Applied Digital shares have surged 337.56% over the past year from a $9.02 52-week low, but the stock now looks fully valued at $45.20. While Q3 FY26 revenue hit $126.64 million, up 139.3% year over year, and adjusted EBITDA swung to $44.14 million, GAAP net loss deepened 352.24% to $70.56 million. Insiders sold shares in the $25 to $35 range with no offsetting buys, even as all 11 analysts rate the stock a Buy with a $73.36 consensus target. The company carries roughly $2.7 billion in debt and relies almost entirely on CoreWeave as its principal customer, concentrating risk. A pullback to $28, a second anchor tenant beyond CoreWeave, and positive operating cash flow would make the stock worth revisiting.
Applied Digital CorporationGAAP net loss deepened 352.24% to $70.56 million, insider sales, and $2.7 billion debt
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