Applied Digital (NASDAQ:APLD) Shares Up 5.1% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s share price was up 5.1% during trading on Monday . The company traded as high as $27.65 and last traded at $27.26. Approximately 14,344,947 shares traded hands during trading, a decline of 49% from the average daily volume of 28,093,439 shares. The stock had previously closed at $25.93.

Analyst Ratings Changes

A number of research analysts have issued reports on APLD shares. Lake Street Capital restated a “buy” rating and issued a $45.00 price objective on shares of Applied Digital in a research note on Tuesday, December 30th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Roth Mkm restated a “buy” rating on shares of Applied Digital in a research report on Tuesday, February 17th. Arete Research initiated coverage on shares of Applied Digital in a research report on Wednesday, January 7th. They issued a “buy” rating on the stock. Finally, B. Riley Financial boosted their target price on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $37.00.

Applied Digital Price Performance

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 cap of $7.93 billion, a PE ratio of -52.54 and a beta of 7.20. The business has a 50-day moving average price of $31.79 and a 200 day moving average price of $29.02.

Insider Buying and Selling at Applied Digital

In other news, Director Chuck Hastings sold 45,987 shares of Applied Digital 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 owned 388,372 shares in the company, valued at $14,979,508.04. This trade represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wes Cummins sold 165,000 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $152,101,902.18. This trade represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 244,593 shares of company stock worth $9,003,278 over the last ninety days. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in APLD. Noble Wealth Management PBC purchased a new stake in Applied Digital during the 4th quarter worth about $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 bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. Ameriflex Group Inc. bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. Finally, McMillan Office Inc. purchased a new stake in shares of Applied Digital in the fourth quarter worth about $25,000. 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.