Applied Digital Corp (NASDAQ: APLD) saw its stock price surge 5.10% during the intraday session on Friday, driven by a combination of strong quarterly earnings and positive analyst sentiment.
The company reported a significant beat in its second-quarter fiscal 2026 results, with revenues of $126.6 million and adjusted EBITDA of $20 million, exceeding Street expectations. Additionally, Applied Digital is in advanced talks with a new hyperscaler tenant, which could further bolster its growth prospects. The company also announced plans to spin out its cloud compute segment in a business combination with Ekso Bionics Holdings Inc.
Analysts at B. Riley raised their price target on APLD to $53 from $47, maintaining a Buy rating, citing confidence in the company's growth trajectory. These developments have collectively fueled investor optimism, leading to the stock's notable intraday gain.
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