Applied Digital (NASDAQ:APLD) Shares Up 6% – Time to Buy?

Applied Digital Corporation (NASDAQ:APLD)’s stock price was up 6% during trading on Wednesday . The stock traded as high as $29.06 and last traded at $29.05. Approximately 4,072,559 shares changed hands during trading, a decline of 86% from the average daily volume of 30,077,514 shares. The stock had previously closed at $27.40.

Analyst Ratings Changes

Several research firms have weighed in on APLD. Arete Research started coverage on Applied Digital in a report on Wednesday, January 7th. They issued a “buy” rating on the stock. Texas Capital raised Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Needham & Company LLC restated a “buy” rating and set a $41.00 target price on shares of Applied Digital in a report on Thursday, January 8th. Finally, Northland Securities set a $56.00 target price on shares of Applied Digital in a research 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 company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $37.00.

Applied Digital Price Performance

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 firm has a market capitalization of $7.63 billion, a PE ratio of -50.59 and a beta of 7.20. The company has a 50-day moving average price of $32.88 and a 200-day moving average price of $28.20.

Insider Activity

In other Applied Digital news, Director Chuck Hastings sold 45,987 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the sale, the director directly owned 388,372 shares of the company’s stock, valued at $14,979,508.04. This trade represents a 10.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $38.54, for a total transaction of $385,400.00. Following the sale, the director owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. This trade represents a 4.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 244,593 shares of company stock valued at $9,003,278 in the last 90 days. Company insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Hedge funds have recently added to or reduced their stakes in the business. Newbridge Financial Services Group Inc. lifted its holdings in shares of Applied Digital by 8.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock valued at $93,000 after acquiring an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in Applied Digital by 1.5% in the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after purchasing an additional 318 shares in the last quarter. Brookstone Capital Management raised its position in Applied Digital by 3.6% in the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after purchasing an additional 321 shares during the period. ProShare Advisors LLC lifted its stake 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 in the last quarter. Finally, Independent Advisor Alliance lifted its stake in shares of Applied Digital by 4.6% during the fourth 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. 65.67% of the stock is owned by institutional investors and hedge funds.

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.