Applied Digital President Jason Gechen Zhang and CEO Wes Cummins bought a combined approximately $6.7 million worth of Applied Digital shares on October 16, 2026. Zhang acquired 300,000 shares at an average price of $18.86, while Cummins bought 55,803 shares at $18.04 each. The transactions followed a more than 30% decline in the stock over one month, which touched a 52-week low of $15.71. After the purchases, the shares rebounded by more than 10%, while Needham & Company had cut its price target from $83 to $70 while maintaining its buy rating.
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