New York, Jan 14, 2026, 19:40 EST — After-hours
- Applied Digital shares fell 1.7% on Wednesday; directors reported or signaled stock sales in SEC filings
- A director sold 10,000 shares; another filed notice to sell up to 11,606 shares
- Focus shifts to ChronoScale spin-out filings and the next earnings date on Wall Street calendars
Applied Digital (APLD.O) shares ended down 1.7% on Wednesday at $36.10, after a filing showed a director sold stock and another director flagged a planned sale. The stock traded between $34.73 and $36.85 and about 30.4 million shares changed hands.
The disclosures hit a name that has turned into a momentum trade for some investors riding the AI data-center buildout, where headlines and positioning can move the tape fast.
They also land as Applied Digital leans into a split of its cloud business and a heavier build cycle for new campuses, both of which keep attention on capital, timing and any extra share supply.
A Form 4 filed on Wednesday showed director Douglas S. Miller sold 10,000 shares on Jan. 12 at an average price of $38.54, leaving him with 200,859 shares held directly. (Applied Digital Corporation)
In a separate Form 144 filed the same day, director Richard N. Nottenburg said he intends to sell up to 11,606 shares, with an aggregate market value of about $409,482 and an approximate sale date of Jan. 14, the filing showed. (Applied Digital Corporation)
A Form 144 is a notice of a proposed sale under SEC Rule 144, which governs resales of restricted and control shares; it is not proof a sale happened. Miller also filed a Form 144 on Jan. 12 covering 10,000 shares. (Applied Digital Corporation)
Applied Digital, which designs and builds data centers and provides colocation for AI, cloud, networking and blockchain workloads, said in late December it had a non-binding term sheet to combine its cloud computing business with EKSO Bionics (EKSO.O) and launch the merged company as ChronoScale. Applied Digital said it would own about 97% of the combined company and expects the deal to close in the first half of 2026. (Applied Digital Corporation)
Chief executive Wes Cummins told Fierce Network this week the split comes down to “competition, capital and concentration,” adding that the cloud business “actually competes” with the customers the data-center unit is chasing. Cummins also said on the company’s earnings call that it expects to start construction on at least one new campus by the end of January, as it pushes for another hyperscale lease — a hyperscaler being a large cloud provider. (Fierce Network)
But insider filings can be noisy signals. Sale notices do not always translate into selling, and Applied Digital’s bigger risk is execution — signing long leases, powering up new capacity and closing the ChronoScale transaction on the timeline investors have started to price in.
The next checkpoints are the first proxy and registration filings tied to the ChronoScale deal, and the next earnings update. Zacks expects Applied Digital’s next results around April 13. (Zacks)
