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

Applied Digital Co. (NASDAQ:APLD) saw a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 42,820,000 shares, an increase of 9.0% from the November 15th total of 39,290,000 shares. Currently, 26.7% of the company’s stock are short sold. Based on an average daily volume of 15,190,000 shares, the days-to-cover ratio is presently 2.8 days.

Applied Digital Trading Down 1.5 %

APLD stock traded down $0.13 during midday trading on Friday, reaching $8.90. The company’s stock had a trading volume of 10,821,438 shares, compared to its average volume of 8,357,867. The stock has a fifty day simple moving average of $8.31 and a two-hundred day simple moving average of $6.37. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of -7.61 and a beta of 4.67. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The firm had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The business’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.10) earnings per share. On average, equities research analysts predict that Applied Digital will post -0.4 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on APLD. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. 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 report on Thursday, October 10th. Lake Street Capital lifted their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. B. Riley increased their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Finally, HC Wainwright lifted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $10.50.

Insider Activity

In related news, Director Richard N. Nottenburg sold 50,000 shares of the company’s 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 transaction, the director now owns 334,317 shares of the company’s stock, valued at approximately $3,075,716.40. This represents a 13.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 359,369 shares of company stock worth $3,115,161 in the last quarter. 11.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Large investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC grew 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 worth $52,000 after acquiring an additional 6,933 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Applied Digital during the 3rd quarter worth about $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in Applied Digital during the 3rd quarter valued at about $83,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Applied Digital in the third quarter valued at about $88,000. Finally, Chesapeake Capital Corp IL purchased a new position in shares of Applied Digital in the third quarter worth about $94,000. 65.67% of the stock is currently owned by institutional investors.

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.