Checchi Capital Advisers LLC Has $3.75 Million Holdings in Applied Digital Corporation $APLD

Checchi Capital Advisers LLC lessened its position in shares of Applied Digital Corporation (NASDAQ:APLD) by 20.6% in the first quarter, Holdings Channel.com reports. The firm owned 158,073 shares of the company’s stock after selling 41,000 shares during the period. Checchi Capital Advisers LLC’s holdings in Applied Digital were worth $3,753,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other news, 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 value of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the transaction, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 35,000 shares of company stock worth $1,182,175. Company insiders own 9.50% of the company’s stock.

Applied Digital Stock Down 1.3%

Shares of APLD stock opened at $28.47 on Wednesday. Applied Digital Corporation has a 52-week low of $9.60 and a 52-week high of $50.72. The stock has a market cap of $8.14 billion, a price-to-earnings ratio of -38.47 and a beta of 5.67. The firm’s 50-day moving average is $41.27 and its 200-day moving average is $34.42. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Zacks Research cut shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Northland Securities set a $82.00 target price on Applied Digital and gave the stock an “outperform” rating in a report on Wednesday, June 17th. Craig Hallum increased their price target on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Finally, B. Riley Financial restated 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. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $70.56.

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.