Why Applied Digital Stock Skyrocketed This Week
Despite a pullback on Friday driven by bearish macroeconomic news, Applied Digital (NASDAQ: APLD) stock managed to close out this week's trading with big gains. The company's share price ended the stretch up 16.5% compared to where it stood at the end of the previous week's market close.
Applied Digital's big rally this week stemmed from posting its report for the fourth quarter of its last fiscal year, which ended May 31. In addition to posting better-than-expected results for fiscal Q4, the company announced a major new contract with CoreWeave that helped send shares soaring.
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Source Fool.com
