Citizens JMP analyst Greg Miller initiated coverage of Applied Digital (APLD) with an Outperform rating and $12 price target With the ability to leverage existing deployments of low-cost and high-density power configurations currently present for bitcoin mining or hosting, the bitcoin power companies are “uniquely situated to provide additional space and power for data centers,” the analyst tells investors in a research note. The firm says that while Applied Digital has higher risk and is controversial, selling out of capacity could hypothetically result in a stock price of $30.00 per share for the high performance computing business alone – realized over the long term.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on APLD:
- Moderately bullish activity in Applied Digital Corp (APLD), with shares down $-0.19 (-3.18%) near $5.79
- Moderately bullish activity in Applied Digital Corp (APLD), with shares up $0.15 (+2.88%) near $5.54.
- Mixed options sentiment in Applied Digital Corp (APLD), with shares down $-0.12 (-2.18%) near $5.38.
- Applied Digital Secures $150M Preferred Equity Agreement
- Market Overreaction and Misunderstood Factors: A Buy Rating on Stock Amid Cloud Segment Sale and Investor Concerns