Applied Digital Co. (NASDAQ:APLD) Short Interest Up 9.0% in November

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

Applied Digital Price Performance

APLD stock opened at $10.01 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The company’s 50-day moving average is $8.31 and its 200-day moving average is $6.39. The stock has a market capitalization of $2.11 billion, a PE ratio of -8.56 and a beta of 4.67. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million for 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 company’s quarterly revenue was up 67.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.10) earnings per share. Equities research analysts expect that Applied Digital will post -0.4 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the transaction, the director now owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 359,369 shares of company stock worth $3,115,161. Company insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 buying an additional 240,554 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Applied Digital in the 3rd quarter worth about $545,000. Virtu Financial LLC bought a new position in Applied Digital in the 3rd quarter valued at about $2,030,000. B. Riley Wealth Advisors Inc. boosted its stake in Applied Digital by 66.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after purchasing an additional 308,223 shares during the last quarter. Finally, Alight Capital Management LP acquired a new position in Applied Digital during the 2nd quarter valued at about $3,570,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on APLD. B. Riley lifted their target price 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. HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. Craig Hallum 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 Thursday, October 10th. Finally, Lake Street Capital lifted their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus 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.