Stock Track | Applied Digital Soars as Analyst Raises Price Target on Ellendale Site Prospects

Stock Track

2024/10/16

Shares of Applied Digital Corp (APLD) surged 5.07% on Tuesday, fueled by optimism surrounding the company's growth prospects following a positive analyst action.

HC Wainwright, a leading brokerage firm, maintained its "Buy" rating on APLD while significantly raising its price target from $5 to $10. This new target represents a potential upside of 37% from the current trading levels.

The brokerage firm cited the expected sales boost from APLD's 400 megawatt Ellendale data center site as the primary driver behind the higher valuation. Analysts believe that the substantial increase in capacity from this site will translate into a significant step-up in revenue for the company in the coming quarters.

APLD, a prominent data center operator, recently reported impressive first-quarter revenue of $60.7 million, exceeding analysts' expectations of $54.9 million. This strong performance further solidified the company's position as a leader in the rapidly growing data center industry.

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