On May 28, Applied Digital rose 5.02% in regular trading, trading at $47.375 USD/share, with trading volume of approximately $674 million.

On the news front, Wall Street brokerage B.Riley raised its target price on Applied Digital from $53 to $66, maintaining a buy rating. The analyst upgrade reflects growing confidence in the company's business trajectory following a landmark lease agreement announced on May 21. Applied Digital secured a new lease with a US investment-grade hyperscale cloud provider for its fourth AI factory campus, Polaris Forge 3, designed to deliver 300 megawatts of critical IT load supported by approximately 430 megawatts of grid-connected utility power. The deal brings Applied Digital's total contracted lease revenue across four AI Factory campuses to $31 billion, with potential to reach $73 billion if all renewal options are exercised. According to FactSet, the stock carries an average analyst rating of buy with a mean price target of $60.09.

Applied Digital Corporation designs, develops, and operates digital infrastructure solutions and cloud services for high-performance computing and artificial intelligence industries in North America.

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