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APLDApplied Digital Corp. · Insider ownership research

Applied Digital Corp. insiders sold $25.0M in the past 12 months. How much of their stake is that?

1% was sold under disclosed trading plans, 99% with no plan disclosed. The largest seller, Richard Nottenburg (Director), sold $6.3M.Share-of-stake figures for this company are being verified and will be added when that check is finished. Why

Updated Oct 16, 2026 from SEC filings · covers Oct 17, 2025 to Oct 16, 2026
$24.8M
sold with no plan disclosed, past 12 months
0.8%
of sales were under disclosed trading plans, past 12 months
7 of 9
officers and directors sold shares, past 12 months
Is this normal? More than usual: $25.0M sold, after almost none in the past 5 years. 7 insiders sold; the average is 3 a year. Year by year
Latest filing: Filed Oct 15 for a sale on Oct 13. Richard Nottenburg sold 31K shares ($682K) with no plan disclosed. Filing
SEC ownership filings: 43 filed in the 12 months to Oct 16, 2026; 245 on record since Nov 9, 2001 · See the evidence

What stands out

Five insiders sold $23.0M with no disclosed plan: Richard Nottenburg ($6.3M), Wes Cummins ($6.0M) and Mohammad Mohmand ($4.8M), plus 2 more. The filings don't state a reason.Richard Nottenburg: largest such sale, Aug 4, 2026 · Wes Cummins: largest such sale, Jan 16, 2026 · Mohammad Mohmand: largest such sale, Oct 24, 2025
Tax withholding outweighed market sales: the company withheld $79.7M of officers' and directors' shares for taxes, against $25.0M sold on the open market. The largest was Wes Cummins ($34.3M withheld).Largest withholding, Jul 31, 2026

A share of stake is shown for 0 of the 7 officers and directors who sold. 9 are left out

i
Left out: Wes Cummins, Jason Zhang, Laura Laltrello, Chuck Hastings, Richard Nottenburg, Mohammad Mohmand, Douglas Miller, Ella Benson and Rachel Lee (share of stake is being verified).
Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Richard Nottenburg
Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$6.3MNo plan disclosed
Wes Cummins
CEO; Chairman, Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$6.0MNo plan disclosed
Mohammad Mohmand
Chief Financial Officer
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$4.8MNo plan disclosed
Chuck Hastings
Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$4.4MNo plan disclosed
Ella Benson
Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$1.7M12% planned 88% no plan disclosed
All 7 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planNo plan disclosedOne dollar scale for every month; the tallest bar is labeled
Oct 2025: $11.4M no plan disclosed$11.4MOctNov 2025: $199K under a disclosed planNov 2025: $216K no plan disclosedNovDecJan 2026: $9.0M no plan disclosedJanFebMarApr 2026: $1.2M no plan disclosedAprMayJunJulAug 2026: $2.3M no plan disclosedAugSepOct 2026: $683K no plan disclosedOct

Recent activity

Past 30 days, Sep 17, 2026 to Oct 16, 2026
Oct 13, 2026Richard Nottenburg sold 31K shares ($683K) with no plan disclosed.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Richard Nottenburg
Director
31,250$21.84n/an/aOct 13, 2026Oct 15, 2026
Oct 10, 2026Wes Cummins had 39K shares ($932K) withheld by the company for taxes (not a market sale). 100K shares came in from vesting or option exercises the same day, so the holding rose by 61K net.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Wes Cummins
CEO; Chairman, Director
39,350$23.68n/an/aOct 10, 2026Oct 13, 2026
Oct 4, 2026Mohammad Mohmand had 32K shares ($816K) withheld by the company for taxes (not a market sale). 82K shares came in from vesting or option exercises the same day, so the holding rose by 50K net.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Mohammad Mohmand
Chief Financial Officer
32,136$25.38n/an/aOct 4, 2026Oct 5, 2026

"% of total stake" is the shares in an event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings are not confirmed, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Common questions

Is the Applied Digital Corp. CEO selling stock?

Yes. Wes Cummins sold 165K shares ($6.0M) in the past 12 months, none of it under a trading plan disclosed in the filings.

Why are Applied Digital Corp. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 1% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 99% had no disclosed plan. A trading plan schedules sales in advance.

Are any Applied Digital Corp. insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold7 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Richard Nottenburg
Director
$6.3M
204K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Wes Cummins
CEO; Chairman, Director
$6.0M
165K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Mohammad Mohmand
Chief Financial Officer
$4.8M
138K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Chuck Hastings
Director
$4.4M
121K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Ella Benson
Director
$1.7M
51K shares
Not confirmed
share of stake is being verified. Why
12% under a disclosed plan 88% no plan disclosed
Douglas Miller
Director
$951K
28K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Rachel Lee
Director
$804K
24K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
The full ownership picture0 of 9 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 16, 2025SoldHeld Oct 16, 2026Still held
Wes Cummins
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Wes Cummins are complete.
CEO; Chairman, Director
n/a−165Kn/an/a
Vesting, gifts, unvested awards and holding lines for Wes Cummins

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Wes Cummins are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−1.06Mwithheld by the company for taxes
Jason Zhang
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Jason Zhang are complete.
President
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Jason Zhang

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jason Zhang are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−705Kwithheld by the company for taxes
Laura Laltrello
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Laura Laltrello are complete.
Chief Operating Officer
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Laura Laltrello

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Laura Laltrello are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−387Kwithheld by the company for taxes
Chuck Hastings
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Chuck Hastings are complete.
Director
n/a−121Kn/an/a
Vesting, gifts, unvested awards and holding lines for Chuck Hastings

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Chuck Hastings are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Richard Nottenburg
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Richard Nottenburg are complete.
Director
n/a−204Kn/an/a
Vesting, gifts, unvested awards and holding lines for Richard Nottenburg

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Richard Nottenburg are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Mohammad Mohmand
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Mohammad Mohmand are complete.
Chief Financial Officer
n/a−138Kn/an/a
Vesting, gifts, unvested awards and holding lines for Mohammad Mohmand

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Mohammad Mohmand are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−358Kwithheld by the company for taxes
Douglas Miller
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Douglas Miller are complete.
Director
n/a−28Kn/an/a
Vesting, gifts, unvested awards and holding lines for Douglas Miller

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Douglas Miller are complete; balances and unit counts will be added when the check is finished.

