10 Stocks on Jim Cramer and Wall Street’s Radar

5. Applied Digital Corporation (NASDAQ:APLD)

Number of Hedge Fund Holders: 26

Average Price Target Upside: 46.41%

During the May 2 episode, a caller asked Cramer about Applied Digital Corporation (NASDAQ:APLD), and he replied:

“I know the company, and it’s the kind of thing, we have so many of these digital infrastructure plays. I actually just prefer if you’re going to go there, just go buy Salesforce. I’m not kidding. Go buy CRM, I would feel better that way.”

Applied Digital (NASDAQ:APLD) provides digital infrastructure and cloud services tailored for high-performance computing and AI workloads, including data center operations and GPU-based solutions for tasks like machine learning and crypto mining.

On May 22, Citizens JMP analyst Greg Miller started coverage on Applied Digital (NASDAQ:APLD) with an Outperform rating and a $12 price target. He believes companies set up for bitcoin mining have a strong position to offer extra space and power for data centers. The firm noted that despite the higher risk and controversy, fully utilizing capacity in the high-performance computing business could, in theory, eventually push the stock to $30.