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

Applied Digital Co. (NASDAQ:APLD) was the target of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 39,290,000 shares, a growth of 45.4% from the October 31st total of 27,020,000 shares. Currently, 24.0% of the shares of the company are sold short. Based on an average daily trading volume, of 16,990,000 shares, the days-to-cover ratio is currently 2.3 days.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Friday, November 1st. Lake Street Capital boosted their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Craig Hallum increased their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, B. Riley boosted their target price on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $10.50.

Insider Transactions at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares in the company, valued at $1,201,783. This represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 369,369 shares of company stock worth $3,170,161. 11.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP boosted its holdings in Applied Digital by 8.8% during the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after purchasing an additional 3,040 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after buying an additional 3,182 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Applied Digital by 14.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock worth $355,000 after buying an additional 5,423 shares during the last quarter. FMR LLC grew its holdings in shares of Applied Digital by 99.1% in the 3rd quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after acquiring an additional 6,507 shares in the last quarter. Finally, ICA Group Wealth Management LLC increased its position in shares of Applied Digital by 56.8% in the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after acquiring an additional 6,795 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

Applied Digital Stock Up 4.6 %

NASDAQ APLD traded up $0.44 during trading hours on Friday, reaching $10.10. 11,660,339 shares of the company’s stock were exchanged, compared to its average volume of 7,954,302. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -8.88 and a beta of 4.65. The company’s 50-day moving average is $7.89 and its two-hundred day moving average is $5.95. Applied Digital has a one year low of $2.36 and a one year high of $10.94.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS 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 company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period in the previous year, the company posted ($0.10) earnings per share. The company’s quarterly revenue was up 67.2% compared to the same quarter last year. On average, analysts forecast that Applied Digital will post -0.4 EPS for the current fiscal year.

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.