Applied Digital (NASDAQ:APLD) Trading 5.9% Higher – Still a Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) were up 5.9% during mid-day trading on Wednesday . The stock traded as high as $28.66 and last traded at $28.37. Approximately 14,502,726 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 27,596,092 shares. The stock had previously closed at $26.79.

Wall Street Analyst Weigh In

A number of brokerages have commented on APLD. Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. B. Riley Financial increased their price objective on Applied Digital to $53.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Arete Research started coverage on Applied Digital in a report on Wednesday, January 7th. They issued a “buy” rating on the stock. Finally, Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Two equities research 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 company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $37.00.

Applied Digital Stock Performance

The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79. The stock’s fifty day simple moving average is $31.94 and its 200 day simple moving average is $29.02. The company has a market cap of $7.93 billion, a price-to-earnings ratio of -52.54 and a beta of 7.20.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 12,000 shares of the company’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total value of $425,400.00. Following the completion of the sale, the director directly owned 233,378 shares in the company, valued at $8,273,250.10. This represents a 4.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 165,000 shares of the firm’s stock in a transaction on Friday, January 16th. The stock was sold at an average price of $36.42, for a total value of $6,009,300.00. Following the completion of the sale, the chief executive officer directly owned 4,176,329 shares of the company’s stock, valued at $152,101,902.18. This trade represents a 3.80% decrease in their ownership of the stock. 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 over the last ninety days. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently modified their holdings of the company. Noble Wealth Management PBC purchased a new position in Applied Digital during the fourth quarter worth about $25,000. Albion Financial Group UT acquired a new position in Applied Digital in the 4th quarter valued at about $25,000. Activest Wealth Management purchased a new stake in shares of Applied Digital in the 4th quarter valued at approximately $25,000. Ameriflex Group Inc. acquired a new stake in shares of Applied Digital during the 4th quarter worth approximately $25,000. Finally, McMillan Office Inc. acquired a new stake in shares of Applied Digital during the 4th quarter worth approximately $25,000. Hedge funds and other 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.