Stock Track | Applied Digital Soars 5.14% Intraday After Needham Raises Price Target to $48

Stock Track04-24 21:38

Shares of Applied Digital Corp surged 5.14% during intraday trading on Friday, following a bullish analyst action.

The move comes after Needham maintained its Buy rating on the data center hosting and computing infrastructure provider and raised its price target to $48 from $41. This significant upward revision reflects increased analyst confidence in the company's prospects.

The positive sentiment was also reflected in the performance of related leveraged exchange-traded funds. The Tradr 2X Long APLD Daily ETF, designed to deliver twice the daily move of Applied Digital, climbed sharply in the previous session, tracking the underlying stock's strength.

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