Applied Digital Co. (NASDAQ:APLD) Short Interest Up 9.0% in November

Applied Digital Co. (NASDAQ:APLD) saw a significant increase in short interest in 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 shares of the company are sold short. Based on an average trading volume of 15,190,000 shares, the short-interest ratio is currently 2.8 days.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. B. Riley raised their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Craig Hallum upped their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. HC Wainwright lifted their price target 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. Finally, Lake Street Capital upped their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital presently has a consensus rating of “Buy” and a consensus price target of $10.50.

Insider Activity

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now directly owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 359,369 shares of company stock valued at $3,115,161 over the last three months. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

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

Applied Digital Stock Down 1.4 %

Shares of NASDAQ:APLD opened at $8.90 on Monday. The stock’s 50-day moving average is $8.31 and its 200 day moving average is $6.39. The company has a market cap of $1.88 billion, a PE ratio of -7.61 and a beta of 4.67. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same period in the previous year, the firm earned ($0.10) earnings per share. The business’s revenue was up 67.2% compared to the same quarter last year. Sell-side analysts anticipate that Applied Digital will post -0.4 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.