Applied Digital (NASDAQ:APLD) Stock Price Up 7.9% - Still a Buy?

Key Points

• Applied Digital shares rose 7.9% in Tuesday trading, reaching as high as $30.81 before closing near $30.05, though volume came in slightly below its daily average.
• Analyst sentiment remains broadly positive, with several firms reiterating or raising bullish targets; the consensus rating is Moderate Buy with an average price target of $70.56.
• Despite the recent rally, the stock has seen insider selling and remains volatile, with a beta of 5.67 and trading below both its 50-day and 200-day moving averages.

Shares of Applied Digital Corporation (NASDAQ:APLD - Get Free Report) traded up 7.9% during mid-day trading on Tuesday . The stock traded as high as $30.81 and last traded at $30.05. Approximately 23,048,514 shares traded hands during trading, a decline of 6% from the average daily volume of 24,568,877 shares. The stock had previously closed at $27.85.

Analyst Upgrades and Downgrades

APLD has been the topic of several research reports. Roth Capital reissued a "buy" rating and issued a $65.00 target price on shares of Applied Digital in a report on Thursday, April 23rd. Citizens Jmp boosted their price objective on shares of Applied Digital from $40.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Thursday, May 21st. Zacks Research downgraded shares of Applied Digital from a "hold" rating to a "strong sell" rating in a report on Monday, June 8th. Citigroup restated a "market outperform" rating on shares of Applied Digital in a research report on Tuesday, June 9th. Finally, Craig Hallum increased their price target on shares of Applied Digital from $75.00 to $79.00 and gave the company a "buy" rating in a research report on Tuesday, June 9th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Sell rating to the company's stock. According to MarketBeat, Applied Digital currently has a consensus rating of "Moderate Buy" and an average price target of $70.56.

Applied Digital Stock Performance

The company has a market capitalization of $8.59 billion, a price-to-earnings ratio of -40.61 and a beta of 5.67. The stock has a fifty day moving average price of $40.03 and a two-hundred day moving average price of $34.50. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65.

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 12,500 shares of the business's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value 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. The trade was a 5.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their ownership of the stock. 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 worth $1,182,175. Corporate insiders own 9.50% of the company's stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of APLD. Albion Financial Group UT purchased a new stake in Applied Digital in the 4th quarter worth approximately $25,000. Activest Wealth Management purchased a new position in shares of Applied Digital during the 4th quarter worth $25,000. FNY Investment Advisers LLC purchased a new position in shares of Applied Digital during the 2nd quarter worth $37,000. Ameriflex Group Inc. acquired a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Finally, McMillan Office Inc. acquired a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Institutional investors and hedge funds 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.

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