Applied Digital (NASDAQ:APLD) Shares Up 7.5% – Time to Buy?

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on APLD shares. Freedom Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Northland Securities set a $56.00 target price 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 report on Tuesday, February 17th. Finally, B. Riley Financial boosted their price target on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a research report on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $37.00.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. The company’s 50-day simple moving average is $32.64 and its 200-day simple moving average is $28.05. The company has a market capitalization of $7.56 billion, a PE ratio of -50.06 and a beta of 7.20.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 12,000 shares of Applied Digital stock in a transaction 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 transaction, the director directly owned 233,378 shares in the company, valued at $8,273,250.10. This trade represents a 4.89% decrease in their position. The transaction was disclosed in a 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 shares were sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the completion of the transaction, the director directly owned 388,372 shares in the company, valued at $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. 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 90 days. Insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Applied Digital by 36.4% in the fourth 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 in the last quarter. Hood River Capital Management LLC raised its holdings in Applied Digital by 2.8% during the second quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after purchasing an additional 592,314 shares in the last quarter. Situational Awareness LP raised its holdings 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 purchasing an additional 5,274,905 shares in the last quarter. Geode Capital Management LLC lifted its position in Applied Digital by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after purchasing an additional 304,228 shares during the period. Finally, Value Aligned Research Advisors LLC acquired a new stake in Applied Digital in the fourth quarter valued at about $138,380,000. 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.