Applied Digital (NASDAQ:APLD) Shares Up 5.9% – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD) was up 5.9% during trading on Wednesday . The company traded as high as $28.66 and last traded at $28.37. Approximately 14,502,726 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 27,596,092 shares. The stock had previously closed at $26.79.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on APLD shares. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. Arete Research started coverage on shares of Applied Digital in a research report on Wednesday, January 7th. They set a “buy” rating for the company. Lake Street Capital reaffirmed a “buy” rating and set a $45.00 target price on shares of Applied Digital in a research note on Tuesday, December 30th. B. Riley Financial lifted their price target on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Finally, Citigroup reiterated an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Applied Digital has an average rating of “Buy” and an average price target of $37.00.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. The firm has a fifty day simple moving average of $31.60 and a two-hundred day simple moving average of $29.00. The firm has a market cap of $6.64 billion, a PE ratio of -44.00 and a beta of 7.20.

Insider Transactions at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $38.54, for a total value of $385,400.00. Following the sale, the director owned 200,859 shares in the company, valued at approximately $7,741,105.86. The trade was a 4.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Chuck Hastings sold 45,987 shares of the company’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the sale, the director directly owned 388,372 shares in the company, valued at approximately $14,979,508.04. The trade was a 10.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 244,593 shares of company stock valued at $9,003,278 over the last quarter. 9.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

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

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.