Applied Digital (NASDAQ:APLD) Trading Up 2% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares were up 2% on Wednesday . The stock traded as high as $29.31 and last traded at $29.03. Approximately 19,905,672 shares traded hands during trading, a decline of 19% from the average session volume of 24,658,660 shares. The stock had previously closed at $28.47.

Analysts Set New Price Targets

APLD has been the subject of a number of analyst reports. Northland Securities set a $82.00 target price on shares of Applied Digital and gave the company an “outperform” rating in a research note on Wednesday, June 17th. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Compass Point reiterated a “buy” rating and set a $70.00 price objective on shares of Applied Digital in a research report on Friday, May 22nd. Lake Street Capital boosted their price objective on shares of Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Finally, Needham & Company LLC upped their target price on Applied Digital from $66.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Applied Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Stock Performance

The stock’s 50-day moving average price is $40.67 and its 200 day moving average price is $34.46. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The company has a market cap of $7.12 billion, a P/E ratio of -33.31 and a beta of 5.67.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. This trade represents a 5.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 35,000 shares of company stock valued at $1,182,175. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC increased its stake in 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 acquiring an additional 8,692 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Applied Digital by 239.1% during the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after acquiring an additional 23,457 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after acquiring an additional 3,542 shares during the period. Strs Ohio acquired a new stake in shares of Applied Digital in the 1st quarter valued at $71,000. Finally, Cetera Investment Advisers boosted its stake in shares of Applied Digital by 61.0% in the 2nd 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 in 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.