Applied Digital (NASDAQ:APLD) Trading Up 2.4% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s stock price rose 2.4% during mid-day trading on Monday . The stock traded as high as $28.19 and last traded at $27.93. Approximately 15,867,361 shares were traded during trading, a decline of 52% from the average daily volume of 32,780,809 shares. The stock had previously closed at $27.27.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Arete Research started coverage on Applied Digital in a research report on Wednesday, January 7th. They issued a “buy” rating on the stock. Wall Street Zen upgraded Applied Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Lake Street Capital reissued a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Finally, Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $37.00.

Applied Digital Trading Up 9.6%

The firm has a market capitalization of $8.01 billion, a P/E ratio of -53.06 and a beta of 7.20. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79. The company’s fifty day moving average is $32.57 and its 200-day moving average is $27.81.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 12,000 shares of the stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the sale, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $38.54, for a total transaction of $385,400.00. Following the completion of the sale, the director owned 200,859 shares in the company, valued at approximately $7,741,105.86. The trade was a 4.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 244,593 shares of company stock valued at $9,003,278. 9.50% of the stock is owned by company insiders.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Atlantic Union Bankshares Corp bought a new stake in shares of Applied Digital in the second quarter valued at about $25,000. Noble Wealth Management PBC bought a new stake in shares of Applied Digital in the 4th quarter worth approximately $25,000. Albion Financial Group UT acquired a new stake in shares of Applied Digital during the 4th quarter worth approximately $25,000. Activest Wealth Management bought a new stake in shares of Applied Digital during 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 valued at approximately $25,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.