Applied Digital (NASDAQ:APLD) Stock Price Up 2% – Time to Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) were up 2% on Wednesday . The company traded as high as $29.31 and last traded at $29.03. 19,905,672 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 24,658,660 shares. The stock had previously closed at $28.47.

Analyst Ratings Changes

Several research firms have recently issued reports on APLD. Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Compass Point reissued a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a research note on Friday, May 22nd. B. Riley Financial restated a “buy” rating and set a $66.00 target price (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. Northland Securities set a $82.00 target price on Applied Digital and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, Applied Digital currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.56.

Applied Digital Trading Up 2.0%

The company has a market capitalization of $8.30 billion, a P/E ratio of -39.23 and a beta of 5.67. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The business’s 50-day moving average price is $41.27 and its two-hundred day moving average price is $34.42.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the sale, the director owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 in the last ninety days. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently modified their holdings of the business. Noble Wealth Management PBC bought a new stake in Applied Digital during the 4th quarter worth approximately $25,000. Albion Financial Group UT bought a new position in Applied Digital in the fourth quarter valued at approximately $25,000. Activest Wealth Management bought a new position in Applied Digital in the fourth quarter valued at approximately $25,000. FNY Investment Advisers LLC acquired a new position in shares of Applied Digital in the second quarter valued at approximately $37,000. Finally, Ameriflex Group Inc. acquired a new position in shares of Applied Digital in the fourth quarter valued at approximately $25,000. Institutional investors and hedge funds 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.