Applied Digital Co. (NASDAQ:APLD) Short Interest Update

Applied Digital Co. (NASDAQ:APLD) was the target of a large increase in short interest in September. As of September 15th, there was short interest totalling 24,090,000 shares, an increase of 23.5% from the August 31st total of 19,500,000 shares. Based on an average trading volume of 10,300,000 shares, the days-to-cover ratio is presently 2.3 days. Currently, 15.7% of the company’s stock are short sold.

Analysts Set New Price Targets

APLD has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Applied Digital in a research report on Thursday, August 29th. B. Riley lifted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Monday, September 9th. Finally, Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, September 5th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital presently has an average rating of “Buy” and a consensus price target of $8.40.

Insider Activity at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction 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 in the company, valued at approximately $1,201,783. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 20.50% of the stock is owned by insiders.

Institutional Trading of Applied Digital

Several institutional investors and hedge funds have recently modified their holdings of APLD. Swiss National Bank raised its holdings in shares of Applied Digital by 6.9% in the 4th quarter. Swiss National Bank now owns 146,600 shares of the company’s stock valued at $988,000 after acquiring an additional 9,500 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in shares of Applied Digital in the 4th quarter valued at about $78,000. Capital Research Global Investors raised its holdings in shares of Applied Digital by 427.2% in the 4th quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock valued at $49,453,000 after acquiring an additional 5,945,559 shares in the last quarter. Plustick Management LLC raised its holdings in shares of Applied Digital by 16.7% in the 4th quarter. Plustick Management LLC now owns 490,000 shares of the company’s stock valued at $3,303,000 after acquiring an additional 70,000 shares in the last quarter. Finally, ICA Group Wealth Management LLC purchased a new stake in shares of Applied Digital in the 4th quarter valued at about $81,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

APLD traded down $0.06 during trading on Friday, reaching $8.19. 12,868,955 shares of the company were exchanged, compared to its average volume of 6,367,392. The company’s 50-day moving average is $4.92 and its two-hundred day moving average is $4.56. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -10.37 and a beta of 4.51. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. Applied Digital has a 12-month low of $2.36 and a 12-month high of $8.78.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). The company had revenue of $43.70 million for the quarter, compared to analysts’ expectations of $42.70 million. Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. During the same period last year, the company posted ($0.07) EPS. Research analysts forecast that Applied Digital will post -1.12 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.