Jim Cramer and Wall Street Are Watching Applied Digital Corporation (APLD)

We recently published a list of 10 Stocks on Jim Cramer and Wall Street’s Radar. In this article, we are going to take a look at where Applied Digital Corporation (NASDAQ:APLD) stands against other stocks on Jim Cramer and Wall Street’s radar.

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.”

An overhead view of a large-scale data center with rows of servers and blinking lights.

Applied Digital Corporation (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.

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Disclosure: None. This article is originally published at Insider Monkey.