Applied Digital (NASDAQ:APLD) Shares Gap Down – Here’s What Happened

31 Oct 2024, 16:32 by Mitch Edgeman · The Markets Daily

Shares of Applied Digital Co. (NASDAQ:APLD – Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $7.36, but opened at $6.85. Applied Digital shares last traded at $6.84, with a volume of 18,095,742 shares.

Analyst Ratings Changes

Several equities research analysts recently weighed in on APLD shares. B. Riley lifted their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Lake Street Capital boosted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Thursday, October 17th. Finally, Craig Hallum increased their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and a consensus price target of $10.50.

Check Out Our Latest Analysis on APLD

Applied Digital Price Performance

The business’s 50-day moving average price is $6.60 and its 200 day moving average price is $5.21. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $1.49 billion, a P/E ratio of -8.66 and a beta of 4.56.

Applied Digital (NASDAQ:APLD – Get Free Report) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.10) EPS. Analysts anticipate that Applied Digital Co. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Douglas S. Miller sold 10,000 shares of the company’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 transaction, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction that occurred 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 approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the sale, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 100,000 shares of company stock worth $724,700 in the last ninety days. 20.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of APLD. Hood River Capital Management LLC lifted its holdings in Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after buying an additional 771,699 shares during the period. Vanguard Group Inc. lifted its stake in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the period. Van ECK Associates Corp boosted its position in shares of Applied Digital by 18.3% during the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after purchasing an additional 443,699 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Applied Digital by 69.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock worth $5,614,000 after purchasing an additional 536,948 shares during the period. Finally, B. Riley Wealth Advisors Inc. raised its holdings in Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after purchasing an additional 308,223 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

About Applied Digital

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