Applied Digital (NASDAQ:APLD) Trading 9.6% Higher – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) rose 9.6% during trading on Wednesday . The company traded as high as $28.95 and last traded at $28.65. Approximately 17,028,358 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 31,957,504 shares. The stock had previously closed at $26.15.

Wall Street Analysts Forecast Growth

APLD has been the topic of several analyst reports. 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 price objective on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 target price on shares of Applied Digital in a report on Thursday, January 8th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Finally, Lake Street Capital reiterated a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a report on Tuesday, December 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average target price of $37.00.

Applied Digital Price Performance

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 stock has a 50-day moving average price of $32.61 and a 200 day moving average price of $27.81. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of -46.54 and a beta of 7.20.

Insiders Place Their Bets

In related news, Director Chuck Hastings sold 45,987 shares of the firm’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 transaction, the director directly owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. This trade represents a 10.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Wes Cummins sold 165,000 shares of the firm’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $36.42, for a total value of $6,009,300.00. Following the completion of the transaction, the chief executive officer owned 4,176,329 shares in the company, valued at approximately $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 sold a total of 244,593 shares of company stock valued at $9,003,278 in the last three months. 9.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. grew its holdings in shares of Applied Digital by 8.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after buying an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in Applied Digital by 1.5% in the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after acquiring an additional 318 shares during the last quarter. Brookstone Capital Management lifted its stake in Applied Digital by 3.6% in the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after purchasing 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 worth $841,000 after purchasing an additional 376 shares during the last quarter. Finally, Independent Advisor Alliance boosted its holdings in shares of Applied Digital by 4.6% during the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after purchasing an additional 407 shares during the last quarter. 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.