−6Kgifted (net of own trusts)
Ella Benson
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Ella Benson are complete.
Director
n/a−51Kn/an/a
Vesting, gifts, unvested awards and holding lines for Ella Benson

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Ella Benson are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Rachel Lee
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Rachel Lee are complete.
Director
n/a−24Kn/an/a
Vesting, gifts, unvested awards and holding lines for Rachel Lee

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Rachel Lee are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Holdings and share of stake for Applied Digital Corp. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$25.0M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $25.0M across 730,459 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

The lighter segment is sales with no plan disclosed in the filing ($24.8M), including tax-related sales outside a plan.

No plan disclosed · $24.8M

Sales with no 10b5-1 plan and no tax reference in the filing. $6.3M of it is Richard Nottenburg. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Wes Cummins, Jan 16, 2026

Taxes

2,507,031 shares ($79.7M) were withheld by the company for taxes, which isn't a market sale.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Richard Nottenburg
Director
204K$6.3M0%25%Oct 24, 2025 to Oct 13, 2026
Wes Cummins
CEO; Chairman, Director
165K$6.0M0%24%Jan 16, 2026 to Jan 16, 2026
Mohammad Mohmand
Chief Financial Officer
138K$4.8M0%19%Oct 24, 2025 to Oct 28, 2025
Chuck Hastings
Director
121K$4.4M0%18%Oct 29, 2025 to Jan 29, 2026
Ella Benson
Director
51K$1.7M12%7%Oct 29, 2025 to Nov 24, 2025
Douglas Miller
Director
28K$951K0%4%Nov 28, 2025 to Apr 27, 2026
Rachel Lee
Director
24K$804K0%3%Oct 24, 2025 to Oct 24, 2025

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$11.4M$0$0$11.4M
Nov 2025$415K$199K$0$216K
Dec 2025$0$0$0$0
Jan 2026$9.0M$0$0$9.0M
Feb 2026$0$0$0$0
Mar 2026$0$0$0$0
Apr 2026$1.2M$0$0$1.2M
May 2026$0$0$0$0
Jun 2026$0$0$0$0
Jul 2026$0$0$0$0
Aug 2026$2.3M$0$0$2.3M
Sep 2026$0$0$0$0
Oct 2026$683K$0$0$683K
Is this normal? Selling year by year5 earlier years to compare with

More than usual: $25.0M sold, after almost none in the past 5 years. 7 insiders sold; the average is 3 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 16, 2026
Latest 12 months
730K7$25.0M
Oct 16, 2025
1 year earlier
1.04M7$13.2M
Oct 16, 2024
2 years earlier
328K3$1.8M
Oct 17, 2023
3 years earlier
667K4$1.4M
Oct 17, 2022
4 years earlier
00$0
Oct 17, 2021
5 years earlier
00$0

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty9 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Applied Digital Corp. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology245 filings on record, 43 filed in the 12-month period, and how we read them

All 245 Forms 3, 4 and 5 on record for Applied Digital Corp. (SEC CIK 1144879), filed from Nov 9, 2001 to Oct 15, 2026; 43 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 16, 2026. Prices are the ones reported in each filing, often weighted averages. 1 filing was left out because Applied Digital Corp. filed them as an owner of another company's stock. 6 older filings exist only on paper and could not be read.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (19)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
Michael ManiscalcoFeb 6, 2025152,026 shares, last reported balance as of Jan 31, 2025
David RenchDec 12, 2024385,288 shares, last reported balance as of Dec 1, 2024
Kate ReedNov 22, 202441,510 shares, last reported balance as of Nov 20, 2024
Kelli McDonaldFeb 23, 2024194,821 shares, last reported balance as of Feb 22, 2024
Virginia MooreFeb 22, 20241,106,055 shares, last reported balance as of Feb 22, 2024
Regina IngelAug 8, 2023110,870 shares, last reported balance as of Aug 5, 2023
Kenneth WoodJan 16, 2009No balance on record
James SchwartzJan 16, 2009186,450 shares, last reported balance as of Feb 23, 2007
Richard RosenfeldJan 16, 2009No balance on record
Bryant RileyAug 12, 2008526,174 shares, last reported balance as of Jan 31, 2008
Jackson Kemper Jr.Aug 10, 200798,667 shares, last reported balance as of Jan 25, 2007
Samuel KovnatDec 16, 2005No balance on record
William CottonDec 16, 2005No balance on record
Frank ReesDec 16, 2005No balance on record
David CryerDec 16, 2005No balance on record
Stephen ToccoDec 16, 2005No balance on record
Joseph LucaDec 16, 2005No balance on record
Larry PresslerDec 16, 2005No balance on record
Robert KnightDec 1, 2005No balance on record

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