57,780 Shares in Applied Digital Corporation $APLD Acquired by Chelsea Counsel Co.

Key Points

• Chelsea Counsel Co. acquired 57,780 shares of Applied Digital Corporation for approximately $582,000 in the second quarter, indicating growing interest from institutional investors.
• Applied Digital's stock has seen strong performance, trading up by 3.6% recently, with a market capitalization of $6.28 billion and future earnings estimates suggesting a challenging outlook.
• Insider trading activity includes significant sales by both the director and CEO, with the director selling 20,000 shares and the CEO 400,000 shares, reflecting potential changes in internal sentiment.

Chelsea Counsel Co. bought a new position in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 57,780 shares of the company's stock, valued at approximately $582,000.

A number of other large investors have also bought and sold shares of the business. PNC Financial Services Group Inc. bought a new position in shares of Applied Digital during the 1st quarter worth approximately $28,000. Geneos Wealth Management Inc. grew its stake in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after acquiring an additional 3,542 shares in the last quarter. ORG Wealth Partners LLC bought a new position in shares of Applied Digital during the 2nd quarter worth approximately $66,000. CWM LLC grew its stake in shares of Applied Digital by 116.5% during the 1st quarter. CWM LLC now owns 9,506 shares of the company's stock worth $53,000 after acquiring an additional 5,116 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Applied Digital by 1,237.4% during the 1st quarter. GAMMA Investing LLC now owns 9,576 shares of the company's stock worth $540,000 after acquiring an additional 8,860 shares in the last quarter. 65.67% of the stock is owned by institutional investors.

Applied Digital Trading Up 3.6%

Shares of Applied Digital stock opened at $22.94 on Wednesday. The business has a fifty day simple moving average of $16.23 and a two-hundred day simple moving average of $10.69. Applied Digital Corporation has a 1 year low of $3.31 and a 1 year high of $25.61. The company has a market capitalization of $6.28 billion, a price-to-earnings ratio of -21.05 and a beta of 6.64. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.12). Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The business had revenue of $38.01 million during the quarter, compared to the consensus estimate of $42.86 million. During the same quarter last year, the firm posted ($0.14) EPS. The company's quarterly revenue was up 41.3% on a year-over-year basis. Research analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on APLD shares. Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a research note on Tuesday. B. Riley raised their price target on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Needham & Company LLC raised their price target on shares of Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Compass Point began coverage on shares of Applied Digital in a research note on Monday, September 15th. They set a "buy" rating for the company. Finally, JMP Securities increased their price objective on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $15.64.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the firm's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $305,200.00. Following the completion of the sale, the director owned 297,987 shares of the company's stock, valued at $4,547,281.62. This trade represents a 6.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Wes Cummins sold 400,000 shares of the firm's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $6,104,000.00. Following the sale, the chief executive officer directly owned 2,659,379 shares of the company's stock, valued at $40,582,123.54. This represents a 13.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 506,250 shares of company stock valued at $7,713,675 in the last quarter. 9.50% of the stock is currently owned by insiders.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.

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