Applied Digital Co. (NASDAQ:APLD) Short Interest Update

Market Beat
2024.08.19 06:55
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Applied Digital Co. (NASDAQ: APLD) experienced a significant decline in short interest in July, with 17,240,000 shares sold short as of July 31, representing a 6.2% decrease from 18,380,000 shares on July 15. Approximately 16.4% of the shares are currently sold short, with a days-to-cover ratio of 3.1 based on an average trading volume of 5,490,000 shares. Analysts maintain a "buy" rating on the stock, with varying price targets. Institutional investors own 65.67% of the company, which focuses on digital infrastructure solutions and AI services.

Applied Digital Co. (NASDAQ:APLD - Get Free Report) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 17,240,000 shares, a drop of 6.2% from the July 15th total of 18,380,000 shares. Based on an average daily trading volume, of 5,490,000 shares, the days-to-cover ratio is presently 3.1 days. Currently, 16.4% of the company's shares are sold short.

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Analyst Ratings Changes

  • Applied Digital Boosts Stock with Cutting-Edge AI Data Centers

Several brokerages recently issued reports on APLD. Needham & Company LLC reiterated a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research note on Wednesday, July 10th. B. Riley increased their target price on Applied Digital from $6.00 to $8.00 and gave the stock a "buy" rating in a research note on Friday, June 28th. Roth Mkm reaffirmed a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research report on Wednesday, July 10th. Finally, HC Wainwright reissued a "buy" rating and set a $5.00 price objective on shares of Applied Digital in a research report on Wednesday, June 12th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $8.40.

Check Out Our Latest Research Report on Applied Digital

Institutional Investors Weigh In On Applied Digital

  • Is Applied Digital’s 35% stock plunge an AI buying opportunity?

A number of large investors have recently made changes to their positions in APLD. Principal Financial Group Inc. purchased a new position in shares of Applied Digital in the first quarter worth approximately $50,000. Headlands Technologies LLC raised its position in Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock worth $52,000 after acquiring an additional 6,933 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Applied Digital by 380.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company's stock worth $54,000 after acquiring an additional 6,347 shares during the last quarter. ARS Investment Partners LLC bought a new stake in shares of Applied Digital during the 2nd quarter valued at $60,000. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of Applied Digital in the 4th quarter worth $78,000. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Price Performance

APLD opened at $4.01 on Monday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30 and a current ratio of 0.30. The company's 50-day simple moving average is $5.20 and its two-hundred day simple moving average is $4.38. Applied Digital has a 52-week low of $2.36 and a 52-week high of $8.65. The stock has a market capitalization of $550.21 million, a P/E ratio of -5.08 and a beta of 4.56.

About Applied Digital

(Get Free Report)

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.

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