Checchi Capital Advisers LLC Sells 41,000 Shares of Applied Digital Corporation $APLD

Key Points

• Checchi Capital Advisers reduced its Applied Digital stake by 20.6% in Q1, selling 41,000 shares and leaving it with 158,073 shares worth about $3.75 million.
• Insider selling has continued, with directors Douglas S. Miller and Richard N. Nottenburg recently selling shares; insiders have sold 35,000 shares over the last 90 days.
• Analysts remain mostly bullish on Applied Digital, with a consensus rating of “Moderate Buy” and an average price target of $70.56, despite one recent downgrade to “strong sell.”

Checchi Capital Advisers LLC cut its holdings in shares of Applied Digital Corporation (NASDAQ:APLD - Free Report) by 20.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 158,073 shares of the company's stock after selling 41,000 shares during the period. Checchi Capital Advisers LLC owned 0.06% of Applied Digital worth $3,753,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of APLD. Noble Wealth Management PBC bought a new stake in shares of Applied Digital during the fourth quarter worth approximately $25,000. Albion Financial Group UT bought a new position in Applied Digital in the fourth quarter valued at approximately $25,000. Activest Wealth Management bought a new position in Applied Digital in the fourth quarter valued at approximately $25,000. Ameriflex Group Inc. acquired a new stake in Applied Digital during the 4th quarter worth $25,000. Finally, McMillan Office Inc. bought a new stake in shares of Applied Digital during the 4th quarter valued at $25,000. Institutional investors own 65.67% of the company's stock.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $28.47 on Wednesday. The stock's fifty day simple moving average is $41.27 and its 200 day simple moving average is $34.42. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $8.14 billion, a PE ratio of -38.47 and a beta of 5.67. Applied Digital Corporation has a 12 month low of $9.60 and a 12 month high of $50.72.

Insider Activity

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the sale, the director directly owned 184,859 shares of the company's stock, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director owned 208,378 shares in the company, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,000 shares of company stock valued at $1,182,175 over the last 90 days. Corporate insiders own 9.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on APLD shares. B. Riley Financial reissued a "buy" rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Citizens Jmp upped their price objective on Applied Digital from $40.00 to $60.00 and gave the company a "market outperform" rating in a report on Thursday, May 21st. Needham & Company LLC increased their target price on Applied Digital from $66.00 to $83.00 and gave the company a "buy" rating in a research note on Tuesday, June 9th. Zacks Research lowered Applied Digital from a "hold" rating to a "strong sell" rating in a research note on Monday, June 8th. Finally, Roth Capital restated a "buy" rating and set a $65.00 target price on shares of Applied Digital in a report on Thursday, April 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $70.56.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.