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

Applied Digital Co. (NASDAQ:APLD) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 24,090,000 shares, a growth of 23.5% from the August 31st total of 19,500,000 shares. Based on an average daily trading volume, of 10,300,000 shares, the days-to-cover ratio is currently 2.3 days. Currently, 15.7% of the company’s shares are sold short.

Insider Buying and Selling

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the company. Alight Capital Management LP acquired a new position in Applied Digital in the second quarter worth about $3,570,000. Woodmont Investment Counsel LLC grew its stake in Applied Digital by 4.2% in 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 in the last quarter. Vanguard Group Inc. grew its stake in Applied Digital by 70.2% in 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 in the last quarter. Register Financial Advisors LLC grew its stake in Applied Digital by 74.0% in 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 in the last quarter. Finally, Swiss National Bank grew its stake in Applied Digital by 23.2% in the first quarter. Swiss National Bank now owns 180,600 shares of the company’s stock worth $773,000 after purchasing an additional 34,000 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on APLD. HC Wainwright reiterated a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Monday, September 9th. Roth Mkm reiterated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, September 5th. Finally, B. Riley raised their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $8.40.

Applied Digital Stock Down 5.5 %

Shares of Applied Digital stock opened at $7.74 on Monday. The business has a 50-day moving average of $4.92 and a 200-day moving average of $4.56. 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 $1.06 billion, a PE ratio of -10.37 and a beta of 4.51. Applied Digital has a 1-year low of $2.36 and a 1-year high of $8.78.

Applied Digital (NASDAQ:APLD) last announced its 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 for the quarter, compared to analyst estimates of $42.70 million. Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. During the same quarter in the prior year, the business earned ($0.07) earnings per share. As a group, equities analysts forecast that Applied Digital will post -1.12 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.