Applied Digital (NASDAQ:APLD) Trading 5.9% Higher – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD) shares shot up 5.9% during trading on Wednesday . The company traded as high as $28.66 and last traded at $28.37. 14,502,726 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 27,596,092 shares. The stock had previously closed at $26.79.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on APLD shares. Freedom Capital raised Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Roth Mkm reaffirmed a “buy” rating on shares of Applied Digital in a research note on Tuesday, February 17th. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. Arete Research assumed coverage on Applied Digital in a research report on Wednesday, January 7th. They set a “buy” rating for the company. Finally, Lake Street Capital restated a “buy” rating and issued a $45.00 price objective on shares of Applied Digital in a report on Tuesday, December 30th. Two investment 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’s stock. According to data from MarketBeat.com, Applied Digital 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 company’s fifty day moving average is $31.94 and its two-hundred day moving average is $29.02. The stock has a market cap of $7.93 billion, a price-to-earnings ratio of -52.54 and a beta of 7.20.

Insider Transactions at Applied Digital

In other news, Director Chuck Hastings sold 45,987 shares of Applied Digital 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 completion of the sale, the director directly owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. The trade was a 10.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Wes Cummins sold 165,000 shares of the business’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $36.42, for a total value of $6,009,300.00. Following the completion of the sale, the chief executive officer owned 4,176,329 shares in the company, valued at $152,101,902.18. This represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 244,593 shares of company stock valued at $9,003,278. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

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