Chesapeake Capital Corp IL Takes Position in Applied Digital Co. (NASDAQ:APLD)

Chesapeake Capital Corp IL acquired a new stake in Applied Digital Co. (NASDAQ:APLD) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 11,522 shares of the company’s stock, valued at approximately $94,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after purchasing an additional 3,182 shares in the last quarter. ICA Group Wealth Management LLC raised its holdings in shares of Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after buying an additional 6,795 shares during the period. Headlands Technologies LLC raised its holdings in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Applied Digital by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after buying an additional 7,517 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of Applied Digital by 72.5% during the 3rd quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock valued at $161,000 after buying an additional 8,212 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares in the company, valued at approximately $3,196,265.82. The trade was a 15.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares of the company’s stock, valued at $1,201,783. This trade represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,369 shares of company stock worth $870,161. 11.81% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on APLD. B. Riley raised their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Roth Mkm reiterated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. HC Wainwright lifted their price objective on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, Craig Hallum lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $10.50.

Applied Digital Price Performance

APLD stock opened at $7.23 on Monday. Applied Digital Co. has a 52-week low of $2.36 and a 52-week high of $9.48. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $1.56 billion, a PE ratio of -6.18 and a beta of 4.65. The stock’s 50 day moving average is $7.29 and its two-hundred day moving average is $5.57.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The business had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same period in the previous year, the business earned ($0.10) EPS. The business’s quarterly revenue was up 67.2% on a year-over-year basis. Analysts predict that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

About Applied Digital

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.