S&P 500   4,282.37
DOW   33,762.76
QQQ   354.65
MarketBeat Week in Review – 5/29 - 6/2
"Unknown laser company making HUGE profit from Russia-Ukraine War" (Ad)
Russia bans 'unfriendly' countries' journalists from showpiece economic gathering
Biden signs debt ceiling bill that pulls US back from brink of unprecedented default
[BREAKING] New "Living Software" to Revolutionize Warfare (Ad)
Twitter executive responsible for content safety resigns after Elon Musk criticism
S&P 500   4,282.37
DOW   33,762.76
QQQ   354.65
MarketBeat Week in Review – 5/29 - 6/2
"Unknown laser company making HUGE profit from Russia-Ukraine War" (Ad)
Russia bans 'unfriendly' countries' journalists from showpiece economic gathering
Biden signs debt ceiling bill that pulls US back from brink of unprecedented default
[BREAKING] New "Living Software" to Revolutionize Warfare (Ad)
Twitter executive responsible for content safety resigns after Elon Musk criticism
S&P 500   4,282.37
DOW   33,762.76
QQQ   354.65
MarketBeat Week in Review – 5/29 - 6/2
"Unknown laser company making HUGE profit from Russia-Ukraine War" (Ad)
Russia bans 'unfriendly' countries' journalists from showpiece economic gathering
Biden signs debt ceiling bill that pulls US back from brink of unprecedented default
[BREAKING] New "Living Software" to Revolutionize Warfare (Ad)
Twitter executive responsible for content safety resigns after Elon Musk criticism
S&P 500   4,282.37
DOW   33,762.76
QQQ   354.65
MarketBeat Week in Review – 5/29 - 6/2
"Unknown laser company making HUGE profit from Russia-Ukraine War" (Ad)
Russia bans 'unfriendly' countries' journalists from showpiece economic gathering
Biden signs debt ceiling bill that pulls US back from brink of unprecedented default
[BREAKING] New "Living Software" to Revolutionize Warfare (Ad)
Twitter executive responsible for content safety resigns after Elon Musk criticism

Insider Trading Activity (Form 4 Filings)

An insider trade occurs when an individual that has non-public information about a company buys or sells shares of that company's stock. Examples of people who would be considered insiders include a company's executive officers (CEO, CFO, COO), its board of directors, and its major shareholders. Insiders are required to submit their trading activity to the Securities and Exchange Commission through Form 4 filings. Tracking a company's insider trading activity is an effective way to identify management's true outlook on the company's future growth and prospects. Below you will find MarketBeat's free insider trading tracker which reports the latest insider buying and selling activity from U.S., Canadian, and U.K. stock exchanges. What you need to know about insider trading.

MarketRank evaluates a company based on community opinion, dividend strength, institutional and insider ownership, earnings and valuation, and analysts forecasts.
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Media sentiment refers to the percentage of positive news stories versus negative news stories a company has received in the past week.
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Analyst consensus is the average investment recommendation among Wall Street research analysts.
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Analyst ConsensusUpgrade to All Access to use the All Ratings Filter
