Applied Digital Director Sells $2.6 Million in Stock Amid 400% Rally

Core Insights - Chuck Hastings, a director at Applied Digital Corporation, sold 75,000 shares of the company in multiple transactions, totaling approximately $2.6 million [1][11] - The sale represents 15% of Hastings' direct ownership prior to the transactions, reducing his stake significantly [3][11] - The company's stock has experienced a remarkable increase of 412.7% over the past year, reflecting strong investor interest in AI infrastructure [6][12] Transaction Summary - Total shares sold: 75,000 [2] - Total transaction value: $2.6 million [2] - Remaining shares post-transaction: 426,612 [2] - Remaining direct ownership value: approximately $14.8 million [2][5] Recent Trading Activity - Hastings has sold a total of 205,000 shares since August, including previous sales of 30,000 and 100,000 shares [4][11] - The weighted average price for the recent sale was approximately $35.22, while the stock closed at $34.66 on the last trading day [6][12] Company Overview - Applied Digital Corporation operates in the digital infrastructure market, focusing on high-performance computing and AI workloads [9] - The company provides data center hosting and GPU-based cloud services, generating revenue from crypto mining infrastructure and AI computing solutions [9][12] - As of the last market close, the company's market capitalization was $9.7 billion, with a revenue of $144.2 million over the trailing twelve months [7][12]