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Applied Digital Corp’s stock reached a significant milestone, hitting a 52-week high of $17.61. With a market capitalization of $4.45 billion, the company’s stock price has experienced a remarkable 191.36% increase over the past year. According to InvestingPro data, analyst price targets range from $13 to $24, reflecting mixed views on the stock’s valuation. The stock’s beta of 6.46 indicates significantly higher volatility than the broader market. This surge underscores investor confidence and interest in Applied Digital’s market position and future prospects. The stock’s upward trajectory over the past year highlights the company’s strategic initiatives and operational growth, setting a positive outlook for stakeholders. InvestingPro subscribers can access 20 additional exclusive tips and comprehensive momentum metrics to better understand this high-momentum stock’s potential.
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. This development brings the company’s total anticipated contracted lease revenue to approximately $11 billion, including $7 billion from initial leases executed in May. Additionally, Applied Digital plans to break ground on a $3 billion AI computing facility, Polaris Forge 2, near Harwood, North Dakota, in September 2025. The facility is expected to have an initial power capacity of 280MW, with operations planned to start in 2026 and full capacity anticipated by early 2027.
In financial developments, Applied Digital doubled its Series G preferred stock offering to $300 million, amending its preferred equity purchase agreement to remove previous limits on single issuance purchase prices. This move aims to provide additional capital for the development of its Polaris Forge I data center. H.C. Wainwright raised its price target for Applied Digital from $15 to $20, maintaining a Buy rating on the stock. This upgrade follows the company’s announcement of the upcoming construction of the Polaris Forge 2 facility. These recent developments reflect Applied Digital’s strategic efforts to expand its infrastructure and financial resources.
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