Applied Digital (NASDAQ:APLD) Shares Gap Up – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) gapped up prior to trading on Wednesday . The stock had previously closed at $25.18, but opened at $28.45. Applied Digital shares last traded at $28.0020, with a volume of 10,452,369 shares.

Analysts Set New Price Targets

Several equities research analysts recently commented on APLD shares. Roth Mkm reissued a “buy” rating on shares of Applied Digital in a report on Tuesday, February 17th. B. Riley Financial boosted their price target on shares of Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. Northland Securities set a $56.00 target price on shares of Applied Digital in a report on Wednesday, January 28th. Finally, Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $37.00.

Applied Digital Price Performance

The firm has a market cap of $7.90 billion, a PE ratio of -52.31 and a beta of 7.25. The stock’s fifty day moving average price is $29.53 and its 200-day moving average price is $29.48. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82.

Insider Buying and Selling at Applied Digital

In related news, Director Chuck Hastings sold 45,987 shares of the company’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $38.57, for a total value of $1,773,718.59. Following the completion of the sale, the director owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $38.54, for a total transaction of $385,400.00. Following the completion of the sale, the director directly owned 200,859 shares of the company’s stock, valued at $7,741,105.86. This represents a 4.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 244,593 shares of company stock worth $9,003,278 over the last three months. 9.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently modified their holdings of APLD. AQR Capital Management LLC grew its holdings in shares of Applied Digital by 84.8% in the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after purchasing an additional 8,692 shares during the period. NewEdge Advisors LLC grew its holdings in shares of Applied Digital by 239.1% in the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after purchasing an additional 23,457 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after purchasing an additional 3,542 shares during the period. Strs Ohio purchased a new stake in shares of Applied Digital in the first quarter valued at about $71,000. Finally, Cetera Investment Advisers grew its holdings in shares of Applied Digital by 61.0% in the second quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock valued at $621,000 after purchasing an additional 23,360 shares during the period. Hedge funds and other institutional investors 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.