Applied Digital Co. (NASDAQ:APLD) Short Interest Up 7.0% in August

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

Analyst Upgrades and Downgrades

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

Applied Digital Stock Down 1.4 %

NASDAQ APLD opened at $5.81 on Wednesday. Applied Digital has a 52 week low of $2.36 and a 52 week high of $8.65. The firm has a market capitalization of $797.18 million, a price-to-earnings ratio of -7.35 and a beta of 4.51. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The company has a fifty day moving average of $4.80 and a two-hundred day moving average of $4.41.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data 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). Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. The firm had revenue of $43.70 million during the quarter, compared to analysts’ expectations of $42.70 million. During the same period last year, the company earned ($0.07) earnings per share. On average, analysts predict that Applied Digital will post -1.02 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was 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 of the company’s stock, valued at approximately $1,201,783. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 20.50% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

Large investors have recently made changes to their positions in the stock. Capital Research Global Investors lifted its holdings in Applied Digital by 427.2% during the 4th quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock valued at $49,453,000 after buying an additional 5,945,559 shares in the last quarter. Vanguard Group Inc. raised its stake 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 acquiring an additional 2,547,485 shares in the last quarter. Van ECK Associates Corp grew its stake in Applied Digital by 92.1% in the first quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock worth $10,384,000 after purchasing an additional 1,163,247 shares in the last quarter. Oasis Management Co Ltd. increased its holdings in Applied Digital by 23.6% during the 4th quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after purchasing an additional 940,075 shares during the period. Finally, Hood River Capital Management LLC lifted its holdings in shares of Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after buying an additional 771,699 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.