APLD Stock Surges To Nearly 4-Year Highs Ahead Of Q1 Results

According to a report by TheFly, Roth Capital analyst Darren Afthai on Tuesday hiked the price target on APLD stock to $43 from $24, while maintaining a ‘Buy’ rating.

Applied Digital Corp. (APLD) stock gained the spotlight in Thursday’s opening session after surging to an almost four-year high ahead of its first-quarter earnings report scheduled to be released in a few days.

Applied Digital’s shares surged nearly 10% in Thursday’s opening trade, rising to levels last seen in November 2021. Retail sentiment on Stocktwits around the company trended in the ‘bullish’ territory. At the time of writing, Applied Digital was among the top five trending stocks on Stocktwits.

According to a report by TheFly, Roth Capital analyst Darren Afthai on Tuesday hiked the price target for the APLD stock to $43 from $24, while maintaining a ‘Buy’ rating. This implies an upside of over 52% from Thursday’s high. The analyst expects few surprises in Applied Digital’s upcoming first-quarter (Q1) results, which are scheduled for October 9.

In the note, Aftahi stated that he expects some possible volatility in the “lumpiness” of one-time technical fit-out revenue. He added that Applied Digital could potentially bag one more HPC colocation deal by the end of 2025, or into early 2026, for its Harwood site with 280-megawatt capacity.

Applied Digital is a designer, developer, and operator of next-generation digital infrastructure that caters to industries such as high-performance computing (HPC) and artificial intelligence (AI), across North America. The company operates data centers and offers a range of graphics processing unit (GPU) system setups ideal for AI workloads.

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