Why Applied Digital Corporation (APLD) Skyrocketed Today?

We recently published a list of These 10 Stocks Are On Fire Right Now. In this article, we are going to take a look at where Applied Digital Corporation (NASDAQ:APLD) stands against other Wednesday's best-performing stocks.

Applied Digital extended its winning streak to a third consecutive day on Wednesday, jumping 29.27 percent to end at $13.25 apiece after an investment firm markedly raised its price target for the company.

B. Riley gave Applied Digital Corporation (NASDAQ:APLD) a “buy” recommendation and a new price target of $15, nearly double the $8 price target previously.

The bullish outlook followed Applied Digital Corporation’s (NASDAQ:APLD) $7-billion lease agreement with CoreWeave, Inc. (NASDAQ:CRWV).

Under the agreement covering two 15-year leases, Applied Digital Corporation (NASDAQ:APLD) will deliver 250 megawatts of critical IT load to host CoreWeave, Inc.’s (NASDAQ:CRWV) artificial intelligence (AI) and high-performance computing (HPC) infrastructure at its Ellendale, North Dakota data center campus.

It expects to deliver the first 100 MW of data center in the fourth quarter of the year, while the remaining 150 MW is expected to come online in the middle of 2026.

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