Applied Digital (NASDAQ:APLD) Shares Gap Up – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $25.18, but opened at $28.45. Applied Digital shares last traded at $28.0020, with a volume of 10,452,369 shares traded.

Wall Street Analysts Forecast Growth

APLD has been the subject of several research reports. Arete Research assumed coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They set a “buy” rating for the company. Roth Mkm reiterated a “buy” rating on shares of Applied Digital in a research note on Tuesday, February 17th. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Northland Securities set a $56.00 price objective on shares of Applied Digital in a research note on Wednesday, January 28th. Finally, Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Two investment 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 company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $37.00.

Applied Digital Price Performance

The stock has a market cap of $7.90 billion, a price-to-earnings ratio of -52.31 and a beta of 7.25. The stock’s 50 day moving average price is $29.53 and its two-hundred day moving average price is $29.48. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insider Activity

In related 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 directly owned 200,859 shares in the company, valued at $7,741,105.86. The trade was a 4.74% decrease in their position. The transaction was disclosed in a document filed 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 owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 244,593 shares of company stock valued at $9,003,278. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Noble Wealth Management PBC purchased a new stake in Applied Digital in the 4th quarter worth $25,000. Albion Financial Group UT purchased a new stake in Applied Digital in the 4th quarter worth $25,000. Activest Wealth Management purchased a new stake in Applied Digital in the 4th quarter worth $25,000. Ameriflex Group Inc. purchased a new stake in Applied Digital in the 4th quarter worth $25,000. Finally, McMillan Office Inc. purchased a new stake in Applied Digital in the 4th quarter worth $25,000. Hedge funds and other 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.