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✦ Spy Mode investigation

Jason Gechen Zhang's $5.7M purchase of APLD

Applied Digital Corp. · President · filed Oct 19, 2026. Opened Oct 28, 2026, last checked Oct 28, 2026. 7-day result in; next check Nov 18, 2026.

Reported value$5.7M300,000 shares at $18.86
For this personUnusual1 buy · 0 sales on file
Similar buys beat S&P35%68 cases · all buys 46%

Worth a closer look

  • Open-market purchase with their own money (Form 4 code P), not a grant or option exercise.
  • Raised their own holding by 12%.

Reasons for caution

  • Similar past buys beat the S&P 500 only 35% of the time (68 cases); the typical one trailed it by 3.0%.

What happened after this filing

7 days -7.4% -7.2% vs S&P
30 days Pending due Nov 18
90 days Pending due Jan 17

What we couldn't check

  • Why they traded. Filings don't say, and we don't guess.
  • Company news after the filing, and any private terms.
Summary

Jason Gechen Zhang (an officer) bought $5.7M of APLD at about $18.86 on Oct 16, 2026, reported to the SEC on Oct 19, 2026. Buys like this beat the S&P 500 35% of the time since 2020, against 46% for all insider buys. We found 2 points that make it worth a closer look and 1 reason for caution. History, not a prediction.

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Written by fixed rules from SEC filings and our measured history, not by an AI model. Public data only. History, not a prediction, and not investment advice.

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