Applied Digital (NASDAQ:APLD) Trading Up 2.2% – Time to Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) shot up 2.2% during trading on Tuesday . The company traded as high as $31.29 and last traded at $30.66. 18,747,339 shares changed hands during trading, a decline of 46% from the average session volume of 34,493,125 shares. The stock had previously closed at $30.00.

Analyst Upgrades and Downgrades

APLD has been the subject of a number of analyst reports. Northland Securities set a $56.00 price objective on shares of Applied Digital in a report on Wednesday, January 28th. Wall Street Zen raised Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. B. Riley Financial lifted their target price on Applied Digital to $53.00 and gave the company a “buy” rating in a research report on Friday, January 9th. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Applied Digital in a report on Thursday, January 8th. Finally, Arete Research assumed coverage on Applied Digital in a research note on Wednesday, January 7th. They set a “buy” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Applied Digital has a consensus rating of “Buy” and a consensus price target of $37.00.

Applied Digital Trading Up 2.2%

The firm has a 50 day moving average of $32.15 and a 200 day moving average of $27.22. The firm has a market cap of $8.57 billion, a PE ratio of -56.78 and a beta of 7.25. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,000 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the transaction, the director directly owned 233,378 shares of the company’s stock, valued at $8,273,250.10. This trade represents a 4.89% 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 stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $38.57, for a total value of $1,773,718.59. Following the sale, the director directly owned 388,372 shares in the company, valued at $14,979,508.04. This trade represents a 10.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 244,593 shares of company stock valued at $9,003,278. 9.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Voya Investment Management LLC lifted its position in Applied Digital by 403.4% during the third quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock valued at $33,605,000 after purchasing an additional 1,173,929 shares during the last quarter. Federated Hermes Inc. purchased a new position in shares of Applied Digital during the third quarter worth approximately $3,204,000. AlphaQuest LLC purchased a new position in Applied Digital in the 3rd quarter worth $1,369,000. MRA Advisory Group purchased a new position in Applied Digital in the 3rd quarter worth $978,000. Finally, Kovack Advisors Inc. bought a new stake in Applied Digital in the second quarter worth $116,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.