Applied Digital Co. (NASDAQ:APLD) Short Interest Up 14.7% in December

Applied Digital Co. (NASDAQ:APLD) saw a significant growth in short interest in 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. Currently, 30.8% of the company’s stock are sold short. Based on an average daily trading volume, of 15,910,000 shares, the short-interest ratio is presently 3.1 days.

Applied Digital Stock Down 0.9 %

Applied Digital stock opened at $8.90 on Friday. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $11.25. The company has a market cap of $1.88 billion, a PE ratio of -7.61 and a beta of 4.78. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The business’s 50-day simple moving average is $8.82 and its two-hundred day simple moving average is $6.98.

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Wednesday. HC Wainwright upped their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday. Cantor Fitzgerald decreased their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday. Roth Mkm restated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Lake Street Capital increased their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $11.29.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the transaction, the director now owns 334,317 shares of the company’s stock, valued at $3,075,716.40. The trade was a 13.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 269,369 shares of company stock valued at $2,445,461 over the last 90 days. Corporate insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its holdings in Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after purchasing an additional 240,554 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Applied Digital in the third quarter worth about $545,000. Barclays PLC grew its holdings in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after acquiring an additional 428,428 shares during the period. Virtu Financial LLC purchased a new position in Applied Digital during the third quarter valued at approximately $2,030,000. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after acquiring an additional 308,223 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.