No Applied Digital insider bought in 2024 or 2025. On Oct. 16, two paid $6.7 million
Applied Digital's president and its chief executive bought shares on Oct. 16, the day its stock fell 11.5%, their Form 4s show. Neither filing marks a trading plan, and the CEO paid nearly three times his 2023 price.
KeyVex News··5 min readFact-checked against 7 public recordsKeyVex News··5 min readFact-checked against 7 public records
APLD$18.05▼ 11.5%Close, Oct. 16. Prices from Tiingo.The short versionTap to readTap to close
- Both executives' holdings include stock awards; buying shares is a separate choice. The last insider purchase at Applied Digital before this was in May 2023, when Wes Cummins paid an average of $6.17.
- On Oct. 16, the stock fell 11.5% to $18.05. That day, its president and its chief executive bought about $6.7 million of shares, their filings show.
- Neither filing marks a preset trading plan, the kind that sets trades in advance. Their filings record what they paid. They do not say why.
- The company owed $6.4 billion at Aug. 31 and counts about $36 billion of revenue over its leases' initial terms. JPMorgan analysts lowered their rating on its project-finance bonds, 24/7 Wall St. reported.
- Next: the company expects 300 megawatts of delivered capacity in North Dakota by the end of 2026, its Oct. 7 earnings release said.
The purchases: On Oct. 16, the day Applied Digital's stock fell 11.5%, its president, Jason Zhang, bought 300,000 shares for about $5.7 million, his Form 4 shows.Form 4 Chief executive and chairman Wes Cummins bought 55,803 shares at $18.04, about $1.0 million.Form 4 Together they paid about $6.7 million. Zhang reported 2.84 million shares after the purchase, and Cummins more than 23 million held directly or through entities, both counts including unvested stock units. A Form 4 is the report an officer, director or owner of more than 10% must file within two business days of most trades in the company's stock. Both were accepted before the market opened on Oct. 19, and neither marks the purchase as made under a Rule 10b5-1 trading plan, a schedule set in advance.Form 4Form 4
The record: No Applied Digital insider had reported a purchase of its shares since May 17, 2023, KeyVex's records of the company's Form 4 filings show.KeyVex That day Cummins bought 10,000 shares at an average of $6.17.Form 4 In the year before, he had reported dozens of purchases, mostly at $2 to $4 a share. No insider reported one in 2024 or 2025.KeyVex
The backdrop: The purchases came on the stock's worst day of a week in which it lost almost a quarter of its value.Chart data 24/7 Wall St. described that week's selling as a rotation out of debt-funded AI builders.24/7 Wall St. Applied Digital owed $6.4 billion at Aug. 31, and its first campus is leased to CoreWeave.8-K Fears about CoreWeave's own debt hit technology stocks that week, CNBC reported.CNBC
Applied Digital's stock and the story's key datesDaily close, Jan. 2 to Oct. 16, 2026 ▼ 35.8%Show chartHide chart
- 1May 28, 2026 Record close. The stock closes at $49.65, its highest close on record.
- 2Oct. 7, 2026 Quarterly results after the close. Revenue of $341.9 million; $6.4 billion of debt at Aug. 31.
- 3Oct. 13, 2026 A director sells 31,250 shares. Richard Nottenburg sells at an average $21.84. His Form 4 marks no trading plan.
- 4Oct. 16, 2026 The president and the CEO buy $6.7 million of stock. The stock closes down 11.5% at $18.05. Neither Form 4 marks a trading plan.
