Applied Digital (NASDAQ:APLD) Shares Up 7.9% – Here’s What Happened
by Michael Walen · The Markets DailyApplied Digital Corporation (NASDAQ:APLD – Get Free Report)’s stock price traded up 7.9% during mid-day trading on Tuesday . The stock traded as high as $30.81 and last traded at $30.05. 23,048,514 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 24,568,877 shares. The stock had previously closed at $27.85.
Analysts Set New Price Targets
A number of equities analysts have weighed in on the company. Northland Securities set a $82.00 price objective on Applied Digital and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Zacks Research cut shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Lake Street Capital boosted their target price on shares of Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Finally, Morgan Stanley assumed coverage on shares of Applied Digital in a research note on Thursday. They issued a “buy” rating and a $36.50 price target for the company. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Applied Digital presently has an average rating of “Moderate Buy” and an average price target of $67.15.
Check Out Our Latest Analysis on APLD
Applied Digital Trading Up 1.2%
The company has a 50 day moving average price of $39.44 and a 200 day moving average price of $34.58. The firm has a market cap of $8.70 billion, a price-to-earnings ratio of -41.66 and a beta of 5.67. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.
Insider Activity
In related news, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the transaction, the director owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Applied Digital
A number of institutional investors have recently modified their holdings of APLD. Handelsbanken Fonder AB grew its stake in shares of Applied Digital by 1.0% in the second quarter. Handelsbanken Fonder AB now owns 71,600 shares of the company’s stock valued at $2,671,000 after buying an additional 700 shares in the last quarter. Whitaker Myers Wealth Managers LTD. acquired a new position in Applied Digital during the 2nd quarter worth about $1,841,000. Hennion & Walsh Asset Management Inc. boosted its holdings in Applied Digital by 102.3% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 41,787 shares of the company’s stock valued at $1,559,000 after acquiring an additional 21,130 shares during the period. TrueWealth Advisors LLC purchased a new position in Applied Digital during the 2nd quarter valued at about $381,000. Finally, FNY Investment Advisers LLC acquired a new position in Applied Digital in the 2nd quarter valued at about $37,000. 65.67% of the stock is owned by institutional investors and hedge funds.
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.