Applied Digital Corporation (NASDAQ:APLD) Receives $37.00 Average PT from Analysts

Applied Digital Corporation (NASDAQ:APLD) has been assigned a consensus recommendation of “Buy” from the fifteen brokerages that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, twelve have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $37.00.

APLD has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. Northland Securities set a $56.00 target price on Applied Digital in a research note on Wednesday, January 28th. Freedom Capital raised Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Finally, B. Riley Financial lifted their price target on Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 45,987 shares of the stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the transaction, the director directly owned 388,372 shares of the company’s stock, valued at $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Wes Cummins sold 165,000 shares of the firm’s stock in a transaction dated 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 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 244,593 shares of company stock valued at $9,003,278. 9.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. White Knight Strategic Wealth Advisors LLC raised its stake in shares of Applied Digital by 7.6% in the 4th quarter. White Knight Strategic Wealth Advisors LLC now owns 29,846 shares of the company’s stock valued at $732,000 after acquiring an additional 2,120 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new position in shares of Applied Digital in the fourth quarter valued at approximately $27,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of Applied Digital by 104.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,209,702 shares of the company’s stock worth $103,222,000 after buying an additional 2,154,213 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Applied Digital by 9.3% during the 4th quarter. Invesco Ltd. now owns 178,565 shares of the company’s stock worth $4,378,000 after buying an additional 15,266 shares during the period. Finally, CrossGen Wealth LLC acquired a new position in Applied Digital in the 4th quarter valued at $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Price Performance

NASDAQ APLD opened at $30.66 on Friday. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The firm has a market capitalization of $8.57 billion, a price-to-earnings ratio of -56.78 and a beta of 7.25. The company has a 50 day simple moving average of $32.28 and a 200-day simple moving average of $27.33. Applied Digital has a 52-week low of $3.31 and a 52-week high of $42.27.

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.