View the data (199 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-16 | $18.05 | −11.5% |
| 2026-10-15 | $20.39 | +0.3% |
| 2026-10-14 | $20.32 | −9.4% |
| 2026-10-13 | $22.44 | −3.5% |
| 2026-10-12 | $23.25 | −1.8% |
| 2026-10-09 | $23.68 | −0.7% |
| 2026-10-08 | $23.85 | +0.2% |
| 2026-10-07 | $23.81 | −6.0% |
| 2026-10-06 | $25.34 | +2.6% |
| 2026-10-05 | $24.70 | −2.7% |
| 2026-10-02 | $25.38 | +5.0% |
| 2026-10-01 | $24.16 | −0.9% |
| 2026-09-30 | $24.37 | −4.1% |
| 2026-09-29 | $25.41 | +3.6% |
| 2026-09-28 | $24.53 | −6.6% |
| 2026-09-25 | $26.25 | −3.0% |
| 2026-09-24 | $27.06 | −0.6% |
| 2026-09-23 | $27.23 | −4.6% |
| 2026-09-22 | $28.54 | +1.2% |
| 2026-09-21 | $28.19 | +0.2% |
| 2026-09-18 | $28.12 | +6.6% |
| 2026-09-17 | $26.38 | +8.2% |
| 2026-09-16 | $24.39 | +4.1% |
| 2026-09-15 | $23.42 | −4.7% |
| 2026-09-14 | $24.58 | −7.0% |
| 2026-09-11 | $26.42 | +2.5% |
| 2026-09-10 | $25.78 | −5.0% |
| 2026-09-09 | $27.14 | −4.1% |
| 2026-09-08 | $28.31 | +7.4% |
| 2026-09-04 | $26.37 | +1.8% |
| 2026-09-03 | $25.91 | +4.0% |
| 2026-09-02 | $24.91 | +2.6% |
| 2026-09-01 | $24.29 | −4.4% |
| 2026-08-31 | $25.41 | +0.3% |
| 2026-08-28 | $25.34 | −7.7% |
| 2026-08-27 | $27.44 | +2.1% |
| 2026-08-26 | $26.87 | −6.9% |
| 2026-08-25 | $28.85 | +7.3% |
| 2026-08-24 | $26.89 | −1.2% |
| 2026-08-21 | $27.21 | −5.0% |
| 2026-08-20 | $28.65 | +1.5% |
| 2026-08-19 | $28.23 | −1.0% |
| 2026-08-18 | $28.51 | −8.6% |
| 2026-08-17 | $31.18 | −0.1% |
| 2026-08-14 | $31.20 | +1.9% |
| 2026-08-13 | $30.62 | −1.7% |
| 2026-08-12 | $31.15 | +4.9% |
| 2026-08-11 | $29.69 | +2.2% |
| 2026-08-10 | $29.06 | −0.5% |
| 2026-08-07 | $29.22 | +1.2% |
| 2026-08-06 | $28.86 | −3.4% |
| 2026-08-05 | $29.87 | −4.5% |
| 2026-08-04 | $31.27 | +6.0% |
| 2026-08-03 | $29.49 | +7.7% |
| 2026-07-31 | $27.39 | −2.1% |
| 2026-07-30 | $27.97 | +20.5% |
| 2026-07-29 | $23.22 | −12.8% |
| 2026-07-28 | $26.62 | +0.9% |
| 2026-07-27 | $26.38 | −3.0% |
| 2026-07-24 | $27.19 | −9.0% |
| 2026-07-23 | $29.89 | −0.6% |
| 2026-07-22 | $30.08 | +0.1% |
| 2026-07-21 | $30.05 | +7.9% |
| 2026-07-20 | $27.85 | +8.0% |
| 2026-07-17 | $25.79 | −2.5% |
| 2026-07-16 | $26.44 | −8.9% |
| 2026-07-15 | $29.03 | +2.0% |
| 2026-07-14 | $28.47 | −1.3% |
| 2026-07-13 | $28.84 | −7.4% |
| 2026-07-10 | $31.15 | −3.5% |
| 2026-07-09 | $32.29 | +2.7% |
| 2026-07-08 | $31.44 | +2.4% |
| 2026-07-07 | $30.71 | −8.3% |
| 2026-07-06 | $33.50 | +1.3% |
| 2026-07-02 | $33.06 | −6.9% |
| 2026-07-01 | $35.52 | −4.8% |
| 2026-06-30 | $37.30 | −1.2% |
| 2026-06-29 | $37.77 | −3.5% |
| 2026-06-26 | $39.16 | −4.4% |
| 2026-06-25 | $40.95 | −2.5% |
| 2026-06-24 | $41.98 | −7.3% |
| 2026-06-23 | $45.27 | +0.2% |
| 2026-06-22 | $45.20 | −3.0% |
| 2026-06-18 | $46.59 | +2.2% |
| 2026-06-17 | $45.57 | −1.5% |
| 2026-06-16 | $46.27 | −0.4% |
| 2026-06-15 | $46.47 | +8.8% |
| 2026-06-12 | $42.70 | +3.0% |
| 2026-06-11 | $41.47 | +6.6% |
| 2026-06-10 | $38.92 | −7.1% |
| 2026-06-09 | $41.91 | +2.4% |
| 2026-06-08 | $40.95 | +3.3% |
| 2026-06-05 | $39.62 | −10.3% |
| 2026-06-04 | $44.15 | −1.3% |
| 2026-06-03 | $44.71 | −6.6% |
| 2026-06-02 | $47.86 | −0.2% |
| 2026-06-01 | $47.94 | +1.4% |
| 2026-05-29 | $47.28 | −4.8% |
| 2026-05-28 | $49.65 | +1.4% |
