Applied Digital Co. (NASDAQ:APLD) Short Interest Up 9.4% in September

Applied Digital Co. (NASDAQ:APLD) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totalling 26,360,000 shares, a growth of 9.4% from the September 15th total of 24,090,000 shares. Based on an average daily volume of 11,110,000 shares, the days-to-cover ratio is presently 2.4 days. Approximately 15.2% of the company’s stock are sold short.

Analysts Set New Price Targets

Several research firms have recently weighed in on APLD. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. B. Riley increased their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Finally, Craig Hallum increased their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $10.50.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 20.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in APLD. ICA Group Wealth Management LLC purchased a new position in shares of Applied Digital in the fourth quarter valued at $81,000. B. Riley Wealth Advisors Inc. increased its position in Applied Digital by 9.9% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 512,582 shares of the company’s stock worth $3,455,000 after purchasing an additional 46,150 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in Applied Digital during the fourth quarter worth approximately $183,000. Register Financial Advisors LLC boosted its position in Applied Digital by 74.0% during the first quarter. Register Financial Advisors LLC now owns 323,400 shares of the company’s stock worth $1,384,000 after acquiring an additional 137,500 shares during the last quarter. Finally, Woodmont Investment Counsel LLC grew its stake in Applied Digital by 4.2% in the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock worth $1,071,000 after acquiring an additional 10,149 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Up 10.3 %

NASDAQ:APLD opened at $8.05 on Thursday. The stock has a fifty day moving average price of $5.76 and a two-hundred day moving average price of $4.86. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -10.19 and a beta of 4.56. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. Applied Digital has a 1 year low of $2.36 and a 1 year high of $8.78.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The business had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter last year, the business posted ($0.10) earnings per share. The business’s revenue for the quarter was up 67.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Applied Digital will post -1.12 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.