Why Applied Digital Stock Zoomed Higher Again Today
Applied Digital (NASDAQ: APLD) stock continued its encouraging run on Thursday, gaining nearly 5% to keep its multiday price appreciation streak going. Bolstering sentiment on the niche tech company was a price target lift from an analyst tracking its stock.
That raise was quite significant; Needham & Co.'s John Todaro cranked his fair-value estimation on Applied Digital stock nearly 55% higher. He now feels the shares are worth $8.50 apiece, well above his previous $5.50 price tag. In making the change, he maintained his buy recommendation on the stock.
Applied Digital has enjoyed a surge of attention in recent days. Earlier in the week, the tech company, which has traditionally concentrated on designing and running data centers, announced that it is plunging into the white-hot artificial intelligence (AI) business. It launched a set of AI cloud services, which are technically being offered via subsidiary Sai Computing.
Source Fool.com
