Palantir shares slip by 7% despite posting record revenue in third quarter
Richard N. Nottenburg, a director of Applied Digital Corp (NASDAQ:APLD), sold a total of 14,375 shares of common stock in two separate transactions, generating approximately $510,656. The sales come as APLD shares have delivered a remarkable 658% return over the past six months and 409% over the last year, according to InvestingPro data.
According to a Form 4 filing with the Securities and Exchange Commission, on October 30, 2025, Nottenburg sold 5,000 shares at a price of $34.80 per share. The following day, October 31, 2025, he sold an additional 9,375 shares at $35.91 per share. The transactions occurred near APLD’s current price of $34.66, with analysts maintaining a Strong Buy consensus and setting price targets between $39 and $56.
Following these transactions, Nottenburg directly owns 249,237 shares of Applied Digital Corp. This includes 28,606 restricted stock units that vest on November 20, 2025, and 200,000 shares of restricted stock that vest in installments in 2026 and 2027, contingent upon continued service as a director. With a market capitalization of $9.5 billion, APLD currently appears overvalued compared to its InvestingPro Fair Value. Discover 17+ more exclusive insights and access comprehensive Pro Research Reports for APLD and 1,400+ other stocks through InvestingPro.
In other recent news, Applied Digital has completed the first phase of its Polaris Forge 1 AI Factory Campus in North Dakota, achieving Ready for Service status on schedule. This initial 50 megawatt phase is part of a fully leased 400 MW deployment for CoreWeave, anticipated to generate $11 billion in lease revenue over approximately 15 years. The company plans to deliver the next 50 MW before the end of the year. Additionally, Applied Digital has signed a significant 15-year lease agreement with a U.S.-based investment-grade hyperscaler at its Polaris Forge 2 campus, valued at approximately $5 billion for 200 megawatts of IT capacity. This agreement expands the company’s total leased capacity in North Dakota to 600 MW. In another development, Applied Digital raised the floor price for converting its Series G Convertible Preferred Stock from $22.00 to $34.00. H.C. Wainwright recently doubled its price target for Applied Blockchain to $40, maintaining a Buy rating, following the company’s first quarter fiscal 2026 results that highlighted its datacenter build capabilities.
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