Applied Digital (NASDAQ:APLD) Trading Up 1.4% – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD) shot up 1.4% during trading on Tuesday . The company traded as high as $28.35 and last traded at $27.40. 13,489,682 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 30,671,221 shares. The stock had previously closed at $27.03.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on APLD. Lake Street Capital reissued a “buy” rating and issued a $45.00 price objective on shares of Applied Digital in a report on Tuesday, December 30th. Northland Securities set a $56.00 target price on Applied Digital in a report on Wednesday, January 28th. Arete Research initiated coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They issued a “buy” rating for the company. Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Finally, Needham & Company LLC reissued a “buy” rating and set a $41.00 target price on shares of Applied Digital in a research report on Thursday, January 8th. Two 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. Based on data from MarketBeat, Applied Digital has a consensus rating of “Buy” and an average target price of $37.00.

Applied Digital Trading Up 1.4%

The company has a 50 day simple moving average of $32.68 and a 200 day simple moving average of $28.13. 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 market capitalization of $7.66 billion, a PE ratio of -50.74 and a beta of 7.20.

Insider Activity

In other Applied Digital news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $36.42, for a total value of $6,009,300.00. Following the sale, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at approximately $152,101,902.18. The trade was a 3.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 12,000 shares of Applied Digital 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 sale, the director owned 233,378 shares in the company, valued at approximately $8,273,250.10. This trade represents a 4.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 244,593 shares of company stock valued at $9,003,278. Corporate insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after acquiring an additional 6,445,908 shares in the last quarter. Hood River Capital Management LLC boosted its position in shares of Applied Digital by 2.8% in the 2nd quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after buying an additional 592,314 shares in the last quarter. Situational Awareness LP raised its position in Applied Digital by 87.0% during the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after acquiring an additional 5,274,905 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Applied Digital by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock worth $154,151,000 after purchasing an additional 304,228 shares in the last quarter. Finally, Value Aligned Research Advisors LLC acquired a new stake in Applied Digital during the 4th quarter valued at $138,380,000. 65.67% of the stock is currently 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.