Applied Digital (NASDAQ:APLD) Trading Up 2.4% – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD) was up 2.4% during mid-day trading on Monday . The stock traded as high as $29.08 and last traded at $27.71. Approximately 14,409,909 shares changed hands during trading, a decline of 51% from the average daily volume of 29,542,502 shares. The stock had previously closed at $27.05.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Northland Securities set a $56.00 price objective on Applied Digital in a report on Wednesday, January 28th. Texas Capital raised Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. B. Riley Financial raised their price target on Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Citigroup restated an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Finally, Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $37.00.

Applied Digital Stock Up 2.4%

The stock has a market capitalization of $7.75 billion, a PE ratio of -51.31 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 firm has a 50 day moving average of $32.86 and a two-hundred day moving average of $28.44.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the 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 sale, the director owned 200,859 shares of the company’s stock, valued at $7,741,105.86. This trade represents a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Chuck Hastings sold 45,987 shares of the firm’s 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 owned 388,372 shares in the company, valued at approximately $14,979,508.04. This trade represents a 10.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 244,593 shares of company stock worth $9,003,278. 9.50% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

A number of hedge funds have recently added to or reduced their stakes in APLD. Noble Wealth Management PBC purchased a new stake in Applied Digital in the fourth quarter valued at approximately $25,000. Albion Financial Group UT purchased a new stake in shares of Applied Digital during the 4th quarter valued at about $25,000. Activest Wealth Management purchased a new stake in shares of Applied Digital during the fourth quarter valued at approximately $25,000. Ameriflex Group Inc. acquired a new position in Applied Digital in the 4th quarter worth $25,000. Finally, McMillan Office Inc. purchased a new position in Applied Digital in the fourth quarter valued at about $25,000. 65.67% of the stock is 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.