10 Bitcoin Miners That Are Now Data Center Companies

7. Applied Digital Corp (NASDAQ:APLD)

Number of Hedge Fund Holders: 39

Applied Digital Corp (NASDAQ:APLD) has seen some bullish analyst activity recently, with Northland revising its price target upward from $56 to $82. The firm also kept an Outperform rating on the stock. The upward revision to the price target reflects the firm’s confidence in the company. Northland believes Applied Digital’s management, site sourcing, and development team are executing at an extremely high level. This makes the stock a 2026 top pick for the firm.

In addition to Northland, Craig Hallum also raised its price target on Applied Digital Corp (NASDAQ:APLD) to $79 from $75 on June 9 and reiterated a Buy rating. The upward price target revision reflects an impressive 109% upside from current levels. The main reason for Craig Hallum’s optimism is the company’s announcement of another lease with a US-based high-investment-grade hyperscaler. The AI infrastructure company has now generated five leases and 1.4 GW of contracted capacity, the analyst noted. This shows APLD is aggressively expanding its data center business and securing long-term revenue commitments from major customers.

Applied Digital Corp (NASDAQ:APLD) builds and operates digital infrastructure for AI and computing companies in North America. The company provides data centers and GPU computing solutions for businesses working in AI. It is headquartered in Dallas, Texas, and was founded in 2021 by Wes Cummins and Jason Zhang.

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