Applied Digital Co. (NASDAQ:APLD) Short Interest Up 9.9% in March

Applied Digital Co. (NASDAQ:APLD) was the recipient of a large 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. Approximately 24.5% of the shares of the stock are sold short. Based on an average trading volume of 3,500,000 shares, the short-interest ratio is currently 6.0 days.

Wall Street Analyst Weigh In

APLD has been the topic of a number of research reports. Needham & Company LLC reduced their price objective on Applied Digital from $13.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday. Roth Mkm reduced their price objective on Applied Digital from $13.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday. Lake Street Capital reduced their price objective on Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday. Finally, B. Riley reduced their price objective on Applied Digital from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $9.20.

Insiders Place Their Bets

In other news, Director Virginia Moore sold 30,000 shares of Applied Digital stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $4.74, for a total value of $142,200.00. Following the transaction, the director now owns 148,630 shares in the company, valued at approximately $704,506.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 23.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Capital Research Global Investors lifted its holdings in Applied Digital by 427.2% during the 4th quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock worth $49,453,000 after purchasing an additional 5,945,559 shares in the last quarter. Oasis Management Co Ltd. lifted its holdings in Applied Digital by 23.6% during the 4th quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after purchasing an additional 940,075 shares in the last quarter. Equitec Proprietary Markets LLC lifted its holdings in Applied Digital by 415.4% during the 4th quarter. Equitec Proprietary Markets LLC now owns 4,168,657 shares of the company’s stock worth $28,097,000 after purchasing an additional 3,359,845 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Applied Digital by 8.8% during the 4th quarter. Vanguard Group Inc. now owns 3,628,588 shares of the company’s stock worth $24,457,000 after purchasing an additional 293,046 shares in the last quarter. Finally, Nokomis Capital L.L.C. raised its holdings in shares of Applied Digital by 129.2% in the 4th 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. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Performance

NASDAQ:APLD traded down $0.05 during trading on Tuesday, reaching $2.47. The company’s stock had a trading volume of 1,771,564 shares, compared to its average volume of 3,648,555. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90. The firm has a 50 day moving average of $4.17 and a 200-day moving average of $5.09. Applied Digital has a 12 month low of $2.41 and a 12 month high of $11.62.

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

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.