APPLIED DIGITAL CORPORATION
In the published model solve dated 2026-Q2, anchored at $29.81, APPLIED DIGITAL CORPORATION (APLD) is priced for today's economics sustained for ~40.0 years+. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Applied Digital is a construction and leasing business wearing a technology label, raising capital to build powered data-center shells in North Dakota and renting them under long-term contracts, a shift the FY2025 10-K describes as the pursuit of ⟦"a core specialization in AI focused data centers"⟧. • Tenant concentration is the defining risk rather than merely a listed one: the FY2025 10-K reports two customers accounting for 100% of revenue from continuing operations, one of them at 93% of f
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444 institutional managers reported holding APLD in 13F filings for the quarter ended 2026-03-31. Together they hold about 74% of the company; the top 10 hold 46%. 85 opened new positions that quarter. Held by Vanguard Group, BlackRock, Goldman Sachs, among others. On the short side, 74.4M shares were sold short as of the 2026-06-15 count, about 26% of shares outstanding (3.6 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
No open-market insider buys on file at APLD over the trailing three years. Absence is a fact about the company, not a signal. 12 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
APLD's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-04-07 | +16.3% | +220.0% |
| 2023-08-03 | +32.6% | -35.1% |
| 2023-10-11 | +9.4% | +17.7% |
| 2024-01-17 | -31.5% | -9.4% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
APLD's latest 8-K filings: 2026-07-27 (items 2.02, 9.01); 2026-06-26 (items 1.01, 2.03, 3.02, 9.01); 2026-06-16 (items 1.01, 2.03, 9.01); 2026-06-09 (items 7.01, 9.01); 2026-06-09 (items 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.