Applied Digital Co. (NASDAQ:APLD – Get Free Report) was the target of a large growth in short interest in January. As of January 15th, there was short interest totalling 18,030,000 shares, a growth of 7.3% from the December 31st total of 16,800,000 shares. Approximately 23.0% of the shares of the company are sold short. Based on an average daily volume of 3,480,000 shares, the days-to-cover ratio is currently 5.2 days.
Insiders Place Their Bets
In other Applied Digital news, Director Virginia Moore sold 15,000 shares of Applied Digital stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $4.87, for a total value of $73,050.00. Following the completion of the sale, the director now owns 178,630 shares in the company, valued at approximately $869,928.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 90,798 shares of company stock worth $442,614 in the last quarter. 23.70% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Applied Digital
A number of institutional investors have recently added to or reduced their stakes in APLD. International Assets Investment Management LLC bought a new stake in Applied Digital during the 3rd quarter worth approximately $74,000. Register Financial Advisors LLC lifted its position in shares of Applied Digital by 14,390.0% in the 3rd quarter. Register Financial Advisors LLC now owns 144,900 shares of the company’s stock worth $904,000 after purchasing an additional 143,900 shares during the period. Equitec Proprietary Markets LLC lifted its position in shares of Applied Digital by 234.3% in the 3rd quarter. Equitec Proprietary Markets LLC now owns 808,812 shares of the company’s stock worth $5,047,000 after purchasing an additional 566,898 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of Applied Digital by 73.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 639,482 shares of the company’s stock worth $3,990,000 after purchasing an additional 271,197 shares during the period. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of Applied Digital in the 3rd quarter worth approximately $68,000. 53.75% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on APLD. HC Wainwright restated a “buy” rating and issued a $12.00 target price on shares of Applied Digital in a research report on Tuesday, October 10th. Roth Mkm assumed coverage on shares of Applied Digital in a research report on Tuesday, October 3rd. They issued a “buy” rating and a $14.00 target price for the company. Finally, Needham & Company LLC decreased their price target on shares of Applied Digital from $17.50 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, January 17th.
Applied Digital Stock Up 8.5 %
Shares of Applied Digital stock opened at $5.46 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.18 and a current ratio of 0.18. The firm’s 50 day moving average is $6.10. Applied Digital has a 1 year low of $1.74 and a 1 year high of $11.62.
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.