Applied Digital Co. (NASDAQ:APLD) Short Interest Up 14.7% in January

Applied Digital Co. (NASDAQ:APLD) was the target of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 49,100,000 shares, a growth of 14.7% from the December 31st total of 42,790,000 shares. Approximately 30.8% of the company’s stock are short sold. Based on an average daily trading volume, of 15,910,000 shares, the days-to-cover ratio is presently 3.1 days.

Analysts Set New Price Targets

APLD has been the subject of a number of recent analyst reports. Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital upped their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HC Wainwright upped their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, January 15th. Finally, Craig Hallum upped their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $11.13.

Insider Activity at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the sale, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. The trade was a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 289,369 shares of company stock valued at $2,622,461. 11.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its stake in Applied Digital by 36.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after purchasing an additional 240,554 shares during the period. Quadrature Capital Ltd bought a new position in Applied Digital in the 3rd quarter worth about $545,000. Exchange Traded Concepts LLC boosted its stake in Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after purchasing an additional 273,666 shares during the period. Barclays PLC boosted its stake in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after purchasing an additional 428,428 shares during the period. Finally, SG Americas Securities LLC raised its holdings in shares of Applied Digital by 414.5% in the 4th quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock valued at $2,031,000 after acquiring an additional 214,133 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Down 3.5 %

APLD stock opened at $7.12 on Monday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -4.12 and a beta of 4.78. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.25. The stock has a fifty day moving average of $8.80 and a 200-day moving average of $7.10.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same quarter last year, the company earned ($0.05) EPS. The firm’s revenue was up 51.3% compared to the same quarter last year. As a group, equities research analysts predict that Applied Digital will post -0.96 earnings per share for the current 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.