Why Applied Digital Stock Is Tumbling Thursday
Portfolio Pulse from Adam Eckert
Applied Digital Corp (NASDAQ:APLD) shares are trading lower following multiple short reports from Wolf Pack Research and the Bear Cave. The reports highlight the company's shift from Bitcoin mining to AI cloud services, questioning its credibility. The involvement of B. Riley Asset Management and its president, Wes Cummins, who is also the CEO of Applied Digital, was noted. The company's shares have risen over 800% in the past year, largely due to retail investor interest.
July 06, 2023 | 3:54 pm
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NEGATIVE IMPACT
Applied Digital Corp's shares are trading lower following short reports questioning its credibility and business focus shift.
The short reports from Wolf Pack Research and the Bear Cave question the credibility of Applied Digital Corp's shift from Bitcoin mining to AI cloud services. This negative sentiment is likely to impact the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100