Applied Digital (NASDAQ:APLD) Trading Up 3.3% – Here’s What Happened

Shares of Applied Digital Corporation (NASDAQ:APLD) traded up 3.3% during trading on Monday . The stock traded as high as $30.08 and last traded at $30.00. 14,557,861 shares changed hands during trading, a decline of 58% from the average session volume of 34,938,953 shares. The stock had previously closed at $29.04.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Applied Digital in a research report on Thursday, January 8th. Lake Street Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research note on Tuesday, December 30th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Northland Securities set a $56.00 target price on Applied Digital in a research report on Wednesday, January 28th. Finally, B. Riley Financial raised their target price on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Two investment 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. According to data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average target price of $37.00.

Applied Digital Stock Performance

The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79. The stock has a market cap of $8.39 billion, a P/E ratio of -55.56 and a beta of 7.25. The stock has a fifty day simple moving average of $32.15 and a 200-day simple moving average of $27.22.

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the sale, the director owned 233,378 shares of the company’s stock, valued at approximately $8,273,250.10. This represents a 4.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Chuck Hastings sold 45,987 shares of Applied Digital stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the transaction, the director directly owned 388,372 shares in the company, valued at approximately $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 244,593 shares of company stock worth $9,003,278 in the last ninety days. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently modified their holdings of the business. Atlantic Union Bankshares Corp bought a new position in shares of Applied Digital during the 2nd quarter valued at about $25,000. Noble Wealth Management PBC acquired a new stake in Applied Digital during the 4th quarter worth approximately $25,000. Albion Financial Group UT bought a new position in Applied Digital in the fourth quarter valued at approximately $25,000. Activest Wealth Management acquired a new position in shares of Applied Digital in the fourth quarter valued at approximately $25,000. Finally, Ameriflex Group Inc. bought a new stake in shares of Applied Digital during the fourth quarter worth $25,000. 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.