Why Applied Digital Stock Is Sinking Today
Applied Digital (NASDAQ: APLD) stock is losing ground Friday after posting huge gains in yesterday's session. The company's share price was down 3.7% as of 2:10 p.m. ET. At the same point in the day, the S 500 (SNPINDEX: ^GSPC) was down 1.8%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 2.5%.
Applied Digital stock had been down as much as 13.2% shortly after the market opened, but its valuation has regained significant ground in subsequent trading. The strength of the company's recent earnings report has likely helped reduce its valuation slide on the day, but the stock is still seeing a significant pullback in response to the latest U.S. jobs report and other macroeconomic concerns.
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Source Fool.com
