Short Interest in Applied Digital Co. (NASDAQ:APLD) Expands By 23.5%

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

Applied Digital Price Performance

Shares of APLD stock traded down $0.06 during trading hours on Friday, hitting $8.19. The company’s stock had a trading volume of 12,868,955 shares, compared to its average volume of 6,367,392. The business has a fifty day moving average of $4.92 and a 200-day moving average of $4.56. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -10.37 and a beta of 4.51. Applied Digital has a twelve month low of $2.36 and a twelve month high of $8.78. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.29). The firm had revenue of $43.70 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the company posted ($0.07) EPS. As a group, equities research analysts anticipate that Applied Digital will post -1.12 EPS for the current year.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at $1,201,783. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently modified their holdings of APLD. Principal Financial Group Inc. purchased a new position in Applied Digital during the first quarter worth approximately $50,000. Headlands Technologies LLC raised its stake in 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 purchasing an additional 6,933 shares during the period. ARS Investment Partners LLC purchased a new position in Applied Digital during the second quarter worth approximately $60,000. Capstone Investment Advisors LLC purchased a new position in Applied Digital during the fourth quarter worth approximately $78,000. Finally, ICA Group Wealth Management LLC purchased a new position in Applied Digital during the fourth quarter worth approximately $81,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Wall Street Analysts Forecast Growth

APLD has been the topic of several recent analyst reports. HC Wainwright restated a “buy” rating and set a $5.00 target price on shares of Applied Digital in a research report on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Monday, September 9th. Roth Mkm restated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, September 5th. Finally, B. Riley upped their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target 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.