Applied Digital (NASDAQ:APLD) Trading 7.5% Higher – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) shares traded up 7.5% during trading on Monday . The company traded as high as $27.17 and last traded at $27.03. 18,473,134 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 31,006,877 shares. The stock had previously closed at $25.14.

Wall Street Analysts Forecast Growth

APLD has been the subject of several research reports. Wall Street Zen raised Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Roth Mkm reaffirmed a “buy” rating on shares of Applied Digital in a research note on Tuesday, February 17th. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Finally, Northland Securities set a $56.00 target price on shares of Applied Digital in a research note on Wednesday, January 28th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Applied Digital has a consensus rating of “Buy” and an average price target of $37.00.

Applied Digital Stock Performance

The firm has a market capitalization of $7.97 billion, a PE ratio of -52.81 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. The firm has a fifty day moving average price of $32.75 and a 200 day moving average price of $28.21.

Insider Activity

In other Applied Digital news, CEO Wes Cummins sold 165,000 shares of the company’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the completion of the sale, the chief executive officer directly owned 4,176,329 shares of the company’s stock, valued at approximately $152,101,902.18. This represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Chuck Hastings sold 45,987 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director 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 SEC filing for this sale provides additional information. Insiders sold a total of 244,593 shares of company stock valued at $9,003,278 over the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds and other institutional investors have recently modified their holdings of APLD. Noble Wealth Management PBC acquired a new position in Applied Digital during the fourth quarter valued at $25,000. Albion Financial Group UT purchased a new position in Applied Digital during the 4th quarter valued at about $25,000. Activest Wealth Management purchased a new position in Applied Digital during the 4th quarter valued at about $25,000. Ameriflex Group Inc. acquired a new position in shares of Applied Digital in the 4th quarter valued at about $25,000. Finally, McMillan Office Inc. acquired a new position in shares of Applied Digital in the 4th quarter valued at about $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.