Short Interest in Applied Digital Co. (NASDAQ:APLD) Rises By 14.7%

Applied Digital Co. (NASDAQ:APLD - Get Free Report) saw a significant growth in short interest in December. As of December 31st, there was short interest totalling 49,100,000 shares, a growth of 14.7% from the December 15th total of 42,790,000 shares. Currently, 30.8% of the company's shares are sold short. Based on an average daily trading volume, of 15,910,000 shares, the days-to-cover ratio is currently 3.1 days.

Analysts Set New Price Targets

A number of analysts have recently issued reports on APLD shares. HC Wainwright increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday. Needham & Company LLC restated a "buy" rating and set a $11.00 price target on shares of Applied Digital in a report on Wednesday. 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. Cantor Fitzgerald reduced their price objective on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Lake Street Capital upped 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. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $11.29.

Applied Digital Stock Down 0.9 %

Shares of APLD traded down $0.08 during trading hours on Friday, hitting $8.90. 23,061,663 shares of the company were exchanged, compared to its average volume of 24,454,588. The firm's 50 day moving average is $8.82 and its 200-day moving average is $6.98. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.25. The company has a market cap of $1.98 billion, a PE ratio of -7.61 and a beta of 4.78.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm had revenue of $63.87 million during the quarter, compared to analysts' expectations of $62.41 million. During the same quarter in the prior year, the business earned ($0.05) earnings per share. The company's revenue was up 51.3% on a year-over-year basis. On average, equities research analysts forecast that Applied Digital will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the transaction, the director now owns 334,317 shares in the company, valued at approximately $3,075,716.40. The trade was a 13.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares of the company's stock, valued at approximately $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 sold 269,369 shares of company stock valued at $2,445,461. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Applied Digital during the third quarter valued at about $59,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital during the 3rd quarter valued at approximately $83,000. Gunderson Capital Management Inc. acquired a new stake in Applied Digital in the 4th quarter valued at approximately $83,000. Wealth Enhancement Advisory Services LLC bought a new position in Applied Digital in the 3rd quarter worth approximately $88,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Applied Digital by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock worth $90,000 after buying an additional 1,692 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.