Applied Digital (NASDAQ:APLD) Trading 2.4% Higher – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) rose 2.4% during trading on Monday . The stock traded as high as $29.08 and last traded at $27.71. Approximately 14,409,909 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 29,542,502 shares. The stock had previously closed at $27.05.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $41.00 price objective on shares of Applied Digital in a research note on Thursday, January 8th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Wall Street Zen upgraded Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Freedom Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Finally, Lake Street Capital restated a “buy” rating and issued a $45.00 price objective on shares of Applied Digital in a research report on Tuesday, December 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $37.00.

Applied Digital Stock Performance

The firm’s 50-day moving average price is $32.76 and its 200-day moving average price is $28.60. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The stock has a market cap of $7.45 billion, a P/E ratio of -49.35 and a beta of 7.20.

Insider Activity at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 165,000 shares of the stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the completion of the transaction, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at $152,101,902.18. This represents a 3.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $38.54, for a total value of $385,400.00. Following the transaction, the director 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 position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 244,593 shares of company stock valued at $9,003,278. 9.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently made changes to their positions in the company. Noble Wealth Management PBC purchased a new position in Applied Digital during the 4th quarter valued at approximately $25,000. Albion Financial Group UT purchased a new stake in shares of Applied Digital during the 4th quarter worth approximately $25,000. Activest Wealth Management purchased a new stake in shares of Applied Digital during the 4th quarter worth approximately $25,000. Ameriflex Group Inc. bought a new position in shares of Applied Digital during the 4th quarter valued at approximately $25,000. Finally, McMillan Office Inc. bought a new position in shares of Applied Digital during the 4th quarter valued at approximately $25,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Digital

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.