Short Interest in Applied Digital Co. (NASDAQ:APLD) Increases By 9.0%

Applied Digital Co. (NASDAQ:APLD - Get Free Report) saw a large increase in short interest in November. As of November 30th, there was short interest totalling 42,820,000 shares, an increase of 9.0% from the November 15th total of 39,290,000 shares. Approximately 26.7% of the shares of the stock are short sold. Based on an average daily volume of 15,190,000 shares, the short-interest ratio is presently 2.8 days.

Insider Buying and Selling

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction 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 sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 50,000 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the transaction, the director now directly owns 334,317 shares of the company's stock, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 359,369 shares of company stock valued at $3,115,161. Corporate insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock valued at $7,419,000 after purchasing an additional 240,554 shares during the period. Quadrature Capital Ltd bought a new stake in Applied Digital during the 3rd quarter valued at $545,000. Virtu Financial LLC bought a new stake in Applied Digital during the 3rd quarter valued at $2,030,000. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Applied Digital by 66.1% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company's stock worth $4,609,000 after buying an additional 308,223 shares during the period. Finally, Alight Capital Management LP bought a new position in shares of Applied Digital during the 2nd quarter worth $3,570,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Trading Down 1.5 %

NASDAQ:APLD traded down $0.13 during mid-day trading on Friday, hitting $8.90. 10,821,438 shares of the stock traded hands, compared to its average volume of 8,357,867. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -7.61 and a beta of 4.67. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.25. The firm's 50 day moving average is $8.31 and its two-hundred day moving average is $6.37.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share 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 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 business posted ($0.10) earnings per share. The company's revenue for the quarter was up 67.2% on a year-over-year basis. On average, equities research analysts predict that Applied Digital will post -0.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on APLD shares. Needham & Company LLC reissued a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a report on Friday, November 1st. Roth Mkm restated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Lake Street Capital lifted their price target on Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. B. Riley upped their price objective on Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, September 13th. Finally, HC Wainwright lifted their target price on Applied Digital from $5.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, October 16th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital currently has a consensus rating of "Buy" and an average price target of $10.50.

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.