Applied Digital (NASDAQ:APLD) Trading 8% Higher – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s share price traded up 8% during trading on Monday . The stock traded as high as $28.39 and last traded at $27.85. 22,907,238 shares changed hands during trading, a decline of 7% from the average daily volume of 24,592,973 shares. The stock had previously closed at $25.79.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on APLD. Needham & Company LLC raised their price target on Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. B. Riley Financial reissued a “buy” rating and set a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Compass Point reissued a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a research note on Friday, May 22nd. Lake Street Capital raised their price objective on Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Finally, Citigroup restated a “market outperform” rating on shares of Applied Digital in a report on Tuesday, June 9th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $70.56.

Applied Digital Trading Up 0.3%

The stock has a market capitalization of $8.61 billion, a PE ratio of -40.69 and a beta of 5.67. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The business’s 50-day moving average is $39.75 and its two-hundred day moving average is $34.54.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

Several large investors have recently bought and sold shares of APLD. Vanguard Group Inc. lifted its position in shares of Applied Digital by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after purchasing an additional 6,445,908 shares in the last quarter. Value Aligned Research Advisors LLC acquired a new stake in Applied Digital during the 4th quarter valued at $138,380,000. Situational Awareness LP increased its stake in Applied Digital by 87.0% during the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after buying an additional 5,274,905 shares during the period. BNP Paribas Financial Markets increased its stake in Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after buying an additional 5,198,223 shares during the period. Finally, Marex Group plc lifted its holdings in Applied Digital by 38,484.6% in the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after buying an additional 3,894,639 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.