Brokerages Set Applied Digital Corporation (NASDAQ:APLD) Price Target at $37.00

Shares of Applied Digital Corporation (NASDAQ:APLD) have been given an average recommendation of “Buy” by the fifteen brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, twelve have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $37.00.

Several analysts have recently issued reports on the company. B. Riley Financial increased their target price on Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research note on Thursday, January 8th. Northland Securities set a $56.00 price objective on shares of Applied Digital in a research report on Wednesday, January 28th. Arete Research started coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They set a “buy” rating on the stock. Finally, Texas Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th.

Applied Digital Price Performance

Applied Digital stock opened at $27.26 on Thursday. The firm has a market cap of $7.62 billion, a PE ratio of -50.48 and a beta of 7.20. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The stock’s fifty day moving average price is $32.14 and its two-hundred day moving average price is $28.93. Applied Digital has a one year low of $3.31 and a one year high of $42.27.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $38.54, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard N. Nottenburg sold 12,000 shares of Applied Digital stock in a transaction 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 completion of the transaction, the director owned 233,378 shares in the company, valued at approximately $8,273,250.10. The trade was a 4.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 244,593 shares of company stock valued at $9,003,278. 9.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of APLD. Noble Wealth Management PBC acquired a new stake in shares of Applied Digital in the 4th quarter valued at approximately $25,000. Albion Financial Group UT acquired a new position in Applied Digital during the 4th quarter worth approximately $25,000. Activest Wealth Management acquired a new position in Applied Digital during the 4th quarter worth approximately $25,000. Ameriflex Group Inc. bought a new position in Applied Digital in the 4th quarter valued at approximately $25,000. Finally, McMillan Office Inc. acquired a new stake in Applied Digital in the fourth quarter valued at 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.