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

Applied Digital Co. (NASDAQ:APLD) saw a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 16,700,000 shares, a decrease of 12.8% from the May 31st total of 19,150,000 shares. Approximately 16.6% of the shares of the stock are sold short. Based on an average daily volume of 4,670,000 shares, the days-to-cover ratio is presently 3.6 days.

Institutional Investors Weigh In On Applied Digital

Large investors have recently made changes to their positions in the stock. Oasis Management Co Ltd. grew its position 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 valued at $33,216,000 after purchasing an additional 940,075 shares in the last quarter. Versor Investments LP purchased a new position in Applied Digital in the fourth quarter worth approximately $121,000. Russell Investments Group Ltd. grew its position in Applied Digital by 154.0% in the fourth quarter. Russell Investments Group Ltd. now owns 265,929 shares of the company’s stock worth $1,792,000 after acquiring an additional 161,250 shares during the period. Jump Financial LLC purchased a new position in Applied Digital in the fourth quarter worth approximately $107,000. Finally, Vanguard Group Inc. grew its position in Applied Digital by 40.6% in the third quarter. Vanguard Group Inc. now owns 3,335,542 shares of the company’s stock worth $20,814,000 after acquiring an additional 963,390 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

APLD has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Friday, June 14th. Lake Street Capital reduced their price target on Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a report on Friday, April 12th. B. Riley upped their price target on Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Friday. Roth Mkm upped their price target on Applied Digital from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a report on Wednesday, June 12th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $8.40.

Applied Digital Price Performance

Shares of Applied Digital stock traded down $0.29 during mid-day trading on Friday, reaching $5.95. 8,825,732 shares of the stock traded hands, compared to its average volume of 6,734,423. The business has a 50-day moving average of $4.19 and a 200 day moving average of $4.72. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.07. The stock has a market capitalization of $816.40 million, a PE ratio of -7.53 and a beta of 4.38. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Thursday, April 11th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). The firm had revenue of $43.35 million for the quarter, compared to analyst estimates of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. On average, analysts predict that Applied Digital will post -1.03 EPS 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.