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

Shares of Applied Digital Corporation (NASDAQ:APLD) have received an average rating of “Buy” from the fifteen brokerages that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $37.00.

A number of brokerages have recently issued reports on APLD. Lake Street Capital reiterated a “buy” rating and set a $45.00 price objective on shares of Applied Digital in a research note on Tuesday, December 30th. Arete Research initiated coverage on shares of Applied Digital in a research note on Wednesday, January 7th. They issued a “buy” rating for the company. B. Riley Financial boosted their target price on shares of Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Finally, Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th.

Applied Digital Stock Performance

Shares of NASDAQ APLD opened at $26.65 on Thursday. The stock has a 50 day moving average price of $32.70 and a 200 day moving average price of $28.59. Applied Digital has a 52 week low of $3.31 and a 52 week high of $42.27. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. The stock has a market capitalization of $7.45 billion, a PE ratio of -49.35 and a beta of 7.20.

Insider Activity

In related news, CEO Wes Cummins sold 165,000 shares of the firm’s stock in a transaction dated Friday, January 16th. The shares were 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 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 the SEC website. Also, Director Richard N. Nottenburg sold 12,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director directly owned 233,378 shares in the company, valued at approximately $8,273,250.10. This trade represents a 4.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 244,593 shares of company stock valued at $9,003,278 in the last 90 days. 9.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Noble Wealth Management PBC acquired a new stake in Applied Digital during the 4th quarter valued at $25,000. Albion Financial Group UT bought a new position in shares of Applied Digital during the fourth quarter worth approximately $25,000. Activest Wealth Management bought a new position in Applied Digital during the 4th quarter worth $25,000. Ameriflex Group Inc. acquired a new position in Applied Digital in the 4th quarter valued at $25,000. Finally, McMillan Office Inc. acquired a new position in Applied Digital in the 4th quarter valued at $25,000. 65.67% of the stock is 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.