Analysts Set Applied Digital Corporation (NASDAQ:APLD) PT at $37.00

Shares of Applied Digital Corporation (NASDAQ:APLD) have received a consensus recommendation of “Buy” from the fifteen brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, twelve have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $37.00.

A number of equities research analysts have recently weighed in on APLD shares. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research note on Thursday, January 8th. Roth Mkm reiterated a “buy” rating on shares of Applied Digital in a report on Tuesday, February 17th. Northland Securities set a $56.00 price objective on shares of Applied Digital in a research report on Wednesday, January 28th. Finally, Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th.

Applied Digital Stock Up 5.9%

NASDAQ APLD opened at $28.37 on Thursday. Applied Digital has a 1 year low of $3.31 and a 1 year high of $42.27. The stock has a market capitalization of $7.93 billion, a PE ratio of -52.54 and a beta of 7.20. 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 business’s 50-day moving average is $31.79 and its 200 day moving average is $29.02.

Insider Activity at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 45,987 shares of Applied Digital stock in a transaction that occurred 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 sale, the director directly owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. The trade was a 10.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Wes Cummins sold 165,000 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $36.42, for a total value of $6,009,300.00. Following the transaction, the chief executive officer owned 4,176,329 shares in the company, valued at $152,101,902.18. This trade represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 244,593 shares of company stock worth $9,003,278 over the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. raised its holdings in Applied Digital by 8.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after purchasing an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC lifted its position in Applied Digital by 1.5% during the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after buying an additional 318 shares during the period. Brookstone Capital Management boosted its holdings in shares of Applied Digital by 3.6% during the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after buying an additional 321 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of Applied Digital by 1.0% during the 3rd quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock valued at $841,000 after buying an additional 376 shares in the last quarter. Finally, Independent Advisor Alliance grew its position 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 buying an additional 407 shares during the period. 65.67% of the stock is currently owned by institutional investors.

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.