Short Interest in Applied Digital Co. (NASDAQ:APLD) Increases By 9.4%

Applied Digital Co. (NASDAQ:APLD) saw a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 26,360,000 shares, a growth of 9.4% from the September 15th total of 24,090,000 shares. Based on an average trading volume of 11,110,000 shares, the short-interest ratio is presently 2.4 days. Currently, 15.2% of the company’s stock are sold short.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 218,506 shares of the company’s stock, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 20.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC grew its position in Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares during the period. ARS Investment Partners LLC acquired a new stake in Applied Digital during the second quarter valued at $60,000. Principal Financial Group Inc. acquired a new stake in Applied Digital during the first quarter valued at $50,000. ICA Group Wealth Management LLC acquired a new stake in Applied Digital during the fourth quarter valued at $81,000. Finally, Crumly & Associates Inc. acquired a new stake in Applied Digital during the second quarter valued at $110,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Trading Down 3.3 %

Shares of Applied Digital stock opened at $7.30 on Wednesday. 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 firm has a fifty day moving average price of $5.68 and a 200 day moving average price of $4.84. Applied Digital has a 1 year low of $2.36 and a 1 year high of $8.78. The stock has a market cap of $1.00 billion, a PE ratio of -9.24 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The firm had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter last year, the company posted ($0.10) earnings per share. The firm’s revenue was up 67.2% compared to the same quarter last year. Equities research analysts predict that Applied Digital will post -1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum raised their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. B. Riley raised their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $9.67.

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.