Applied Digital (NASDAQ:APLD) Shares Gap Up – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) gapped up prior to trading on Monday . The stock had previously closed at $25.79, but opened at $27.31. Applied Digital shares last traded at $28.0730, with a volume of 4,390,325 shares changing hands.

Analyst Upgrades and Downgrades

APLD has been the topic of a number of recent research reports. Northland Securities set a $82.00 target price on Applied Digital and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Craig Hallum increased their price target on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. B. Riley Financial reissued a “buy” rating and issued a $66.00 price objective (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. Finally, Lake Street Capital raised their target price on shares of Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Applied Digital presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.56.

Applied Digital Price Performance

The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The firm has a market cap of $7.91 billion, a P/E ratio of -37.44 and a beta of 5.67. The business has a fifty day moving average of $40.36 and a 200 day moving average of $34.47.

Insider Activity at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the transaction, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,000 shares of company stock valued at $1,182,175 over the last quarter. 9.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Vanguard Group Inc. raised its holdings in Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after acquiring an additional 6,445,908 shares during the period. Value Aligned Research Advisors LLC bought a new stake in shares of Applied Digital during the fourth quarter worth approximately $138,380,000. Situational Awareness LP boosted its holdings in shares of Applied Digital by 87.0% during the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after acquiring an additional 5,274,905 shares during the period. BNP Paribas Financial Markets grew its position in shares of Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after purchasing an additional 5,198,223 shares during the last quarter. Finally, Marex Group plc increased its stake in shares of Applied Digital by 38,484.6% during the fourth quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after purchasing an additional 3,894,639 shares during the period. 65.67% of the stock is 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.