Short Interest in Applied Digital Co. (NASDAQ:APLD) Rises By 23.5%

Applied Digital Co. (NASDAQ:APLD - Get Free Report) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 24,090,000 shares, an increase of 23.5% from the August 31st total of 19,500,000 shares. Based on an average daily volume of 10,300,000 shares, the short-interest ratio is presently 2.3 days. Approximately 15.7% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on APLD shares. B. Riley upped their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Friday, September 13th. Needham & Company LLC reissued a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research note on Monday, September 9th. Roth Mkm reissued a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, September 5th. Finally, HC Wainwright reissued a "buy" rating and set a $5.00 target price on shares of Applied Digital in a research note on Thursday, August 29th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $8.40.

Applied Digital Stock Down 0.7 %

Shares of NASDAQ APLD traded down $0.06 during trading on Friday, reaching $8.19. The company had a trading volume of 12,868,955 shares, compared to its average volume of 6,367,392. Applied Digital has a 12-month low of $2.36 and a 12-month high of $8.78. The stock has a market cap of $1.12 billion, a PE ratio of -10.37 and a beta of 4.51. The business's 50-day moving average is $4.92 and its 200 day moving average is $4.56. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results 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 111.80% and a negative net margin of 88.95%. The company had revenue of $43.70 million during the quarter, compared to analysts' expectations of $42.70 million. During the same period in the prior year, the company posted ($0.07) earnings per share. As a group, equities analysts forecast that Applied Digital will post -1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Douglas S. Miller sold 10,000 shares of the firm's stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares of the company's stock, valued at approximately $1,201,783. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 20.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of APLD. Alight Capital Management LP bought a new position in shares of Applied Digital during the second quarter valued at $3,570,000. Woodmont Investment Counsel LLC lifted its holdings in shares of Applied Digital by 4.2% during the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company's stock valued at $1,071,000 after purchasing an additional 10,149 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company's stock valued at $26,434,000 after purchasing an additional 2,547,485 shares in the last quarter. Register Financial Advisors LLC lifted its holdings in shares of Applied Digital by 74.0% during the first quarter. Register Financial Advisors LLC now owns 323,400 shares of the company's stock valued at $1,384,000 after purchasing an additional 137,500 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Applied Digital by 23.2% during the first quarter. Swiss National Bank now owns 180,600 shares of the company's stock valued at $773,000 after purchasing an additional 34,000 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.