Applied Digital (NASDAQ:APLD) Trading 9.5% Higher – Time to Buy?

Applied Digital Corporation (NASDAQ:APLD) shares traded up 9.5% during trading on Monday . The stock traded as high as $39.35 and last traded at $38.26. 36,740,405 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 39,697,660 shares. The stock had previously closed at $34.95.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Wall Street Zen upgraded Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Northland Securities set a $56.00 price objective on Applied Digital in a research report on Wednesday, January 28th. B. Riley Financial increased their target price on shares of Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research report on Thursday, January 8th. Three 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 stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $34.73.

Applied Digital Stock Up 9.4%

The business has a 50-day moving average price of $31.36 and a 200 day moving average price of $25.73. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 45,987 shares of the company’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $38.57, for a total value of $1,773,718.59. Following the completion of the transaction, the director owned 388,372 shares in the company, valued at approximately $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction on Friday, January 16th. The shares were sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the completion of the sale, the chief executive officer directly owned 4,176,329 shares in the company, valued at $152,101,902.18. This represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 244,593 shares of company stock worth $9,003,278. 9.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after acquiring an additional 6,445,908 shares during the period. Hood River Capital Management LLC increased its holdings in Applied Digital by 2.8% in the second quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock valued at $220,120,000 after buying an additional 592,314 shares during the last quarter. Situational Awareness LP lifted its position in shares of Applied Digital by 63.3% during the 2nd quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock worth $66,379,000 after buying an additional 2,556,200 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Applied Digital by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after purchasing an additional 304,228 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of 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 acquiring an additional 5,198,223 shares during the period. 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.