| 2026-05-27 | $48.98 | +8.5% |
| 2026-05-26 | $45.14 | −1.6% |
| 2026-05-22 | $45.87 | −4.5% |
| 2026-05-21 | $48.02 | +21.5% |
| 2026-05-20 | $39.52 | +7.9% |
| 2026-05-19 | $36.62 | −6.4% |
| 2026-05-18 | $39.14 | −8.0% |
| 2026-05-15 | $42.56 | −8.9% |
| 2026-05-14 | $46.71 | +2.7% |
| 2026-05-13 | $45.48 | +3.5% |
| 2026-05-12 | $43.93 | −1.5% |
| 2026-05-11 | $44.59 | +8.1% |
| 2026-05-08 | $41.25 | −0.7% |
| 2026-05-07 | $41.53 | −6.1% |
| 2026-05-06 | $44.24 | +10.9% |
| 2026-05-05 | $39.88 | +11.9% |
| 2026-05-04 | $35.63 | +6.2% |
| 2026-05-01 | $33.55 | −2.0% |
| 2026-04-30 | $34.25 | +4.8% |
| 2026-04-29 | $32.69 | +1.8% |
| 2026-04-28 | $32.11 | −4.6% |
| 2026-04-27 | $33.67 | −3.7% |
| 2026-04-24 | $34.98 | −3.8% |
| 2026-04-23 | $36.35 | +12.1% |
| 2026-04-22 | $32.43 | +3.5% |
| 2026-04-21 | $31.32 | −2.7% |
| 2026-04-20 | $32.19 | +2.1% |
| 2026-04-17 | $31.53 | +4.8% |
| 2026-04-16 | $30.09 | −2.3% |
| 2026-04-15 | $30.81 | −2.1% |
| 2026-04-14 | $31.47 | +14.0% |
| 2026-04-13 | $27.60 | +5.1% |
| 2026-04-10 | $26.26 | +2.7% |
| 2026-04-09 | $25.57 | −8.0% |
| 2026-04-08 | $27.79 | +10.4% |
| 2026-04-07 | $25.18 | 0.0% |
| 2026-04-06 | $25.19 | +2.6% |
| 2026-04-02 | $24.56 | +0.3% |
| 2026-04-01 | $24.49 | +3.2% |
| 2026-03-31 | $23.74 | +15.6% |
| 2026-03-30 | $20.55 | −13.5% |
| 2026-03-27 | $23.76 | −7.6% |
| 2026-03-26 | $25.71 | −9.4% |
| 2026-03-25 | $28.37 | +5.9% |
| 2026-03-24 | $26.79 | −1.7% |
| 2026-03-23 | $27.26 | +5.1% |
| 2026-03-20 | $25.93 | −2.9% |
| 2026-03-19 | $26.70 | +0.2% |
| 2026-03-18 | $26.65 | −3.1% |
| 2026-03-17 | $27.51 | −0.7% |
| 2026-03-16 | $27.71 | +2.4% |
| 2026-03-13 | $27.05 | −1.6% |
| 2026-03-12 | $27.48 | −3.6% |
| 2026-03-11 | $28.52 | +4.1% |
| 2026-03-10 | $27.40 | +1.4% |
| 2026-03-09 | $27.03 | +7.5% |
| 2026-03-06 | $25.14 | −10.5% |
| 2026-03-05 | $28.09 | −2.0% |
| 2026-03-04 | $28.65 | +9.6% |
| 2026-03-03 | $26.15 | −6.4% |
| 2026-03-02 | $27.93 | +2.4% |
| 2026-02-27 | $27.27 | −4.8% |
| 2026-02-26 | $28.65 | −1.5% |
| 2026-02-25 | $29.08 | −5.2% |
| 2026-02-24 | $30.66 | +2.2% |
| 2026-02-23 | $30.00 | +3.3% |
| 2026-02-20 | $29.04 | −7.9% |
| 2026-02-19 | $31.53 | −1.2% |
| 2026-02-18 | $31.91 | −4.9% |
| 2026-02-17 | $33.56 | −4.9% |
| 2026-02-13 | $35.28 | −2.5% |
| 2026-02-12 | $36.17 | −1.2% |
| 2026-02-11 | $36.60 | −2.3% |
| 2026-02-10 | $37.47 | −2.1% |
| 2026-02-09 | $38.26 | +9.5% |
| 2026-02-06 | $34.95 | +25.5% |
| 2026-02-05 | $27.84 | −11.7% |
| 2026-02-04 | $31.54 | −14.1% |
| 2026-02-03 | $36.70 | +5.5% |
| 2026-02-02 | $34.80 | +2.7% |
| 2026-01-30 | $33.88 | −11.0% |
| 2026-01-29 | $38.07 | −5.3% |
| 2026-01-28 | $40.22 | −2.7% |
| 2026-01-27 | $41.35 | +14.3% |
| 2026-01-26 | $36.18 | −4.0% |
| 2026-01-23 | $37.69 | +8.5% |
| 2026-01-22 | $34.74 | −0.9% |
| 2026-01-21 | $35.06 | −1.1% |
| 2026-01-20 | $35.46 | −5.2% |
| 2026-01-16 | $37.40 | +6.2% |
| 2026-01-15 | $35.22 | −2.4% |
| 2026-01-14 | $36.10 | −1.7% |
| 2026-01-13 | $36.71 | −3.9% |
| 2026-01-12 | $38.21 | +1.4% |
| 2026-01-09 | $37.68 | +18.0% |
| 2026-01-08 | $31.94 | +8.1% |
| 2026-01-07 | $29.56 | −2.3% |
| 2026-01-06 | $30.26 | +0.2% |
| 2026-01-05 | $30.20 | +7.4% |
| 2026-01-02 | $28.11 |
As of the Oct. 16 close. Source: Tiingo end-of-day closes, as traded, via KeyVex.
