Applied Digital Corporation (NASDAQ:APLD) Given Average Rating of “Moderate Buy” by Brokerages

Applied Digital Corporation (NASDAQ:APLD) has been assigned a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, eleven have given a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $70.5556.

A number of equities analysts have recently issued reports on APLD shares. Needham & Company LLC raised their price objective on Applied Digital from $66.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Lake Street Capital increased their target price on shares of Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Compass Point restated a “buy” rating and set a $70.00 price target on shares of Applied Digital in a report on Friday, May 22nd. Finally, Zacks Research downgraded shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction 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 in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

A number of large investors have recently bought and sold shares of APLD. Vanguard Group Inc. raised its position in shares of Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after acquiring an additional 6,445,908 shares in the last quarter. Situational Awareness LP boosted its position in shares of Applied Digital by 18.9% during the 1st quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock valued at $319,978,000 after purchasing an additional 2,139,378 shares in the last quarter. Geode Capital Management LLC grew its stake in Applied Digital by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock worth $154,151,000 after purchasing an additional 304,228 shares during the period. Value Aligned Research Advisors LLC acquired a new stake in Applied Digital during the fourth quarter worth approximately $138,380,000. Finally, BNP Paribas Financial Markets increased its holdings in 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 worth $52,561,000 after purchasing an additional 5,198,223 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Trading Up 7.9%

NASDAQ APLD opened at $30.05 on Wednesday. The business’s 50-day moving average price is $39.75 and its two-hundred day moving average price is $34.54. Applied Digital has a 12 month low of $9.79 and a 12 month high of $50.72. The firm has a market capitalization of $8.59 billion, a PE ratio of -40.61 and a beta of 5.67. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65.

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.