Applied Digital (NASDAQ:APLD) Stock Price Up 2.2% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD)’s stock price shot up 2.2% during mid-day trading on Tuesday . The stock traded as high as $31.29 and last traded at $30.66. 18,747,339 shares were traded during mid-day trading, a decline of 46% from the average session volume of 34,493,125 shares. The stock had previously closed at $30.00.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. B. Riley Financial lifted their price target on Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Roth Mkm reiterated a “buy” rating on shares of Applied Digital in a report on Tuesday, February 17th. Northland Securities set a $56.00 price target on shares of Applied Digital in a report on Wednesday, January 28th. Finally, Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and a consensus target price of $37.00.

Applied Digital Stock Performance

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 business has a 50-day simple moving average of $32.51 and a 200-day simple moving average of $27.36.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $38.54, for a total value of $385,400.00. Following the completion of the transaction, the director owned 200,859 shares in the company, valued at $7,741,105.86. The trade was a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Chuck Hastings sold 45,987 shares of the business’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total value 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. The trade was a 10.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 244,593 shares of company stock valued at $9,003,278. 9.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of APLD. Vanguard Group Inc. increased its holdings in shares of Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after acquiring an additional 6,445,908 shares during the last quarter. Value Aligned Research Advisors LLC purchased a new stake in Applied Digital during the fourth quarter worth approximately $138,380,000. Situational Awareness LP increased its stake in Applied Digital by 87.0% in the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after purchasing an additional 5,274,905 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Applied Digital by 24,356.8% during the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after purchasing an additional 5,198,223 shares in the last quarter. Finally, Marex Group plc raised its holdings in Applied Digital by 38,484.6% during the fourth quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after purchasing an additional 3,894,639 shares in the last quarter. 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.