Applied Digital Stock Pick of the Week at Smart Insider Following Insider Share Purchases

MT Newswires Live10-27 21:39

Applied Digital (APLD) was Smart Insider's stock pick of the week after Chair and Chief Executive Wesley Cummins and President Jason Zhang bought a combined $6.6 million in shares on Oct. 16.

Cummins, who now holds 8% of the company, bought $1 million in shares at $18.04 apiece, Smart Insider said in a Tuesday note. It was his first purchase since early 2023, according to the note.

Zhang, whose holdings are now valued at $51 million, bought 300,000 shares at $18.86 apiece for about $5.6 million, according to Smart Insider. The transaction was his first open-market purchase, the firm said in the note.

Smart Insider said the purchases "appear confident" and mark the first reported insider buying at Applied Digital since early 2023, when the shares traded at about one-third of their current price.

Smart Insider ranked Applied Digital +1, indicating a strong positive signal.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment