12 Best Cryptocurrency Stocks to Buy According to Wall Street

3. Applied Digital Corporation (NASDAQ:APLD)

Average Upside Potential: 51.10%

Applied Digital Corporation (NASDAQ:APLD) operates data centers to provide energized space to crypto mining customers. As of August 31, the company’s 106 MW facility in Jamestown, North Dakota, and its 180 MW facility in Ellendale, North Dakota are operating at full capacity. Other businesses include its Cloud Services business and its HPC Data Center Hosting business.

APLD operates blockchain data centers with a combined capacity of 286 MW. The data centers are dedicated to third-party hosting as the firm focuses on the infrastructure and the supporting services while not owning any equipment. While the facility in Jamestown operated at full capacity throughout the year ended May 31, 2024, the facility in Ellendale faced a power outage starting in January. However, the firm was efficient in procuring new transformers and related components from leading North American manufacturers that have performed to its needs without any further power loss or issues.

For the fiscal first quarter, which ended August 31, Applied Digital Corporation (NASDAQ:APLD) reported revenues of $60.7 million, representing a 67% increase from the prior year’s period. In the Data Center Hosting business, the firm has formerly finalized the sale of its Garden City, Texas hosting facility to Marathon.

Thus, Applied Digital Corporation (NASDAQ:APLD) is another top crypto stock. Analysts hold a consensus Buy rating on the stock and their 1-year median price target points to an upside of 51.10% from the current stock price.