Applied Digital (NASDAQ:APLD) Stock Price Up 2.2% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s stock price was up 2.2% during trading on Tuesday . The stock traded as high as $31.29 and last traded at $30.66. Approximately 18,747,339 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 34,493,125 shares. The stock had previously closed at $30.00.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. B. Riley Financial increased their price target on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Northland Securities set a $56.00 price objective on Applied Digital in a research report on Wednesday, January 28th. Wall Street Zen raised Applied Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Finally, Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. 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’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $37.00.

Applied Digital Price Performance

The company has a 50 day moving average price of $32.15 and a 200-day moving average price of $27.22. The company has a market cap of $8.57 billion, a price-to-earnings ratio of -56.78 and a beta of 7.25. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insider Activity

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $38.54, for a total value of $385,400.00. Following the sale, the director directly owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. This represents a 4.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Wes Cummins sold 165,000 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $152,101,902.18. The trade was a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 244,593 shares of company stock worth $9,003,278 over the last quarter. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. increased its position in Applied Digital by 8.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock valued at $93,000 after buying an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC grew its stake in Applied Digital by 1.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after acquiring an additional 318 shares during the period. Brookstone Capital Management increased its holdings in shares of Applied Digital by 3.6% during the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after acquiring an additional 321 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Applied Digital by 1.0% during the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after purchasing an additional 376 shares during the period. Finally, Independent Advisor Alliance lifted its holdings in shares of Applied Digital by 4.6% in the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after purchasing an additional 407 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.