Applied Digital (NASDAQ:APLD) Stock Price Up 15.5% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) traded up 15.5% during mid-day trading on Tuesday . The company traded as high as $23.79 and last traded at $23.74. 23,764,411 shares were traded during trading, a decline of 13% from the average session volume of 27,222,533 shares. The stock had previously closed at $20.55.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Northland Securities set a $56.00 target price on Applied Digital in a research note on Wednesday, January 28th. Wall Street Zen upgraded Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Arete Research assumed coverage on Applied Digital in a research note on Wednesday, January 7th. They issued a “buy” rating on the stock. Finally, Texas Capital raised Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $37.00.

Applied Digital Stock Performance

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 stock has a market capitalization of $6.64 billion, a price-to-earnings ratio of -43.96 and a beta of 7.20. The firm’s fifty day moving average price is $30.99 and its 200 day moving average price is $29.27.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 45,987 shares of the company’s 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 $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 12,000 shares of Applied Digital stock in a transaction 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 directly owned 233,378 shares of the company’s stock, valued at $8,273,250.10. The trade was a 4.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 244,593 shares of company stock valued at $9,003,278 over the last three months. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

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