Applied Digital Corporation (NASDAQ:APLD – Get Free Report) shares were up 8% during trading on Monday . The stock traded as high as $28.39 and last traded at $27.85. 22,907,238 shares traded hands during trading, a decline of 7% from the average daily volume of 24,592,973 shares. The stock had previously closed at $25.79.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on APLD. B. Riley Financial restated a “buy” rating and issued a $66.00 price objective (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. Zacks Research cut shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Lake Street Capital raised their price target on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Finally, Northland Securities set a $82.00 price objective on shares of Applied Digital and gave the company an “outperform” rating in a research note on Wednesday, June 17th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $70.56.
Applied Digital Stock Performance
Insider Transactions at Applied Digital
In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the transaction, the director directly owned 184,859 shares in the company, valued at $6,466,367.82. The trade was a 5.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,000 shares of company stock worth $1,182,175 over the last ninety days. 9.50% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in APLD. Vanguard Group Inc. raised its position in Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after purchasing an additional 6,445,908 shares during the period. Situational Awareness LP grew its holdings in shares of Applied Digital by 18.9% during the 1st quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock worth $319,978,000 after purchasing an additional 2,139,378 shares during the period. Geode Capital Management LLC increased its position in shares of Applied Digital by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock worth $154,151,000 after purchasing an additional 304,228 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new stake in shares of Applied Digital during the 4th quarter worth about $138,380,000. Finally, BNP Paribas Financial Markets raised its holdings in Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after buying an additional 5,198,223 shares during the period. 65.67% of the stock is currently owned by hedge funds and other 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.
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