Applied Digital (NASDAQ:APLD) Stock Price Up 13% – Time to Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) traded up 13% during mid-day trading on Tuesday . The company traded as high as $23.27 and last traded at $23.2240. 16,476,665 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 27,080,000 shares. The stock had previously closed at $20.55.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Citigroup reissued an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Lake Street Capital restated a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a report on Tuesday, December 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 price target on shares of Applied Digital in a research note on Thursday, January 8th. Arete Research began coverage on shares of Applied Digital in a report on Wednesday, January 7th. They set a “buy” rating for the company. Finally, Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Applied Digital has a consensus rating of “Buy” and a consensus price target of $37.00.

Applied Digital Stock Up 14.3%

The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of -43.46 and a beta of 7.20. The firm has a 50-day moving average of $30.99 and a 200 day moving average of $29.27. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Insider Activity

In other Applied Digital news, 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 value of $1,773,718.59. Following the transaction, the director owned 388,372 shares in the company, valued at $14,979,508.04. The trade was a 10.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Wes Cummins sold 165,000 shares of the company’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $36.42, for a total transaction of $6,009,300.00. Following the completion of the transaction, the chief executive officer directly owned 4,176,329 shares of the company’s stock, valued at approximately $152,101,902.18. The trade was a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 244,593 shares of company stock worth $9,003,278. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently bought and sold shares of the business. Noble Wealth Management PBC acquired a new stake in Applied Digital in the fourth quarter valued at $25,000. Albion Financial Group UT acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $25,000. Activest Wealth Management bought a new position in shares of Applied Digital during the fourth quarter worth about $25,000. Ameriflex Group Inc. bought a new stake in Applied Digital in the fourth quarter valued at about $25,000. Finally, McMillan Office Inc. acquired a new stake in Applied Digital during the fourth quarter valued at approximately $25,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.