Tuesday, October 3rd. They set a “buy” rating and a $14.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $12.00 price objective on shares of Applied Digital in a research report on Tuesday, October 10th.
Insider Buying and Selling
In related news, Director Virginia Moore sold 45,798 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $5.03, for a total value of $230,363.94. Following the transaction, the director now owns 340,449 shares in the company, valued at $1,712,458.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 90,798 shares of company stock worth $442,614. Company insiders own 23.70% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of APLD. Cambridge Investment Research Advisors Inc. acquired a new stake in Applied Digital in the third quarter valued at about $68,000. International Assets Investment Management LLC acquired a new stake in Applied Digital in the third quarter valued at about $74,000. Arizona State Retirement System acquired a new stake in Applied Digital in the third quarter valued at about $111,000. GSA Capital Partners LLP acquired a new stake in Applied Digital in the third quarter valued at about $115,000. Finally, Barclays PLC boosted its stake in Applied Digital by 73.6% in the third quarter. Barclays PLC now owns 23,588 shares of the company’s stock valued at $146,000 after buying an additional 10,002 shares in the last quarter. Institutional investors own 53.75% of the company’s stock.
Applied Digital Stock Down 6.9 %
The stock’s 50 day moving average price is $6.00. The firm has a market capitalization of $547.45 million, a price-to-earnings ratio of -9.46 and a beta of 4.02. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.47.
Applied Digital Company Profile
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.