Applied Digital (OTCMKTS:APLD) Hits New 12-Month High on Analyst Upgrade

Posted by Defense World Staff on May 17th, 2023

Applied Digital Co. (OTCMKTS:APLD – Get Rating)’s stock price reached a new 52-week high on Tuesday after Needham & Company LLC raised their price target on the stock from $3.70 to $5.50. The company traded as high as $6.25 and last traded at $6.11, with a volume of 78340539 shares changing hands. The stock had previously closed at $3.41.

Insiders Place Their Bets

In related news, Director Chuck Hastings purchased 10,000 shares of the firm’s stock in a transaction dated Monday, February 27th. The stock was bought at an average price of $2.59 per share, with a total value of $25,900.00. Following the completion of the purchase, the director now owns 464,500 shares in the company, valued at approximately $1,203,055. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Applied Digital news, CEO Wes Cummins bought 25,000 shares of the business’s stock in a transaction that occurred on Friday, April 14th. The shares were bought at an average price of $3.50 per share, for a total transaction of $87,500.00. Following the transaction, the chief executive officer now directly owns 2,020,686 shares in the company, valued at $7,072,401. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Chuck Hastings bought 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The shares were acquired at an average price of $2.59 per share, for a total transaction of $25,900.00. Following the transaction, the director now owns 464,500 shares in the company, valued at $1,203,055. The disclosure for this purchase can be found here. Insiders bought a total of 60,000 shares of company stock valued at $192,900 in the last 90 days. Corporate insiders own 28.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Northern Trust Corp purchased a new stake in shares of Applied Digital during the second quarter valued at approximately $47,000. Renaissance Technologies LLC purchased a new stake in Applied Digital in the second quarter worth $30,000. Millennium Management LLC purchased a new stake in Applied Digital in the second quarter worth $331,000. State Street Corp purchased a new stake in Applied Digital in the second quarter worth $232,000. Finally, Virtu Financial LLC increased its position in Applied Digital by 89.4% in the third quarter. Virtu Financial LLC now owns 20,516 shares of the company’s stock worth $35,000 after buying an additional 9,682 shares during the last quarter. Institutional investors own 48.42% of the company’s stock.

Applied Digital Stock Up 78.9 %

The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.38. The stock has a 50-day simple moving average of $2.80 and a 200-day simple moving average of $2.50. The firm has a market capitalization of $579.85 million, a PE ratio of -13.28 and a beta of 4.85.

About Applied Digital

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Applied Digital Corp. operates as a technology company, which engages in the development and operation of data centers which provide computing power. The company was founded in May 2001 and is headquartered in Dallas, TX.