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

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

Applied Digital Stock Down 4.6 %

NASDAQ:APLD opened at $5.95 on Monday. The firm has a market capitalization of $816.40 million, a price-to-earnings 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 has a twelve month low of $2.36 and a twelve month high of $11.07. The stock’s 50 day moving average price is $4.19 and its two-hundred day moving average price is $4.71.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.40). Applied Digital had a negative return on equity of 75.46% and a negative net margin of 61.84%. The firm had revenue of $43.35 million for the quarter, compared to the consensus estimate of $50.36 million. Equities research analysts expect that Applied Digital will post -1.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its position in shares of Applied Digital by 380.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock valued at $54,000 after buying an additional 6,347 shares during the last quarter. Capstone Investment Advisors LLC bought a new position in Applied Digital during the fourth quarter worth $78,000. Principal Financial Group Inc. acquired a new position in shares of Applied Digital in the first quarter valued at $50,000. ICA Group Wealth Management LLC bought a new position in shares of Applied Digital in the fourth quarter valued at about $81,000. Finally, Chesapeake Capital Corp IL acquired a new stake in shares of Applied Digital during the 4th quarter worth about $86,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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.