Applied Digital rises after insider stock pick recognition

Applied Digital stock rose 7.2% in morning trading Tuesday after insider intelligence service Smart Insider named it as its Stock Pick of the Week.

The designation highlighted combined open-market share purchases of approximately $6.7 million by the company's co-founders, CEO Wes Cummins and President Jason Zhang, on October 16. The purchases occurred when the stock was trading near its one-year low.

Smart Insider published its report at 9:40 AM EDT.

Options activity increased Tuesday, with investors purchasing around 120,826 call options on the stock. The volume was roughly 49% above its average daily level.

The company maintains support from 16 analysts who carry an average "Buy" or better rating. The consensus price target stands at $62.44.

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