Applied Digital Stock (APLD) Plunges After CoreWeave Sells Entire Stake

Applied Digital Corp APLD shares are trading lower Friday morning after an amended Schedule 13G filing with the SEC revealed that AI hyperscaler CoreWeave Inc CRWV has divested its entire stake in the company.

The filing shows that CoreWeave now beneficially owns zero shares of Applied Digital’s common stock, down to 0.0% of the class. This move comes as a surprise, following recent positive developments that had previously buoyed the stock.

Last week, the companies announced a 15-year lease agreement expected to generate approximately $7 billion in revenue for Applied Digital. That news, coupled with a separate infrastructure partnership with ABB, sent shares soaring over 110% in the past month.

Price Action: The sudden reversal by CoreWeave has put significant pressure on APLD shares. According to data from Benzinga Pro, Applied Digital shares were trading down approximately 5.8% at $11.79 on Friday afternoon.

This price action occurs amid heavy bearish sentiment, as data from Benzinga Pro shows a high short interest, with 38.94% of the stock’s float currently sold short.

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How To Buy APLD Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Applied Digital’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, APLD has a 52-week high of $15.42 and a 52-week low of $3.01.