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Applied Digital Corporation (APLD) Soars 65.7%: Is Further Upside Left in the Stock?
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Applied Digital Corporation (APLD - Free Report) shares rallied 65.7% in the last trading session to close at $5.37. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 16.9% loss over the past four weeks.
The upswing in share price can be attributed to the $160 million funding announced by APLD on Thursday. The funding came from a group of institutional and accredited investors, including NVIDIA.
This company is expected to post quarterly loss of $0.29 per share in its upcoming report, which represents a year-over-year change of -190%. Revenues are expected to be $51.84 million, up 42.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Applied Digital Corporation, the consensus EPS estimate for the quarter has been revised 38.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on APLD going forward to see if this recent jump can turn into more strength down the road.
Applied Digital Corporation belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, Alerus (ALRS - Free Report) , closed the last trading session 0.5% lower at $21.44. Over the past month, ALRS has returned 5.5%.
For Alerus, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.44. This represents a change of -2.2% from what the company reported a year ago. Alerus currently has a Zacks Rank of #3 (Hold).
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Applied Digital Corporation (APLD) Soars 65.7%: Is Further Upside Left in the Stock?
Applied Digital Corporation (APLD - Free Report) shares rallied 65.7% in the last trading session to close at $5.37. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 16.9% loss over the past four weeks.
The upswing in share price can be attributed to the $160 million funding announced by APLD on Thursday. The funding came from a group of institutional and accredited investors, including NVIDIA.
This company is expected to post quarterly loss of $0.29 per share in its upcoming report, which represents a year-over-year change of -190%. Revenues are expected to be $51.84 million, up 42.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Applied Digital Corporation, the consensus EPS estimate for the quarter has been revised 38.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on APLD going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Applied Digital Corporation belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, Alerus (ALRS - Free Report) , closed the last trading session 0.5% lower at $21.44. Over the past month, ALRS has returned 5.5%.
For Alerus, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.44. This represents a change of -2.2% from what the company reported a year ago. Alerus currently has a Zacks Rank of #3 (Hold).