Applied Digital Co. (NASDAQ:APLD) Sees Large Growth in Short Interest

Applied Digital Co. (NASDAQ:APLD) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 19,500,000 shares, an increase of 7.0% from the August 15th total of 18,220,000 shares. Based on an average daily trading volume, of 9,590,000 shares, the days-to-cover ratio is currently 2.0 days. Approximately 17.3% of the shares of the company are short sold.

Applied Digital Stock Up 4.5 %

Shares of NASDAQ APLD opened at $6.07 on Thursday. The company’s 50-day simple moving average is $4.80 and its 200-day simple moving average is $4.42. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The firm has a market cap of $832.86 million, a price-to-earnings ratio of -7.68 and a beta of 4.51. Applied Digital has a 52-week low of $2.36 and a 52-week high of $8.65.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.29). The business had revenue of $43.70 million during 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 in the prior year, the business posted ($0.07) earnings per share. Equities analysts predict that Applied Digital will post -1.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. B. Riley raised their price target 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 reiterated a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a research report on Thursday, August 29th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Monday, September 9th. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, September 5th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $8.40.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on 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 owns 218,506 shares in the company, valued at $1,201,783. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 20.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the business. Oasis Management Co Ltd. lifted its stake in shares of Applied Digital by 23.6% in the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after buying an additional 940,075 shares in the last quarter. Woodmont Investment Counsel LLC raised its stake in Applied Digital by 4.2% during the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock worth $1,071,000 after purchasing an additional 10,149 shares during the period. Jump Financial LLC purchased a new position in Applied Digital during the fourth quarter worth about $107,000. Vanguard Group Inc. raised its stake in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after purchasing an additional 2,547,485 shares during the period. Finally, Register Financial Advisors LLC raised its stake in Applied Digital by 74.0% during the first quarter. Register Financial Advisors LLC now owns 323,400 shares of the company’s stock worth $1,384,000 after purchasing an additional 137,500 shares during the period. 65.67% of the stock is owned by hedge funds and other 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.