Checchi Capital Advisers LLC Acquires New Position in Applied Digital Corporation $APLD

Checchi Capital Advisers LLC bought a new stake in shares of Applied Digital Corporation (NASDAQ:APLD) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 18,940 shares of the company’s stock, valued at approximately $434,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Hood River Capital Management LLC grew its position in Applied Digital by 2.8% in 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 during the last quarter. Situational Awareness LP boosted its position in shares of Applied Digital by 63.3% during the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock worth $66,379,000 after buying an additional 2,556,200 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Applied Digital by 24,356.8% during the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after buying an additional 5,198,223 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Applied Digital by 24.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,661,296 shares of the company’s stock worth $26,799,000 after buying an additional 514,896 shares in the last quarter. Finally, HRT Financial LP acquired a new stake in Applied Digital in the 2nd quarter valued at approximately $14,759,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Applied Digital

In related news, CEO Wes Cummins sold 165,000 shares of the stock in a transaction that occurred 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 represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Chuck Hastings sold 45,987 shares of the stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total transaction of $1,773,718.59. Following the transaction, the director owned 388,372 shares in the company, valued at approximately $14,979,508.04. This trade represents a 10.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 244,593 shares of company stock worth $9,003,278 in the last quarter. 9.50% of the stock is owned by corporate insiders.

Applied Digital Trading Down 11.7%

NASDAQ:APLD opened at $27.84 on Friday. The stock has a fifty day simple moving average of $31.00 and a 200 day simple moving average of $25.17. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of -51.56 and a beta of 7.25. Applied Digital Corporation has a 1-year low of $3.31 and a 1-year high of $42.27. 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 (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, January 7th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $126.59 million during the quarter, compared to analysts’ expectations of $82.22 million. Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. The firm’s revenue was up 250.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.06) EPS. Sell-side analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on APLD shares. Arete Research initiated coverage on Applied Digital in a report on Wednesday, January 7th. They set a “buy” rating on the stock. Lake Street Capital reiterated a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. HC Wainwright boosted their price target on shares of Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Applied Digital presently has a consensus rating of “Buy” and an average price target of $34.73.

Applied Digital 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.