Chelsea Counsel Co. Makes New $582,000 Investment in Applied Digital Corporation $APLD

Chelsea Counsel Co. acquired a new position in shares of Applied Digital Corporation (NASDAQ:APLD) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 57,780 shares of the company’s stock, valued at approximately $582,000.

Several other large investors have also recently added to or reduced their stakes in APLD. Corebridge Financial Inc. increased its position in shares of Applied Digital by 2.0% in the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company’s stock worth $546,000 after purchasing an additional 1,899 shares during the period. Wedbush Securities Inc. increased its position in shares of Applied Digital by 14.8% in the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company’s stock worth $87,000 after purchasing an additional 2,000 shares during the period. Wellington Management Group LLP increased its position in shares of Applied Digital by 11.7% in the first quarter. Wellington Management Group LLP now owns 19,056 shares of the company’s stock worth $107,000 after purchasing an additional 2,001 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Applied Digital by 29.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company’s stock worth $77,000 after purchasing an additional 3,127 shares during the period. Finally, Geneos Wealth Management Inc. increased its position in shares of Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after purchasing an additional 3,542 shares during the period. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Performance

NASDAQ:APLD opened at $22.94 on Wednesday. The stock has a market cap of $6.28 billion, a P/E ratio of -21.05 and a beta of 6.64. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.36. The stock’s 50-day moving average is $16.23 and its 200-day moving average is $10.69. Applied Digital Corporation has a 1-year low of $3.31 and a 1-year high of $25.61.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). The company had revenue of $38.01 million for the quarter, compared to analysts’ expectations of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The business’s quarterly revenue was up 41.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.14) earnings per share. Equities research analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on APLD shares. Citigroup restated an “outperform” rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Compass Point started coverage on Applied Digital in a research report on Monday, September 15th. They issued a “buy” rating on the stock. Needham & Company LLC lifted their target price on Applied Digital from $12.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Lake Street Capital lifted their target price on Applied Digital from $14.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Finally, Roth Capital reiterated a “buy” rating on shares of Applied Digital in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. According to data from MarketBeat.com, Applied Digital presently has an average rating of “Buy” and a consensus target price of $15.64.

Insider Buying and Selling

In related news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $1,144,500.00. Following the transaction, the chief financial officer directly owned 201,800 shares of the company’s stock, valued at $3,079,468. The trade was a 27.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $305,200.00. Following the completion of the transaction, the director directly owned 297,987 shares in the company, valued at approximately $4,547,281.62. This represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 506,250 shares of company stock valued at $7,713,675 over the last ninety days. 9.50% of the stock is owned by company 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.