A week of selling
Applied Digital closed at $18.05 on Oct. 16, down from $23.68 a week earlier. That was 63.6% below its record close of $49.65 on May 28.Chart data
On Oct. 15, the cost of insuring CoreWeave's debt against default hit a record, and the yield on its October 2031 bond topped 16%, The Motley Fool reported.Motley Fool CoreWeave's stock fell nearly 12% on Oct. 16, and the Nasdaq ended the week down 4.5%, CNBC reported.CNBC
JPMorgan analysts lowered their rating on Applied Digital's project-finance bonds to neutral from overweight, 24/7 Wall St. reported on Oct. 16. They cited "a looming supply overhang as the company prepares to borrow more to fund its construction pipeline," the report said.24/7 Wall St.
What the executives bought into
Applied Digital builds and leases data centers for AI computing. It reported revenue of $341.9 million for the quarter ended Aug. 31, up 322%, and a net loss from continuing operations attributable to common stockholders of $221.0 million.8-K Most of the revenue from its AI data centers came from fitting out buildings for tenants: $183.5 million of $262.6 million. Base rent was $65.8 million.8-K
The company says its leases cover about 1.41 gigawatts of computing load and about $36 billion of revenue over their initial terms. Its quarterly interest expense rose to $77.4 million, from $8.0 million a year earlier.8-K It held $3.7 billion of cash, including restricted cash.10-Q
View the data
| Amount | Note | |
|---|---|---|
| Contracted lease revenue (Over initial terms, about 1.41 GW) | $36.0B | About $36 billion, Oct. 7 release |
| Debt (At Aug. 31, 2026) | $6.4B | $6.4 billion, Oct. 7 release |
| Cash, including restricted cash (At Aug. 31, 2026) | $3.7B | $3,677.9 million, 10-Q |
Lease revenue is the company's figure over the leases' initial terms. Sources: Applied Digital's Oct. 7 earnings release and Form 10-Q.
The first of its five campuses, Polaris Forge 1 in Ellendale, North Dakota, is leased to CoreWeave.8-K CoreWeave also holds warrants, rights to buy about 21.5 million Applied Digital shares at $7.19 and $10.75, granted with its leases, the quarterly report shows.10-Q
Put simply, we view every new restriction elsewhere as making what we already own harder to replicate.
The other trade, and what the filings say
On Oct. 13, director Richard Nottenburg sold 31,250 shares at an average of $21.84, about $683,000, his Form 4 shows. The filing marks no trading plan. He holds 102,128 shares after the sale. The shares came from stock that vested May 5; his Form 144, filed the day of the sale, covered up to 62,500 shares.Form 144Form 4
Purchases of Applied Digital stock by its insiders, by yearShow chartHide chart
View the data
| Bought | Note | |
|---|---|---|
| 2022 | $4.1M | 33 purchase lines, five insiders, Cummins most of them |
| 2023 | $1.7M | 21 purchase lines; the last on May 17 |
| 2024 | $0.0M | No purchases reported |
| 2025 | $0.0M | No purchases reported |
| 2026 | $6.7M | Zhang $5.66M and Cummins $1.01M, both Oct. 16 |
Shares times the price on each Form 4, summed by KeyVex. Counts only purchases (Form 4 code P), not grants, option exercises or other awards. Source: KeyVex's records of SEC Form 4 filings.
