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

Applied Digital Co. (NASDAQ:APLD) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totalling 26,360,000 shares, a growth of 9.4% from the September 15th total of 24,090,000 shares. Based on an average daily trading volume, of 11,110,000 shares, the days-to-cover ratio is presently 2.4 days. Approximately 15.2% of the shares of the stock are sold short.

Applied Digital Price Performance

Shares of APLD stock opened at $7.30 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The company has a market capitalization of $1.00 billion, a P/E ratio of -9.24 and a beta of 4.56. The company’s 50-day simple moving average is $5.68 and its two-hundred day simple moving average is $4.84. Applied Digital has a one year low of $2.36 and a one year high of $8.78.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The business had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The company’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.10) EPS. As a group, equities analysts anticipate that Applied Digital will post -1.12 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on APLD. B. Riley upped their target price on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. HC Wainwright restated a “buy” rating and set a $5.00 target price on shares of Applied Digital in a research report on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Lake Street Capital increased their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $9.67.

Insider Activity

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its stake in 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 worth $103,000 after acquiring an additional 3,182 shares in the last quarter. ICA Group Wealth Management LLC boosted its stake in shares of Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after purchasing an additional 6,795 shares in the last quarter. Headlands Technologies LLC boosted its stake in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Applied Digital by 25.0% during the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after purchasing an additional 7,517 shares in the last quarter. Finally, ARS Investment Partners LLC bought a new position in shares of Applied Digital during the second quarter valued at approximately $60,000. 65.67% of the stock is currently owned by institutional investors.

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.