Applied Digital Corporation (APLD) saw its stock price decline by 8.8% on November 26, 2024, closing at $9.74, down from the previous close of $10.68. The stock opened at $10.56 and reached a low of $9.55 during the trading session, with a volume of 15,878,919 shares, which is 93.39% of its average daily volume. The decline in APLD's stock price is largely attributed to the broader market trend affecting crypto-related stocks, driven by a drop in Bitcoin prices. This has put pressure on companies like Applied Digital, which are involved in digital infrastructure and have exposure to digital currencies.
Additionally, the stock's movement was influenced by the ongoing class action lawsuit against Applied Digital, which alleges that the company overstated the profitability of its datacenter hosting business and its transition to AI Cloud services. This legal issue, combined with the market's reaction to the company's recent convertible notes offering, has contributed to the negative sentiment surrounding the stock.