Applied Digital Executives Buy $6.7 Million in Shares After Stock Slide

Applied Digital President Jason Gechen Zhang and CEO and Chairman Wes Cummins spent a combined $6.7 million on company shares Oct. 16 after the stock fell more than 30% in a month.

Zhang purchased 300,000 shares at an average of $18.86 each, for about $5.66 million. Cummins bought 55,803 shares at an average of $18.04, worth about $1.01 million. Zhang accounted for most of the combined purchase value.

The stock reached $15.71, a 52-week low, during the month before the trades. Applied Digital shares then rose more than 10% over subsequent trading sessions.

Needham & Company lowered its price target for APLD to $70 from $83 on Oct. 8 and maintained its Buy rating.

Applied Digital develops data-center capacity for artificial intelligence and high-performance computing workloads. By mid-2026, long-term AI and HPC leases covered about 1.41 gigawatts of critical IT load and were expected to generate about $36.2 billion over 15 years.