Short Interest in Applied Digital Co. (NASDAQ:APLD) Increases By 9.9%

Applied Digital Co. (NASDAQ:APLD) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 21,130,000 shares, an increase of 9.9% from the March 15th total of 19,220,000 shares. Based on an average daily trading volume, of 3,500,000 shares, the days-to-cover ratio is currently 6.0 days. Currently, 24.5% of the company’s shares are sold short.

Insiders Place Their Bets

In other Applied Digital news, Director Virginia Moore sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $4.74, for a total transaction of $142,200.00. Following the completion of the sale, the director now directly owns 148,630 shares in the company, valued at $704,506.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 23.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in APLD. Capital Research Global Investors raised its holdings in Applied Digital by 427.2% in the fourth quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock valued at $49,453,000 after acquiring an additional 5,945,559 shares in the last quarter. Oasis Management Co Ltd. raised its holdings in Applied Digital by 23.6% in the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock valued at $33,216,000 after acquiring an additional 940,075 shares in the last quarter. Equitec Proprietary Markets LLC raised its holdings in Applied Digital by 415.4% in the fourth quarter. Equitec Proprietary Markets LLC now owns 4,168,657 shares of the company’s stock valued at $28,097,000 after acquiring an additional 3,359,845 shares in the last quarter. Vanguard Group Inc. raised its holdings in Applied Digital by 8.8% in the fourth quarter. Vanguard Group Inc. now owns 3,628,588 shares of the company’s stock valued at $24,457,000 after acquiring an additional 293,046 shares in the last quarter. Finally, Nokomis Capital L.L.C. raised its holdings in Applied Digital by 129.2% in the fourth quarter. Nokomis Capital L.L.C. now owns 2,940,955 shares of the company’s stock valued at $19,822,000 after acquiring an additional 1,658,003 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Price Performance

Shares of APLD stock opened at $2.45 on Wednesday. The company has a market capitalization of $300.71 million, a PE ratio of -3.10 and a beta of 4.12. The firm has a fifty day simple moving average of $4.12 and a 200-day simple moving average of $5.06. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. Applied Digital has a twelve month low of $2.39 and a twelve month high of $11.62.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Tuesday, January 16th. The company reported ($0.10) earnings per share for the quarter. The firm had revenue of $42.20 million during the quarter, compared to analysts’ expectations of $54.78 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. Equities research analysts anticipate that Applied Digital will post -0.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on APLD. Roth Mkm decreased their price objective on shares of Applied Digital from $13.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Lake Street Capital decreased their price objective on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Needham & Company LLC decreased their target price on shares of Applied Digital from $13.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Finally, B. Riley decreased their target price on shares of Applied Digital from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, April 5th. 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 an average target price of $9.20.

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.