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

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. B. Riley raised 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. Lake Street Capital upped their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. HC Wainwright raised their target price on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and an average target price of $10.50.

Applied Digital Stock Performance

Applied Digital stock traded up $0.44 during mid-day trading on Friday, hitting $10.10. The company had a trading volume of 11,660,358 shares, compared to its average volume of 7,954,375. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -8.63 and a beta of 4.65. The company’s fifty day moving average is $7.97 and its 200-day moving average is $5.99. Applied Digital has a 12-month low of $2.36 and a 12-month high of $10.94.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same period in the prior year, the firm posted ($0.10) earnings per share. The firm’s quarterly revenue was up 67.2% compared to the same quarter last year. Equities research analysts predict that Applied Digital will post -0.4 EPS for the current year.

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the transaction, the director now owns 433,686 shares in the company, valued at $3,196,265.82. The trade was a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 369,369 shares of company stock worth $3,170,161. Corporate insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after buying an additional 2,547,485 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after acquiring an additional 3,182 shares during the period. California State Teachers Retirement System lifted its holdings in Applied Digital by 14.1% during the first quarter. California State Teachers Retirement System now owns 91,086 shares of the company’s stock valued at $390,000 after purchasing an additional 11,288 shares in the last quarter. Register Financial Advisors LLC grew its position in shares of Applied Digital by 29.2% in the second quarter. Register Financial Advisors LLC now owns 417,800 shares of the company’s stock valued at $2,486,000 after purchasing an additional 94,400 shares during the period. Finally, ARS Investment Partners LLC purchased a new stake in shares of Applied Digital during the second quarter worth about $60,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.