Short Interest in Applied Digital Co. (NASDAQ:APLD) Rises By 7.0%

Applied Digital Co. (NASDAQ:APLD - Get Free Report) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 19,500,000 shares, an increase of 7.0% from the August 15th total of 18,220,000 shares. Based on an average daily volume of 9,590,000 shares, the short-interest ratio is currently 2.0 days. Currently, 17.3% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on APLD shares. Roth Mkm reissued a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, September 5th. HC Wainwright reiterated a "buy" rating and issued a $5.00 price objective on shares of Applied Digital in a report on Thursday, August 29th. B. Riley raised their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a report on Friday. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a report on Monday, September 9th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $8.40.

Applied Digital Trading Down 1.4 %

NASDAQ:APLD traded down $0.08 on Tuesday, reaching $5.81. 10,396,912 shares of the stock traded hands, compared to its average volume of 5,922,874. The firm has a market capitalization of $797.18 million, a price-to-earnings ratio of -7.91 and a beta of 4.51. The company's 50 day moving average is $4.79 and its 200-day moving average is $4.40. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. Applied Digital has a 1-year low of $2.36 and a 1-year high of $8.65.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.29). The firm had revenue of $43.70 million for the quarter, compared to analyst estimates of $42.70 million. Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. During the same period in the prior year, the company posted ($0.07) EPS. Equities research analysts anticipate that Applied Digital will post -1.02 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at $1,201,783. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 20.50% of the company's stock.

Institutional Trading of Applied Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new stake in shares of Applied Digital during the 2nd quarter worth approximately $1,451,000. B. Riley Wealth Advisors Inc. grew its position in shares of Applied Digital by 66.1% during 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. The Manufacturers Life Insurance Company grew its position in shares of Applied Digital by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company's stock worth $224,000 after buying an additional 7,517 shares during the period. Alight Capital Management LP acquired a new stake in shares of Applied Digital during the 2nd quarter worth approximately $3,570,000. Finally, Marshall Wace LLP acquired a new stake in shares of Applied Digital during the 2nd quarter worth approximately $720,000. Institutional investors and hedge funds own 65.67% of the company's stock.

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.