Short Interest in Applied Digital Co. (NASDAQ:APLD) Grows By 9.0%

Applied Digital Co. (NASDAQ:APLD) saw a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 42,820,000 shares, a growth of 9.0% from the November 15th total of 39,290,000 shares. Based on an average daily volume of 15,190,000 shares, the days-to-cover ratio is currently 2.8 days. Approximately 26.7% of the shares of the company are sold short.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This represents a 4.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 359,369 shares of company stock valued at $3,115,161. 11.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of APLD. Geode Capital Management LLC increased its position in shares of Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after acquiring an additional 1,002,862 shares in the last quarter. Hood River Capital Management LLC increased its holdings in Applied Digital by 8.7% during the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after purchasing an additional 771,699 shares in the last quarter. Alight Capital Management LP bought a new stake in Applied Digital during the 2nd quarter worth approximately $3,570,000. Van ECK Associates Corp raised its stake in shares of Applied Digital by 18.3% in the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after purchasing an additional 443,699 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Price Performance

Applied Digital stock opened at $8.90 on Monday. The stock’s 50 day moving average price is $8.31 and its two-hundred day moving average price is $6.39. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -7.61 and a beta of 4.67. 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.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm’s revenue was up 67.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) EPS. On average, equities analysts predict that Applied Digital will post -0.4 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. B. Riley upped their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Friday, November 1st. HC Wainwright boosted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Craig Hallum upped their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Lake Street Capital raised their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $10.50.

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.