Applied Digital Corporation (NASDAQ:APLD) is highlighted as one of the Best Mid Cap Tech Stocks to Buy According to Analysts. Michael Grondahl from Northland Securities reiterated a Buy rating on APLD with a $40 price target on November 6.

The company secured a lease agreement with a US-based investment-grade hyperscaler worth $5 billion on October 22. This deal will provide 200 MW of critical IT capacity at Polaris Forge 2 Campus in North Dakota, bringing their total lease capacity to 600 MW.

Applied Digital Corporation has begun Phase 1 at Polaris Forge 1 for CoreWeave, achieving a successful milestone of 50 MW on October 27. The company is on track to deliver the next 50 MW by the end of the year, demonstrating progress in their digital infrastructure projects.

As a technology company specializing in digital infrastructure for blockchain, high-performance computing, and AI applications in North America, APLD continues to innovate and expand its capabilities. Investors are advised to consider the potential of APLD alongside other AI stocks with promising growth opportunities.

For more insights on stocks with growth potential, explore the 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. This article is originally published on Insider Monkey.

Read more at Yahoo Finance: Northland Securities Reiterates a Buy Rating on Applied Digital Corporation (APLD)