President Jason Gechen Zhang and CEO Wes Cummins acquired Applied Digital shares worth approximately $6.7 million on October 16, 2026. The move followed a period where the company stock price dropped by more than 30% over the previous month, reaching a 52-week low of $15.71.
Jason Gechen Zhang purchased 300,000 shares at an average price of $18.86, totaling about $5.66 million. Wes Cummins acquired 55,803 shares at $18.04 per share, amounting to roughly $1.01 million. Following these transactions, the stock price increased by more than 10%.
The insider activity occurred after Needham and Company lowered its price target for Applied Digital from $83 to $70 on October 8. Despite the adjustment, the target remains significantly higher than the price range of $18 to $19 at which the executives made their purchases.
Applied Digital focuses on infrastructure for high-performance computing and artificial intelligence. As of mid-2026, the company reported a backlog of long-term leases for 1.41 GW of IT load, valued at $36.2 billion. Additionally, the firm recently partnered with Soluna Holdings to build a 50 MW wind-powered data center in Texas.
