Applied Digital (NASDAQ:APLD) Stock Price Down 5.6%

Applied Digital (NASDAQ:APLD) shares fell 5.6% to $0.72, with trading volume down 59% from average levels. Analysts maintain a "buy" rating, with target prices raised by several firms. The company reported a quarterly EPS of -$0.15, exceeding estimates, but had a negative net margin of 74.95%. Insider selling occurred, with directors offloading shares. The stock has a market cap of $0.18 billion and a P/E ratio of -10.28. Research analysts predict an EPS of -$1.12 for the current fiscal year.

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price dropped 5.6% during trading on Monday . The stock traded as low as $7.68 and last traded at $7.72. Approximately 2,811,276 shares changed hands during trading, a decline of 59% from the average daily volume of 6,794,583 shares. The stock had previously closed at $8.18.

Get Applied Digital alerts:

Analysts Set New Price Targets

Volatility in Applied Digital May Create an Entry Opportunity

APLD has been the subject of several recent research reports. Needham & Company LLC reiterated a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research report on Thursday. Craig Hallum boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Thursday, October 10th. HC Wainwright boosted their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a report on Wednesday, October 16th. Lake Street Capital upped their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Finally, B. Riley upped their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, September 13th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $10.50.

View Our Latest Report on APLD

Applied Digital Stock Performance

MarketBeat Week in Review – 9/9 - 9/13

The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The stock's fifty day moving average price is $5.92 and its 200-day moving average price is $4.93. The company has a market capitalization of $1.18 billion, a P/E ratio of -10.28 and a beta of 4.56.

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

Insider Buying and Selling

Is Applied Digital's Stock Set to Surge With NVIDIA's Backing?

In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the firm's stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the sale, the director now owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the sale, the director now owns 218,506 shares in the company, valued at $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the firm's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the transaction, the director now directly owns 433,686 shares of the company's stock, valued at $3,196,265.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 20.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Large investors have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. raised its stake in shares of Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company's stock valued at $4,609,000 after acquiring an additional 308,223 shares during the last quarter. Alight Capital Management LP purchased a new stake in shares of Applied Digital in the second quarter valued at about $3,570,000. Marshall Wace LLP bought a new position in shares of Applied Digital during the 2nd quarter worth approximately $720,000. Woodmont Investment Counsel LLC boosted its stake in shares of Applied Digital by 4.2% in the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company's stock worth $1,071,000 after buying an additional 10,149 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company's stock worth $26,434,000 after acquiring an additional 2,547,485 shares during the period. Institutional investors own 65.67% of the company's stock.

Applied Digital Company Profile

(Get Free Report)

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.

Featured Articles

Five stocks we like better than Applied Digital
Asset Allocation: The Key to a Successful Portfolio. Are You Paying Attention to Yours?
Analysts Predict New Highs for Cybersecurity Stock by Christmas
Stock Analyst Ratings and Canadian Analyst Ratings
Nuclear Power Reaches Critical Mass: Top Stocks to Watch Now
Investing in the High PE Growth Stocks
2 Energy Stocks Surging on Billion-Dollar DOE Loan Commitments

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

→ Charles Payne Wants You Prepared for Q4 (From Unstoppable Prosperity) (Ad)

Should you invest $1,000 in Applied Digital right now?

Before you consider Applied Digital, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Applied Digital wasn't on the list.

While Applied Digital currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here