Applied Digital (APLD) Loses 7.56% on Lack of Leads

Applied Digital Corporation (NASDAQ:APLD) is one of the 10 Stocks Crash Hard Alongside Wall Street.

Applied Digital tumbled for a second day on Monday, losing 7.56 percent to close at $9.66 apiece amid the lack of fresh catalysts to boost investing appetite while trading lower in line with the broader market.

In recent news, Applied Digital Corporation (NASDAQ:APLD) entered into a $7-billion lease agreement with CoreWeave, Inc. (NASDAQ:CRWV).

Under the agreement covering two 15-year leases, Applied Digital Corporation (NASDAQ:APLD) will deliver 250 megawatts of critical IT load to host CoreWeave, Inc.’s (NASDAQ:CRWV) artificial intelligence (AI) and high-performance computing (HPC) infrastructure at its Ellendale, North Dakota data center campus.

It expects to deliver the first 100 MW of data center in the fourth quarter of the year, while the remaining 150 MW is expected to come online in the middle of 2026.

Following the news, B. Riley gave Applied Digital Corporation (NASDAQ:APLD) a “buy” recommendation and a new price target of $15, nearly double the $8 price target previously.

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Disclosure: None. This article is originally published at Insider Monkey.