CompanyInsider NameBuy/SellShares Bought/SoldTotal TransactionShares Held After TransactionTransaction DateDetails
ABM Industries Incorporated stock logo
ABM
ABM Industries
Scott B Salmirs (CEO)Sell14,983$680,827.52 350,3916/2/2023
Accuray Incorporated stock logo
ARAY
Accuray
Sandeep Chalke (SVP)Sell26,168$92,896.40 542,2326/1/2023
Advanced Energy Industries, Inc. stock logo
AEIS
Advanced Energy Industries
Ronald C Foster (Director)Sell1,000$97,980.00 10,6186/1/2023
Agilysys, Inc. stock logo
AGYS
Agilysys
Prabuddha Biswas (SVP)Sell3,185$237,441.75 67,0536/1/2023
Air Lease Co. stock logo
AL
Air Lease
Yvette Hollingsworth Clark (Director)Buy2,600$98,696.00 19,8565/31/2023
Airbnb, Inc. stock logo
ABNB
Airbnb
Joseph Gebbia (Director)Sell350,000$37,040,500.00 4,066,7695/31/2023
Airbnb, Inc. stock logo
ABNB
Airbnb
Joseph Gebbia (Director)Sell350,000$37,040,500.00 4,066,7695/31/2023
Akamai Technologies, Inc. stock logo
AKAM
Akamai Technologies
F Thomson Leighton (CEO)Buy272$25,024.00 88,7606/1/2023
Allegiant Travel stock logo
ALGT
Allegiant Travel
Scott Wayne Deangelo (CMO)Sell707$69,505.17 97,5526/1/2023
Alphabet Inc. stock logo
GOOGL
Alphabet
Ann Mather (Director)Sell9,540$1,195,648.20 2,8006/2/2023
Alphabet Inc. stock logo
GOOG
Alphabet
2019 Gp L.L.C. Gv (Major Shareholder)Sell16,633$227,040.455/31/2023
Alphabet Inc. stock logo
GOOG
Alphabet
Ann Mather (Director)Sell9,540$1,195,648.20 2,8006/2/2023
Alphabet Inc. stock logo
GOOGL
Alphabet
2019 Gp L.L.C. Gv (Major Shareholder)Sell16,633$227,040.455/31/2023
Alpine Income Property Trust, Inc. stock logo
PINE
Alpine Income Property Trust
John P Albright (CEO)Buy4,255$68,675.70 7,1996/2/2023
Alteryx, Inc. stock logo
AYX
Alteryx
Chris Natali (CAO)Sell1,000$43,310.00 40,4646/2/2023
Apellis Pharmaceuticals, Inc. stock logo
APLS
Apellis Pharmaceuticals
Karen Lewis (Insider)Sell5,000$430,000.00 41,5046/1/2023
Arbor Realty Trust, Inc. stock logo
ABR
Arbor Realty Trust
William C Green (Director)Buy8,776$112,508.32 147,6816/1/2023
Arcellx, Inc. stock logo
ACLX
Arcellx
Rami Elghandour (Insider)Sell2,600$115,102.00 36,1695/31/2023
Arcellx, Inc. stock logo
ACLX
Arcellx
Jill Carroll (Director)Sell315,164$13,079,306.00 2,513,2305/31/2023
ARS Pharmaceuticals, Inc. stock logo
SPRY
ARS Pharmaceuticals
Laura Shawver (Director)Sell73,059$496,801.20 210,3466/1/2023
Atlassian Co. stock logo
TEAM
Atlassian
Michael Cannon-Brookes (CEO)Sell8,614$1,532,775.16 165,9386/1/2023
Atomera Incorporated stock logo
ATOM
Atomera
Scott A Bibaud (CEO)Sell7,873$70,857.00 310,2756/1/2023
Atomera Incorporated stock logo
ATOM
Atomera
Robert J Mears (CTO)Sell11,817$104,462.28 128,6696/1/2023
Babcock & Wilcox Enterprises, Inc. stock logo
BW
Babcock & Wilcox Enterprises
B. Riley Financial, Inc. (Major Shareholder)Buy7,464$37,693.20 401,4316/2/2023
Best Buy Co., Inc. stock logo
BBY
Best Buy
Matthew M Bilunas (CFO)Sell3,998$287,136.36 76,3806/1/2023
Best Buy Co., Inc. stock logo
BBY
Best Buy
Mathew Watson (CAO)Sell578$41,511.96 22,9746/1/2023
Best Buy Co., Inc. stock logo
BBY
Best Buy
Corie S Barry (CEO)Sell17,382$1,248,375.24 383,0816/1/2023
Best Buy Co., Inc. stock logo
BBY
Best Buy
Damien Harmon (EVP)Sell749$53,793.18 42,5996/1/2023
Best Buy Co., Inc. stock logo
BBY
Best Buy
Jason J Bonfig (Insider)Sell1,136$81,587.52 47,5346/1/2023
