Applied Blockchain (NASDAQ:APLD) announced Thursday it plans to change its name to Applied Digital, citing to reflect the broader business arena offering customers the computing power applications.Stock is up 6% premarket on Thursday to trade at $2.10."While Applied Blockchain continues to be a premier provider of digital infrastructure for many cryptocurrency mining operations, it is important for the Company to distinguish that its next-generation datacenters support many other high-performance compute applications," the company said.The change remains due to shareholders' approval in the annual general meeting scheduled for Nov. 10, 2022. Ticker symbol will remain unchanged to "APLD."At Hold rating, Seeking Alpha contributor Mike Fay explains the stock as based on intriguing model but overvalued.
