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

Applied Digital Co. (NASDAQ:APLD) saw a large growth in short interest in November. As of November 15th, there was short interest totalling 39,290,000 shares, a growth of 45.4% from the October 31st total of 27,020,000 shares. Based on an average daily trading volume, of 16,990,000 shares, the short-interest ratio is presently 2.3 days. Approximately 24.0% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on APLD shares. Lake Street Capital boosted their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. HC Wainwright upped their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Friday, November 1st. B. Riley upped their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Finally, Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $10.50.

Insider Transactions at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the sale, the director now directly owns 334,317 shares of the company’s stock, valued at approximately $3,075,716.40. This represents a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 369,369 shares of company stock valued at $3,170,161. Corporate insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after acquiring an additional 2,547,485 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after purchasing an additional 1,002,862 shares in the last quarter. Hood River Capital Management LLC increased its position in Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after buying an additional 771,699 shares during the last quarter. Alight Capital Management LP bought a new position in Applied Digital during the second quarter valued at about $3,570,000. Finally, Van ECK Associates Corp raised its holdings in Applied Digital by 18.3% during the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after buying an additional 443,699 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Up 4.6 %

APLD stock traded up $0.44 during midday trading on Friday, reaching $10.10. The company had a trading volume of 11,660,339 shares, compared to its average volume of 7,954,302. The company has a 50 day moving average of $7.89 and a two-hundred day moving average of $5.95. The company has a market capitalization of $2.18 billion, a P/E ratio of -8.88 and a beta of 4.65. Applied Digital has a 1 year low of $2.36 and a 1 year high of $10.94. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data 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 return on equity of 88.87% and a negative net margin of 74.95%. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same period last year, the company earned ($0.10) earnings per share. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. On average, equities research analysts expect that Applied Digital will post -0.4 earnings per share for the current fiscal 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.