Big Lots, Inc. stock logo
BIG
Big Lots
Ronald A Robins Jr (EVP)Buy10,000$50,000.00 169,8976/1/2023
BioLife Solutions, Inc. stock logo
BLFS
BioLife Solutions
Michael Rice (CEO)Sell1,679$38,969.59 419,7895/31/2023
Biomea Fusion, Inc. stock logo
BMEA
Biomea Fusion
A2a Pharmaceuticals, Inc. (Major Shareholder)Sell75,000$2,535,750.00 3,550,0005/31/2023
Blackbaud, Inc. stock logo
BLKB
Blackbaud
Jon W Olson (SVP)Sell2,000$144,080.00 45,1525/31/2023
Blend Labs, Inc. stock logo
BLND
Blend Labs
Nima Ghamsari (insider)Sell151,316$143,750.205/31/2023
Blink Charging Co. stock logo
BLNK
Blink Charging
Michael D Farkas (CEO)Sell20,000$134,400.00 3,992,6166/1/2023
Bowman Consulting Group Ltd. stock logo
BWMN
Bowman Consulting Group
Gary Bowman (CEO)Sell7,500$201,900.00 1,050,2026/1/2023
Business First Bancshares, Inc. stock logo
BFST
Business First Bancshares
Rick D Day (Director)Buy2,000$29,200.00 258,3365/31/2023
Callon Petroleum stock logo
CPE
Callon Petroleum
Steven A Webster (Director)Buy7,384$225,212.00 610,2085/31/2023
Camping World Holdings, Inc. stock logo
CWH
Camping World
Kent Dillon Schickli (Director)Sell10,101$272,727.00 72,1245/31/2023
Capital Bancorp, Inc. stock logo
CBNK
Capital Bancorp
Steven M Poynot (COO)Buy1,500$25,575.00 2,5036/2/2023
CCC Intelligent Solutions Holdings Inc. stock logo
CCCS
CCC Intelligent Solutions
Rodney Christo (CAO)Sell11,495$127,364.606/1/2023
CCC Intelligent Solutions Holdings Inc. stock logo
CCCS
CCC Intelligent Solutions
Brian Herb (Insider)Sell97,459$1,079,845.72 192,1206/1/2023
Centessa Pharmaceuticals plc stock logo
CNTA
Centessa Pharmaceuticals
Antoine Yver (EVP)Sell6,500$28,925.00 783,0666/1/2023
Chipotle Mexican Grill, Inc. stock logo
CMG
Chipotle Mexican Grill
Brian R Niccol (CEO)Sell1,078$2,218,664.14 23,3476/1/2023
Climb Global Solutions, Inc. stock logo
CLMB
Climb Global Solutions
Andrew S Bryant (Director)Sell2,323$110,063.74 9,4876/1/2023
Cloudflare, Inc. stock logo
NET
Cloudflare
Douglas James Kramer (General Counsel)Sell3,000$202,410.00 160,4956/1/2023
Cloudflare, Inc. stock logo
NET
Cloudflare
Katrin Suder (Director)Sell2,500$175,000.00 43,3886/1/2023
Cogent Communications Holdings, Inc. stock logo
CCOI
Cogent Communications
James Bubeck (CRO)Sell1,920$117,254.40 40,5026/1/2023
Coherent Corp. stock logo
COHR
Coherent
Joseph J Corasanti (Director)Sell8,270$317,402.60 84,4966/2/2023
Collegium Pharmaceutical, Inc. stock logo
COLL
Collegium Pharmaceutical
Joseph Ciaffoni (CEO)Sell31,272$690,798.48 306,2726/1/2023
Corsair Gaming, Inc. stock logo
CRSR
Corsair Gaming
Michael G Potter (CFO)Sell10,000$194,800.00 52,6236/1/2023
Delta Air Lines, Inc. stock logo
DAL
Delta Air Lines
Joanne D Smith (EVP)Sell7,513$277,229.70 107,7825/31/2023
DICE Therapeutics, Inc. stock logo
DICE
DICE Therapeutics
John R Jacobsen (Insider)Sell18,750$572,437.50 147,4976/1/2023
DigitalOcean Holdings, Inc. stock logo
DOCN
DigitalOcean
Harold Matthew Norman (Insider)Sell3,145$127,498.30 139,8906/2/2023
Domo, Inc. stock logo
DOMO
Domo
Daniel David Daniel III (Director)Buy50,500$677,710.00 98,0005/31/2023
Donegal Group Inc. stock logo
DGICA
Donegal Group
Mutual Insurance Co Donegal (Major Shareholder)Buy7,904$115,161.28 11,715,5915/31/2023
DraftKings Inc. stock logo
DKNG
DraftKings
Paul Liberman (Insider)Sell66,667$1,546,007.73 1,327,2505/31/2023
