Applied Digital (NASDAQ:APLD) Trading Up 3.3% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s share price was up 3.3% during trading on Monday . The company traded as high as $30.08 and last traded at $30.00. Approximately 14,557,861 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 34,938,953 shares. The stock had previously closed at $29.04.

Wall Street Analyst Weigh In

A number of research firms have issued reports on APLD. Northland Securities set a $56.00 target price on Applied Digital in a report on Wednesday, January 28th. Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Arete Research initiated coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They set a “buy” rating for the company. Lake Street Capital reissued a “buy” rating and issued a $45.00 price target on shares of Applied Digital in a report on Tuesday, December 30th. Finally, Roth Mkm restated a “buy” rating on shares of Applied Digital in a report on Tuesday, February 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $37.00.

Applied Digital Price Performance

The company’s fifty day simple moving average is $32.15 and its 200-day simple moving average is $27.22. The stock has a market cap of $8.39 billion, a P/E ratio of -55.56 and a beta of 7.25. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $38.54, for a total transaction of $385,400.00. Following the sale, the director directly owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. The trade was a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Chuck Hastings sold 45,987 shares of the stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total value of $1,773,718.59. Following the completion of the transaction, the director directly owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. The trade was a 10.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 244,593 shares of company stock worth $9,003,278 in the last three months. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently made changes to their positions in APLD. Newbridge Financial Services Group Inc. increased its position in shares of Applied Digital by 8.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after purchasing an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC grew its stake in Applied Digital by 1.5% during the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after buying an additional 318 shares during the last quarter. Brookstone Capital Management increased its holdings in shares of Applied Digital by 3.6% during the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after buying an additional 321 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of Applied Digital by 1.0% during the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after buying an additional 376 shares in the last quarter. Finally, Independent Advisor Alliance raised its stake in shares of Applied Digital by 4.6% in the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock valued at $226,000 after acquiring an additional 407 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

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.