Why Applied Digital Stock Soared Again Today
Applied Digital (NASDAQ: APLD) stock was having a week for the ages, and it was only Tuesday. For the second trading day in a row, the company's share price rocketed higher, sailing almost 17% skyward after a Monday rise of 16%. Investors were still basking in the glow of a solid earnings report, plus an analyst's price target increase.
Before market open, Needham & Company's John Todaro upped his estimation on Applied Digital's fair value. In his view, it's now worth $17.50 per share; previously, his price target was $16. Reflecting the market's current sentiment on the stock, Todaro maintained his buy recommendation on it.
Not coincidentally, the move came a day after Applied Digital published rather strong quarterly results. For its final quarter of fiscal 2023, the company managed to grow its revenue by nearly 200% year over year to $22 million. Although that actually missed the consensus analyst estimate, it beat on the bottom line by narrowing its non-GAAP (adjusted) net loss to $0.01 per share from the year-ago shortfall of $0.04.
Source Fool.com
