Applied Digital Stock Moves Higher on Spin-Off Buzz

Applied Digital Corp (NASDAQ:APLD) announced plans to spin off its cloud business, combining with Ekso Bionics (EKSO) to create "ChronoScale." Shares of Applied Digital were last seen trading near breakeven at $24.83, while EKSO is up 94.1% at $10.60 at last look. 

APLD has been volatile since falling from its Oct. 16, 20-year high of $40.20, but support at the ascending 120-day moving average is keeping pullbacks in check. Since the start of the year, the equity is up 225%. 

Notably, short interest represents a whopping 33.5% of the equity's available float. It would take shorts nearly three days to buy back their bearish bets, at APLD's average pace of trading.