On June 2, Applied Digital rose 5.32% in regular trading, trading at $49.83 USD/share, with trading volume of approximately $622 million. The stock continues to benefit from a combination of a Wall Street target price upgrade and a major hyperscale lease agreement.

On the news front, Wall Street firm B. Riley recently raised its target price on Applied Digital from $53 to $66, maintaining a buy rating. According to FactSet data, the company now carries an average analyst rating of buy with a mean price target of $60.09. The upgrade followed Applied Digital's announcement of a new lease agreement with a US high investment-grade hyperscale cloud provider for its fourth AI factory campus, Polaris Forge 3, designed to deliver 300 megawatts of critical IT load capacity.

Within the Internet Services & Infrastructure sector, the broader group saw strong gains. Among individual stocks, CoreWeave up 16.01%, Snowflake up 10.03%, MongoDB up 17.56%, Cloudflare up 9.82%, and Twilio up 17.99%.

Applied Digital Corporation is a designer, builder, and operator of next-generation digital infrastructure, focused on providing data center infrastructure solutions for the high-performance computing and artificial intelligence industries.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)