Applied Digital (NASDAQ:APLD) Trading 4.1% Higher – Time to Buy?

Applied Digital Corporation (NASDAQ:APLD)’s share price traded up 4.1% on Wednesday . The stock traded as high as $29.43 and last traded at $28.52. 17,766,247 shares were traded during mid-day trading, a decline of 42% from the average session volume of 30,404,367 shares. The stock had previously closed at $27.40.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Wall Street Zen raised Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. B. Riley Financial upped their price objective on Applied Digital to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Finally, Freedom Capital raised Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $37.00.

Applied Digital Stock Down 1.6%

The firm’s 50 day simple moving average is $32.88 and its 200-day simple moving average is $28.20. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79. The stock has a market capitalization of $7.56 billion, a price-to-earnings ratio of -50.09 and a beta of 7.20.

Insider Buying and Selling

In related news, Director Chuck Hastings sold 45,987 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $14,979,508.04. This represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the transaction, the director directly owned 200,859 shares in the company, valued at $7,741,105.86. This trade represents a 4.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 244,593 shares of company stock worth $9,003,278. Insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of large investors have recently added to or reduced their stakes in the company. Spear Advisors LLC bought a new position in shares of Applied Digital in the 4th quarter valued at about $7,191,000. Hsbc Holdings PLC acquired a new stake in Applied Digital in the 4th quarter valued at about $29,510,000. NWF Advisory Services Inc. lifted its stake in Applied Digital by 38.1% in the 4th quarter. NWF Advisory Services Inc. now owns 17,160 shares of the company’s stock valued at $421,000 after purchasing an additional 4,730 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Applied Digital in the fourth quarter valued at approximately $4,328,000. Finally, White Knight Strategic Wealth Advisors LLC raised its stake in Applied Digital by 7.6% in the fourth quarter. White Knight Strategic Wealth Advisors LLC now owns 29,846 shares of the company’s stock valued at $732,000 after buying an additional 2,120 shares during the period. Institutional investors and hedge funds 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.