Applied Science Products Inc. (OTCMKTS:APLD) Stock Moves Up After The News

Shares of the Applied Science Products Inc. (OTCMKTS:APLD) was in focus on Friday as the stock closed sharply higher after the news.

Market Action:

On Friday, APLD stock surged 15.87% at $4.6000 with more than 49.61K shares, compared to its average volume of 94.62K shares. The stock has moved within a range of $4.1000 – 4.7400 after opening the trade at $4.1300.

Applied Blockchain Increases Long-Term Hosting Contracts by 61% to 185MW

Leading provider in development of blockchain infrastructure through high-performance crypto mining, hosting as well as pooling solutions to customers globally, Applied Science Products, Inc. on October 22, 2021 announced addition of 70MW of long-term hosting contracts. This makes the firm’s total long-term hosting contracts to 185MW.

The hosting agreements show 61% increase in its long-term hosting services, showing its execution in the augmenting demand for cryptocurrency mining solutions.

Crypto miners globally are facing challenges on hosting capacity due to regulatory challenges. The company’s185MW of long-term hosting contracts as well as strategic approach in making necessary infrastructure for meeting the rising demand will ensure that the firm becomes a leader in hosting services.

Wes Cummins, Applied Blockchain’s CEO and Chairman, said that the broad adoption of blockchain technologies as well as cryptocurrency is accelerating and hence the firm is scaling up business to become leading provider of solutions.

Cummins added that the contracts demonstrate customers’ confidence in its ability to bring huge capacity online in a timely manner. Furthermore, the CEO said that the firm is on cutting edge of new technology and its ability to deliver higher capacity will be key to its success.  Applied Blockchain is planning to scale up capacity to 100 MW by early 2022.

Traders Note:

APLD stock is trading above the 20-Day and 50-Day Moving averages of $3.06 and $2.21. The stock is up 125% in the past month.