Applied Digital Corporation (APLD) saw a significant price increase on November 7, 2024, closing at $7.79, up 10.18% from the previous day's close of $7.07. The stock opened at $7.09 and reached a high of $7.88, with trading volume nearing its average at 13,696,940 shares. The surge in APLD's stock price was primarily driven by a notable increase in institutional investment, as Private Advisor Group LLC boosted its stake by 159.7% during the third quarter, acquiring an additional 23,800 shares. This heightened institutional interest likely fueled investor confidence, contributing to the stock's upward momentum.
Additionally, the recent completion of a $450 million offering of Convertible Senior Notes, announced on November 4, 2024, may have further bolstered investor sentiment. The company plans to use a portion of the proceeds for share repurchases, which could positively impact the stock's valuation. The combination of increased institutional investment and strategic financial maneuvers has likely played a significant role in the stock's performance.