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Stock Track | Applied Digital Plummets 6.53% in Pre-Market as Needham Maintains Price Target, Triggering Profit-Taking

Stock Track
Apr 28

Applied Digital Corporation's stock plummeted 6.53% in pre-market trading on Tuesday.

The sharp decline appears to be driven by analyst actions from Needham, which maintained its price target for the company at $48.00 per share. This decision disappointed some investors who were anticipating a more bullish revision following Applied Digital's recent announcement of a substantial 15-year, approximately $7.5 billion lease agreement with a new investment-grade U.S. hyperscaler for its AI data center campus.

Given the stock's significant 41.8% return over the past month and concerns about its elevated valuation metrics—including a price-to-sales ratio well above industry peers—the maintained price target likely triggered profit-taking among investors.

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