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

Applied Digital Co. (NASDAQ:APLD) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 17,240,000 shares, a decrease of 6.2% from the July 15th total of 18,380,000 shares. Based on an average daily volume of 5,490,000 shares, the short-interest ratio is presently 3.1 days. Approximately 16.4% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of research firms have commented on APLD. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, July 10th. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a research report on Wednesday, June 12th. Roth Mkm reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Wednesday, July 10th. Finally, B. Riley increased their price target on Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $8.40.

Applied Digital Price Performance

Shares of APLD opened at $4.03 on Wednesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. The stock’s 50 day moving average is $5.20 and its two-hundred day moving average is $4.37. Applied Digital has a twelve month low of $2.36 and a twelve month high of $8.65. The firm has a market capitalization of $552.95 million, a PE ratio of -5.10 and a beta of 4.56.

Institutional Trading of Applied Digital

A number of institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its position in Applied Digital by 380.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $54,000 after acquiring an additional 6,347 shares in the last quarter. Headlands Technologies LLC lifted its stake in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares during the period. ARS Investment Partners LLC acquired a new stake in shares of Applied Digital in the second quarter valued at about $60,000. Capstone Investment Advisors LLC purchased a new stake in Applied Digital during the fourth quarter worth about $78,000. Finally, Principal Financial Group Inc. acquired a new position in Applied Digital during the first quarter worth about $50,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.