Applied Digital (NASDAQ:APLD) Shares Up 9.5% – Time to Buy?

Applied Digital Corporation (NASDAQ:APLD)’s share price was up 9.5% during trading on Monday . The stock traded as high as $39.35 and last traded at $38.26. Approximately 36,740,405 shares traded hands during trading, a decline of 7% from the average daily volume of 39,697,660 shares. The stock had previously closed at $34.95.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Arete Research began coverage on Applied Digital in a report on Wednesday, January 7th. They issued a “buy” rating for the company. Roth Mkm lifted their price target on Applied Digital to $58.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Finally, B. Riley Financial increased their price target on shares of Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Three equities research 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. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $34.73.

Applied Digital Stock Performance

The business has a 50 day simple moving average of $31.36 and a two-hundred day simple moving average of $25.73. 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 Buying and Selling at Applied Digital

In related news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction on 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 transaction, the chief executive officer owned 4,176,329 shares in the company, valued at approximately $152,101,902.18. The trade was a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Chuck Hastings sold 45,987 shares of the 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 sale, the director directly owned 388,372 shares of the company’s stock, valued at $14,979,508.04. This trade represents a 10.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 244,593 shares of company stock valued at $9,003,278 in the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp acquired a new position in Applied Digital during the 2nd quarter valued at about $25,000. Noble Wealth Management PBC acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $25,000. Albion Financial Group UT bought a new stake in shares of Applied Digital during the fourth quarter valued at approximately $25,000. Activest Wealth Management acquired a new position in shares of Applied Digital during the fourth quarter worth approximately $25,000. Finally, Larson Financial Group LLC grew its holdings in Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock worth $26,000 after buying an additional 1,129 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

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.