Zhang paid an average of $18.86, above the day's $18.05 close, his filing shows.Form 4 Cummins paid $18.04, nearly three times what he paid in May 2023.Form 4Form 4 Neither Form 4 gives a reason for the purchase.
What to watch
The paper trail
Applied Digital filings cited here, Oct. 7 through Oct. 19, 2026, with the time EDGAR accepted each one (Eastern).
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Oct. 7, 4:43 p.m. | 8-K | Applied Digital | Fiscal first-quarter results: revenue $341.9 million; $6.4 billion of debt. |
| Oct. 7, 5:19 p.m. | 10-Q | Applied Digital | Quarterly report: cash including restricted cash of $3.68 billion; CoreWeave warrants for about 21.5 million shares. |
| Oct. 13, 4:09 p.m. | 144 | Richard Nottenburg | Notice of a planned sale of up to 62,500 shares from stock that vested May 5. |
| Oct. 15, 5:02 p.m. | 4 | Richard Nottenburg | Sold 31,250 shares at $21.84 on Oct. 13. No trading plan marked. |
| Oct. 19, 7:06 a.m. | 4 | Jason Zhang | Bought 300,000 shares at $18.86 on Oct. 16. No trading plan marked. |
| Oct. 19, 7:11 a.m. | 4 | Wes Cummins | Bought 55,803 shares at $18.04 on Oct. 16. No trading plan marked. |
Sources
12 sources, 7 of them public records
Public records
- Form 4, Jason Gechen Zhang (Applied Digital)SEC EDGAR · Oct. 19, 2026
- Form 4, Wes Cummins (Applied Digital)SEC EDGAR · Oct. 19, 2026
- Form 4, Wes Cummins (Applied Digital)SEC EDGAR · May 17, 2023
- Form 4, Richard N. Nottenburg (Applied Digital)SEC EDGAR · Oct. 15, 2026
- Form 144, Richard N. Nottenburg (Applied Digital)SEC EDGAR · Oct. 13, 2026
- Applied Digital Corp., Form 8-K, Exhibit 99.1: fiscal first quarter 2027 resultsSEC EDGAR · Oct. 7, 2026
- Applied Digital Corp., Form 10-Q for the quarter ended Aug. 31, 2026SEC EDGAR · Oct. 7, 2026
Reporting
- "Applied Digital Sinks 4% as Rotation Out of Debt-Funded AI Builders Extends"24/7 Wall St. · Oct. 16, 2026
- "Why did CoreWeave stock get crushed this week? Look to this corner of the debt market for clues"CNBC Investing Club · Oct. 16, 2026
- "Why Is CoreWeave Stock Falling Today?"The Motley Fool · Oct. 16, 2026
Data
- Insider transactions for APLD (SEC Form 4 and the SEC's quarterly Form 345 data sets)KeyVex · through Oct. 19, 2026
- End-of-day prices for APLD, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 16, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. Daily and weekly moves are close to close. Every Applied Digital close in the chart's Story range is in its data table. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Applied Digital's close at the start of the range shown. Closes before April 13, 2022 are adjusted for a share split. The chart's Filings switch shows a selection of filing markers from KeyVex's Applied Digital page, not every filing, and not only those tied to this story.
- Dollar amounts for insider trades are shares times the price reported on each Form 4. Zhang's $18.86 is the weighted average of trades from $18.40 to $19.16, as his filing reports it.
- Purchases are Form 4 transactions with code P, which the SEC defines as an open-market or private purchase. The yearly totals sum every code-P line in KeyVex's records of Applied Digital's Form 4 filings from 2022 on: about $4.08 million in 2022 (33 lines), $1.69 million in 2023 (21 lines), none in 2024 or 2025, and $6.66 million in 2026.
- Cash of $3.7 billion is the quarterly report's total of cash, cash equivalents and restricted cash ($3,677.9 million), including $414.6 million of restricted cash held in other assets. Debt is the company's $6.4 billion figure: $112.6 million current plus $6,263.9 million long term.
- Applied Digital's fiscal year ends May 31, so its first fiscal 2027 quarter ran from June through August 2026.