Movement Alert｜APPLIED DIGITAL CORP Rises 6.54% in Regular Trading, Wells Fargo Initiates Coverage With Overweight Rating and $50 Target

Market Focus09-17 21:39

On September 17, APPLIED DIGITAL CORP rose 6.54% in regular trading, trading at $26.05 per share, with turnover of approximately $83.90 million. The rally was primarily driven by Wells Fargo initiating coverage on the stock with an Overweight rating and a $50 price target, implying nearly 92% upside from the current level.

According to FactSet, analysts currently assign APPLIED DIGITAL CORP an average rating of Buy with a mean price target of $69.82. The Wells Fargo initiation adds to a growing list of bullish institutional endorsements. Earlier, B. Riley raised its target to $75 from $66 while maintaining a Buy rating, and Morgan Stanley initiated coverage at Equalweight. The company reported strong Q4 results in late July, with revenue surging 407% year-over-year to $258.7 million and adjusted EPS of $0.04 beating the consensus estimate of -$0.22. The company also completed a $2.15 billion senior secured notes offering and spun off its cloud services unit into ChronoScale Holdings.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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