Applied Digital (NASDAQ:APLD) Stock Price Up 13% – What’s Next?

Shares of Applied Digital Corporation (NASDAQ:APLD) shot up 13% on Tuesday . The stock traded as high as $23.27 and last traded at $23.2240. 16,476,665 shares were traded during mid-day trading, a decline of 39% from the average session volume of 27,080,000 shares. The stock had previously closed at $20.55.

Wall Street Analyst Weigh In

APLD has been the topic of a number of recent research reports. Freedom Capital raised shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. B. Riley Financial raised their price target on Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research note on Thursday, January 8th. Finally, Northland Securities set a $56.00 price objective on Applied Digital in a research report on Wednesday, January 28th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $37.00.

Applied Digital Stock Performance

The stock has a 50 day moving average of $30.99 and a two-hundred day moving average of $29.27. The stock has a market capitalization of $6.57 billion, a PE ratio of -43.46 and a beta of 7.20. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82.

Insider Activity at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 45,987 shares of the 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The shares were 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. The trade was a 4.89% decrease in their ownership of the stock. 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 worth $9,003,278. 9.50% of the stock is owned by company insiders.

Institutional Trading of Applied Digital

A number of institutional investors have recently bought and sold shares of APLD. AQR Capital Management LLC boosted its position in shares of Applied Digital by 84.8% in the 1st quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock worth $106,000 after buying an additional 8,692 shares in the last quarter. NewEdge Advisors LLC increased its holdings in Applied Digital by 239.1% during the 1st quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after acquiring an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after acquiring an additional 3,542 shares during the last quarter. Strs Ohio purchased a new stake in shares of Applied Digital in the first quarter valued at about $71,000. Finally, Creative Planning grew its position in shares of Applied Digital by 62.2% in the second quarter. Creative Planning now owns 52,103 shares of the company’s stock valued at $525,000 after purchasing an additional 19,989 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.