Applied Digital down after Q3 revenue miss, brokerage cut PTs

Cryptocurrency data center Applied Digital APLD.O stock down 10.2% at $4.8 premarket after Q3 revenue miss, co to sell cloud services business

H.C. Wainwright lowers PT to $7 from $12 to adjust for reduced revenue from cloud services

Brokerage reiterates 'buy' rating, expects step-up in revenue once Ellendale data center site gets a new customer

The lack of a new customer announcement for Ellendale could pressure Applied's shares near-term, says Wainwright

Brokerage says Sumitomo Mitsui Banking Corporation 8316.T could play a critical role in ongoing leasing discussions at Ellendale

Co could be an acquisition target like some headline, stand-alone bitcoin miners - Wainwright

Needham also cuts target price to $10 from $11

As of last close, APLD down 29.5% YTD