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In a remarkable display of market confidence, Applied Blockchain, Inc. (APLD) has soared to a 52-week high, reaching $11.31, with InvestingPro data showing an impressive 143% return over the past six months. This peak reflects significant investor optimism, supported by the company’s 84.6% revenue growth in the last twelve months. The ascent to this new high underscores growing interest in blockchain technology, though InvestingPro analysis indicates the stock is currently trading above its Fair Value. With analysts setting price targets ranging from $9 to $20 and two analysts recently revising earnings estimates upward, investors are closely monitoring the stock’s performance. According to InvestingPro, 15 additional key insights about APLD’s financial health and growth prospects are available to subscribers through their comprehensive Pro Research Report.
In other recent news, Applied Digital Corporation announced a $375 million financing deal with Sumitomo Mitsui (NYSE:SMFG) Banking Corporation to further develop its Ellendale HPC Campus. The financing will allow the company to repay existing obligations and fund the construction of the first two buildings at the campus. Additionally, Applied Digital has made significant changes to its leadership team, with the departure of both the Chief Administrative Officer and Chief Technology Officer, as part of a strategy to enhance efficiency.
In the realm of analyst activity, Compass Point initiated coverage on Applied Blockchain with a Buy rating and a price target of $10.00, highlighting a potential lease agreement with a major cloud services provider as a key catalyst. Lake Street Capital Markets maintained its Buy rating with an $11.00 price target, citing strong performance in the company’s Bitcoin hosting and AI Cloud segments. Meanwhile, Cantor Fitzgerald adjusted its price target to $14.00 from $15.00 while retaining an Overweight rating, following the company’s second-quarter results and a $5 billion perpetual preferred financing facility secured with Macquarie Asset Management.
The analyst emphasized the ongoing demand for Applied Digital’s sites, noting the scarcity of high-performance computing capacity expected in 2025. These developments reflect various strategic moves and financial activities aimed at bolstering Applied Digital’s growth and operational capabilities.
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