Applied Digital (NASDAQ:APLD) Shares Gap Up – Should You Buy?

Applied Digital Corporation (NASDAQ:APLD)’s share price gapped up before the market opened on Monday . The stock had previously closed at $27.05, but opened at $28.58. Applied Digital shares last traded at $28.12, with a volume of 4,073,109 shares trading hands.

Wall Street Analysts Forecast Growth

APLD has been the topic of several recent research reports. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 price objective on shares of Applied Digital in a report on Thursday, January 8th. Wall Street Zen upgraded Applied Digital from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Lake Street Capital restated a “buy” rating and set a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Applied Digital presently has a consensus rating of “Buy” and an average price target of $37.00.

Applied Digital Stock Up 3.3%

The firm has a fifty day simple moving average of $32.86 and a 200-day simple moving average of $28.44. The company has a market capitalization of $7.81 billion, a P/E ratio of -51.70 and a beta of 7.20. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 12,000 shares of Applied Digital stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $35.45, for a total value of $425,400.00. Following the transaction, the director owned 233,378 shares of the company’s stock, valued at approximately $8,273,250.10. The trade was a 4.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Chuck Hastings sold 45,987 shares of Applied Digital stock in a transaction that occurred 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 directly owned 388,372 shares in the company, valued at approximately $14,979,508.04. The trade was a 10.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 244,593 shares of company stock valued at $9,003,278 over the last 90 days. 9.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Large investors have recently made changes to their positions in the stock. Noble Wealth Management PBC acquired a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Albion Financial Group UT acquired a new position in Applied Digital in the 4th quarter worth $25,000. Activest Wealth Management bought a new position in Applied Digital during the 4th quarter worth about $25,000. Ameriflex Group Inc. bought a new position in Applied Digital during the 4th quarter worth about $25,000. Finally, McMillan Office Inc. acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $25,000. Institutional investors 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.