Applied Digital Co. (NASDAQ:APLD) Short Interest Update

Applied Digital Co. (NASDAQ:APLD) saw a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 49,100,000 shares, a growth of 14.7% from the December 15th total of 42,790,000 shares. Based on an average daily volume of 15,910,000 shares, the short-interest ratio is currently 3.1 days. Currently, 30.8% of the shares of the company are short sold.

Applied Digital Stock Performance

Applied Digital stock traded down $0.08 during trading on Friday, hitting $8.90. The company’s stock had a trading volume of 23,061,663 shares, compared to its average volume of 13,653,270. The stock’s fifty day moving average is $8.82 and its 200 day moving average is $6.99. 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 1-year low of $2.36 and a 1-year high of $11.25.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter last year, the firm posted ($0.05) earnings per share. Applied Digital’s revenue was up 51.3% on a year-over-year basis. On average, equities analysts forecast that Applied Digital will post -0.4 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on APLD shares. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum boosted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Lake Street Capital raised their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. HC Wainwright boosted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Cantor Fitzgerald decreased their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital presently has a consensus rating of “Buy” and an average price target of $11.29.

Insiders Place Their Bets

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the sale, the director now owns 384,317 shares in the company, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 269,369 shares of company stock valued at $2,445,461. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Large investors have recently modified their holdings of the company. SG Americas Securities LLC increased its position in Applied Digital by 414.5% during the 4th quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock worth $2,031,000 after purchasing an additional 214,133 shares in the last quarter. Dakota Wealth Management purchased a new stake in Applied Digital during the fourth quarter worth approximately $115,000. Nisa Investment Advisors LLC increased its position in shares of Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after acquiring an additional 1,692 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new position in shares of Applied Digital in the 4th quarter valued at $586,000. Finally, Gunderson Capital Management Inc. acquired a new position in shares of Applied Digital during the 4th quarter valued at $83,000. 65.67% of the stock is currently 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.