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

Applied Digital Corporation (NASDAQ:APLD) shares traded 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.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Arete Research assumed coverage on Applied Digital in a research note on Wednesday, January 7th. They set a “buy” rating for the company. Lake Street Capital reaffirmed a “buy” rating and set a $45.00 price target on shares of Applied Digital in a report on Tuesday, December 30th. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Finally, B. Riley Financial lifted 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 equities research 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. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $37.00.

Applied Digital Stock Performance

The firm’s 50 day simple moving average is $32.83 and its 200 day simple moving average is $28.21. The firm has a market cap of $7.65 billion, a PE ratio of -50.64 and a beta of 7.20. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insider Transactions at Applied Digital

In other news, CEO Wes Cummins sold 165,000 shares of the stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the completion of the transaction, the chief executive officer directly owned 4,176,329 shares in the company, valued at approximately $152,101,902.18. This represents a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 12,000 shares of the firm’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total transaction of $425,400.00. Following the completion of the transaction, the director directly owned 233,378 shares of the company’s stock, 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. Insiders sold a total of 244,593 shares of company stock valued at $9,003,278 in the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently bought and sold shares of APLD. Atlantic Union Bankshares Corp bought a new stake in shares of Applied Digital in the 2nd quarter worth about $25,000. Noble Wealth Management PBC bought a new stake in Applied Digital during the fourth quarter worth approximately $25,000. Albion Financial Group UT purchased a new stake in Applied Digital during the fourth quarter valued at approximately $25,000. Activest Wealth Management purchased a new stake in Applied Digital during the fourth quarter valued at approximately $25,000. Finally, Ameriflex Group Inc. bought a new stake in shares of Applied Digital in the 4th quarter valued at approximately $25,000. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.