Applied Digital is trading 4.2% down at $28.65 following a neutral initiation from Morgan Stanley and broader pressure across the cryptocurrency and technology sectors.
- Morgan Stanley started coverage on the stock with an Equal Weight rating and a price target of $36.50.
- The decline comes as Bitcoin and other major cryptocurrencies trade modestly lower, impacting sentiment for crypto-linked infrastructure names.
- Broader technology sector weakness is providing additional macro headwinds for the stock today.