Applied Digital (NASDAQ:APLD) Trading Up 2.4% – Should You Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) were up 2.4% during mid-day trading on Monday . The stock traded as high as $28.19 and last traded at $27.93. Approximately 15,867,361 shares were traded during trading, a decline of 52% from the average daily volume of 32,780,809 shares. The stock had previously closed at $27.27.

Wall Street Analyst Weigh In

A number of equities analysts have commented on APLD shares. Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research report on Thursday, January 8th. Roth Mkm reaffirmed a “buy” rating on shares of Applied Digital in a research report on Tuesday, February 17th. B. Riley Financial increased their price objective on shares of Applied Digital to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. Finally, Arete Research assumed coverage on Applied Digital in a research note on Wednesday, January 7th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Applied Digital currently has an average rating of “Buy” and an average target price of $37.00.

Applied Digital Trading Up 2.4%

The firm’s 50-day simple moving average is $32.50 and its 200 day simple moving average is $27.62. The stock has a market cap of $7.81 billion, a P/E ratio of -51.72 and a beta of 7.25. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insiders Place Their Bets

In other Applied Digital 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 transaction of $1,773,718.59. Following the sale, the director owned 388,372 shares of the company’s stock, valued at $14,979,508.04. The trade was a 10.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Wes Cummins sold 165,000 shares of the business’s stock in a transaction on Friday, January 16th. The stock was sold at an average price of $36.42, for a total value of $6,009,300.00. Following the transaction, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at $152,101,902.18. This trade represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 244,593 shares of company stock valued at $9,003,278 in the last quarter. 9.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. AQR Capital Management LLC grew its position in Applied Digital by 84.8% in the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock worth $106,000 after buying an additional 8,692 shares during the last quarter. NewEdge Advisors LLC grew its stake in Applied Digital by 239.1% in the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after purchasing an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after buying an additional 3,542 shares during the last quarter. Strs Ohio acquired a new position in shares of Applied Digital during the 1st quarter worth $71,000. Finally, Wealthfront Advisers LLC bought a new position in Applied Digital during the second quarter valued at about $123,000. 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.