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Applied Digital Corp stock has reached a significant milestone, hitting a 52-week high of 20.53 USD, with InvestingPro data showing the stock’s technical indicators suggest overbought conditions. With a market capitalization of $5.36 billion, the company has caught significant investor attention. This achievement reflects a remarkable 1-year change, with the stock surging by 230.73%. The company’s impressive performance over the past year has drawn attention from investors, with analyst price targets ranging from $13 to $30. This 52-week high underscores the positive sentiment surrounding Applied Digital Corp and its potential for continued success in the tech industry, though investors should note the stock’s high beta of 6.46 indicates significant volatility. For deeper insights into Applied Digital’s valuation and growth prospects, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Applied Digital announced a new lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in North Dakota, bringing its total anticipated contracted lease revenue to approximately $11 billion. This includes $7 billion from two initial leases executed in May, covering a total of 400MW of critical IT capacity. The company also plans to break ground on a $3 billion AI computing facility, Polaris Forge 2, near Harwood, North Dakota, in September 2025. This new facility aims for a 280MW power capacity, with initial operations planned for 2026 and full capacity expected in early 2027.
In financial updates, H.C. Wainwright raised its price target for Applied Digital from $15 to $20, maintaining a Buy rating on the stock. The increase follows the company’s announcement of its upcoming AI campus, highlighting the expansion of its infrastructure. Furthermore, Applied Digital doubled its Series G preferred stock offering to $300 million, an amendment intended to provide additional capital for the ongoing construction of its Polaris Forge I data center. These developments underscore the company’s strategic moves to enhance its capacity and financial positioning in the rapidly growing AI sector.
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