Short Interest in Applied Digital Co. (NASDAQ:APLD) Increases By 5.7%

Applied Digital Co. (NASDAQ:APLD - Get Free Report) saw a large growth in short interest in the month of August. As of August 15th, there was short interest totalling 18,220,000 shares, a growth of 5.7% from the July 31st total of 17,240,000 shares. Currently, 17.3% of the company's shares are sold short. Based on an average daily trading volume, of 5,430,000 shares, the short-interest ratio is currently 3.4 days.

Applied Digital Stock Down 4.5 %

Shares of Applied Digital stock traded down $0.17 during trading hours on Monday, reaching $3.65. 12,775,200 shares of the company's stock were exchanged, compared to its average volume of 4,425,225. The company has a 50 day moving average of $5.07 and a two-hundred day moving average of $4.35. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $8.65. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. The stock has a market cap of $500.82 million, a P/E ratio of -4.62 and a beta of 4.56.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative return on equity of 109.89% and a negative net margin of 88.95%. The business had revenue of $43.70 million for the quarter, compared to analyst estimates of $42.70 million. During the same quarter in the prior year, the company earned ($0.07) earnings per share. On average, sell-side analysts forecast that Applied Digital will post -1.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. bought a new stake in shares of Applied Digital in the 2nd quarter valued at about $1,451,000. B. Riley Wealth Advisors Inc. raised 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 valued at $4,609,000 after purchasing an additional 308,223 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Applied Digital by 25.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company's stock valued at $224,000 after purchasing an additional 7,517 shares during the period. Alight Capital Management LP bought a new stake in shares of Applied Digital in the 2nd quarter valued at about $3,570,000. Finally, Marshall Wace LLP bought a new stake in shares of Applied Digital in the 2nd quarter valued at about $720,000. 65.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on APLD shares. Roth Mkm decreased their price target on shares of Applied Digital from $11.00 to $10.00 and set a "buy" rating for the company in a report on Thursday. HC Wainwright reaffirmed a "buy" rating and issued a $5.00 target price on shares of Applied Digital in a research note on Thursday. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a research note on Thursday. Finally, B. Riley upped their target price on shares of Applied Digital from $6.00 to $8.00 and gave the stock a "buy" rating in a research note on Friday, June 28th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $8.20.

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.

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