Applied Digital Corporation (NASDAQ:APLD) Receives Average Rating of “Buy” from Analysts

Shares of Applied Digital Corporation (NASDAQ:APLD) have received an average rating of “Buy” from the fifteen ratings firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, twelve have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $37.00.

Several brokerages have recently commented on APLD. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Lake Street Capital reaffirmed a “buy” rating and set a $45.00 price target on shares of Applied Digital in a report on Tuesday, December 30th. Arete Research initiated coverage on shares of Applied Digital in a research report on Wednesday, January 7th. They set a “buy” rating on the stock. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Finally, Northland Securities set a $56.00 price objective on shares of Applied Digital in a research report on Wednesday, January 28th.

Applied Digital Trading Down 3.1%

APLD opened at $26.65 on Thursday. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of -49.35 and a beta of 7.20. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79. Applied Digital has a twelve month low of $3.31 and a twelve month high of $42.27. The company has a 50-day simple moving average of $32.70 and a 200 day simple moving average of $28.59.

Insiders Place Their Bets

In other news, CEO Wes Cummins sold 165,000 shares of Applied Digital 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 transaction, the chief executive officer owned 4,176,329 shares in the company, valued at approximately $152,101,902.18. This trade represents a 3.80% decrease in their position. The sale 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 the company’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the sale, the director owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. This represents a 4.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 244,593 shares of company stock worth $9,003,278. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in APLD. Vanguard Group Inc. grew its holdings in shares of Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after purchasing an additional 6,445,908 shares during the last quarter. Hood River Capital Management LLC increased its position in Applied Digital by 2.8% during the 2nd quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after purchasing an additional 592,314 shares in the last quarter. Situational Awareness LP lifted its stake in Applied Digital by 87.0% in the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after purchasing an additional 5,274,905 shares during the last quarter. Geode Capital Management LLC boosted its position in Applied Digital by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after buying an additional 304,228 shares in the last quarter. Finally, Value Aligned Research Advisors LLC acquired a new stake in Applied Digital in the fourth quarter valued at approximately $138,380,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.