Top 5 Hot Stocks with the Highest Upside Potential

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1. Applied Digital Corporation (NASDAQ:APLD)

6-Month Performance: 57.84%

Average Price Target Upside Potential According to Analysts: 90.25%

Applied Digital Corporation (NASDAQ:APLD) ranks among the top 10 hot stocks with the highest upside potential. As of June 29, Applied Digital Corporation (NASDAQ:APLD) carries a consensus Buy rating, with a 12-month median price target of $74.50 set by analysts. This suggests a potential upside of 90.25% from the current stock price.

On June 9, Craig-Hallum increased its price target on Applied Digital Corporation (NASDAQ:APLD) from $75 to $79 and maintained a Buy rating on the stock. This update came after the company announced another lease with a US-based “high investment-grade hyperscaler.”

The research firm said it believes the new site in “a new southern state” is in Alabama. Craig-Hallum “continues to be impressed with the company’s flywheel,” which has now secured five leases, bringing its total contracted capacity to 1.4 gigawatts.

According to Applied Digital Corporation (NASDAQ:APLD), the latest agreement covers 210 megawatts of critical IT load under a 15-year take-or-pay structure that includes renewal options. The company expects the deal to generate about $5.2 billion in base-term contracted revenue. If all renewal options are exercised over a total term of 30 years, the agreement could generate approximately $12.7 billion in revenue.

Applied Digital Corporation (NASDAQ:APLD) is a technology company that designs, develops, and operates digital infrastructure for the high-performance computing (HPC) and artificial intelligence (AI) industries.

While we acknowledge the potential of APLD to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than APLD and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 10 Best Technology Penny Stocks with Huge Upside Potential and 10 Best Stocks to Buy Under $10.

Disclosure: None.

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