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Applied Digital Corp (NASDAQ:APLD) stock is trading lower on Monday. This downward movement tracks a broader decline across crypto-related equities.
The Nasdaq is down 0.77% while the S&P 500 has shed 0.32%.
Bitcoin Pullback Drags Crypto Sector
A sudden drop in the broader cryptocurrency market is pressuring APLD stock. Bitcoin (CRYPTO: BTC) dropped 1.92% over the last 24 hours, falling below the $80,000 threshold on Monday. The crypto-related sector routinely experiences symphathic price movements when the leading cryptocurrency corrects.
Analyst Raises Price Forecast
The Monday pullback comes right after strong Wall Street backing. On Friday, Needham analyst John Todaro maintained a Buy rating on Applied Digital. Furthermore, Todaro raised …
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