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

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

Applied Digital Stock Down 2.0 %

APLD traded down $0.05 during midday trading on Tuesday, hitting $2.47. 1,771,564 shares of the company were exchanged, compared to its average volume of 3,648,555. The company’s 50 day simple moving average is $4.17 and its 200 day simple moving average is $5.09. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30. Applied Digital has a 1-year low of $2.41 and a 1-year high of $11.62.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on APLD shares. Needham & Company LLC decreased 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. B. Riley decreased 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. Lake Street Capital decreased 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, Roth Mkm decreased 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. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $9.20.

Insider Activity

In other news, Director Virginia Moore sold 30,000 shares of the business’s stock in a transaction dated 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 directly owns 148,630 shares in the company, valued at $704,506.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 23.70% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several institutional investors have recently bought and sold shares of the company. Arizona State Retirement System boosted its holdings in Applied Digital by 17.1% in the 4th quarter. Arizona State Retirement System now owns 20,801 shares of the company’s stock worth $140,000 after buying an additional 3,038 shares during the last quarter. Wellington Management Group LLP lifted its stake in Applied Digital by 17.3% in the 4th quarter. Wellington Management Group LLP now owns 25,941 shares of the company’s stock worth $175,000 after purchasing an additional 3,825 shares in the last quarter. Trellus Management Company LLC lifted its stake in Applied Digital by 5.4% in the 3rd quarter. Trellus Management Company LLC now owns 80,000 shares of the company’s stock worth $499,000 after purchasing an additional 4,126 shares in the last quarter. Deutsche Bank AG lifted its stake in Applied Digital by 15.6% in the 3rd quarter. Deutsche Bank AG now owns 31,451 shares of the company’s stock worth $196,000 after purchasing an additional 4,233 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Applied Digital by 18.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 32,006 shares of the company’s stock worth $216,000 after purchasing an additional 4,949 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.