Dynatrace, Inc. stock logo
DT
Dynatrace
Stephen J Pace (CRO)Sell15,812$808,625.68 191,1156/1/2023
e.l.f. Beauty, Inc. stock logo
ELF
e.l.f. Beauty
Lauren Cooks Levitan (Director)Sell2,500$257,400.00 25,7095/31/2023
Eli Lilly and Company stock logo
LLY
Eli Lilly and
Patrik Jonsson (EVP)Sell6,000$2,576,760.00 36,9416/1/2023
Employers Holdings, Inc. stock logo
EIG
Employers
Katherine H Antonello (CEO)Buy6,880$250,844.80 77,1776/1/2023
Enovis Co. stock logo
ENOV
Enovis
Phillip Benjamin (Ben) Berry (CFO)Sell645$34,939.65 20,2236/2/2023
Everbridge, Inc. stock logo
EVBG
Everbridge
Patrick Brickley (CFO)Sell1,008$24,060.96 97,1866/1/2023
Evercore Inc. stock logo
EVR
Evercore
Timothy Gilbert Lalonde (CFO)Sell2,500$272,200.00 39,6725/31/2023
EVgo, Inc. stock logo
EVGO
EVgo
Olga Shevorenkova (CFO)Sell31,093$123,128.28 58,8206/1/2023
EVgo, Inc. stock logo
EVGO
EVgo
Dennis G Kish (COO)Sell20,006$79,823.94 37,8446/1/2023
EVgo, Inc. stock logo
EVGO
EVgo
Catherine Zoi (CEO)Sell60,030$238,919.40 163,7966/1/2023
EVgo, Inc. stock logo
EVGO
EVgo
Ivo Steklac (CTO)Sell20,399$81,392.01 83,3956/1/2023
Extreme Networks, Inc. stock logo
EXTR
Extreme Networks
Edward Meyercord (CEO)Sell26,530$557,130.00 883,8555/31/2023
Extreme Networks, Inc. stock logo
EXTR
Extreme Networks
Edward Meyercord (CEO)Sell167,587$3,549,492.66 710,3856/2/2023
FB Financial Co. stock logo
FBK
FB Financial
James W Ayers (Major Shareholder)Buy10,000$276,300.00 10,806,0915/30/2023
Fiserv, Inc. stock logo
FISV
Fiserv
Guy Chiarello (COO)Sell8,000$896,800.00 187,3566/1/2023
Flame Acquisition Corp. stock logo
FLME
Flame Acquisition
Global Icav Pilgrim (Major Shareholder)Sell47,558$484,140.44 1,171,5105/30/2023
ForgeRock, Inc. stock logo
FORG
ForgeRock
Peter M Barker (EVP)Sell2,083$41,743.32 212,6706/1/2023
Fox Factory Holding Corp. stock logo
FOXF
Fox Factory
Thomas L Fletcher (Insider)Sell658$58,233.00 6,1425/31/2023
Freshworks Inc. stock logo
FRSH
Freshworks
Barry L Padgett (Director)Sell6,559$101,336.55 16,4286/1/2023
FRP Holdings, Inc. stock logo
FRPH
FRP
John D Baker II (CEO)Buy4,525$240,775.25 24,5495/31/2023
FS Bancorp, Inc. stock logo
FSBW
FS Bancorp
Robert B Fuller (Insider)Sell5,040$143,841.60 8,0806/1/2023
FS Credit Opportunities Corp. stock logo
FSCO
FS Credit Opportunities
David J Adelman (Insider)Buy78,000$349,440.00 78,0005/31/2023
FS Credit Opportunities Corp. stock logo
FSCO
FS Credit Opportunities
Michael C Forman (CEO)Buy40,000$182,000.00 118,0006/1/2023
Generac Holdings Inc. stock logo
GNRC
Generac
Aaron Jagdfeld (CEO)Sell5,000$540,600.00 617,6906/1/2023
Ginkgo Bioworks Holdings, Inc. stock logo
DNA
Ginkgo Bioworks
Reshma P Shetty (Insider)Sell37,650$59,863.50 13,466,4045/31/2023
Hibbett, Inc. stock logo
HIBB
Hibbett
Michael E Longo (CEO)Buy7,500$271,275.00 77,9855/31/2023
HP Inc. stock logo
HPQ
HP
Marie Myers (CFO)Sell4,165$122,076.15 34,7766/1/2023
Impinj, Inc. stock logo
PI
Impinj
Jeffrey Dossett (CRO)Sell3,500$358,960.00 42,8146/1/2023
Insulet Co. stock logo
PODD
Insulet
Shacey Petrovic (Director)Sell15,000$4,073,400.00 43,2056/1/2023
Intapp, Inc. stock logo
INTA
Intapp
Donald F Coleman (COO)Sell15,000$622,650.00 555,4106/1/2023
Intapp, Inc. stock logo
INTA
Intapp
Scott Fitzgerald (CMO)Sell4,000$166,080.00 20,8156/1/2023
Integra LifeSciences Holdings Co. stock logo
IART
Integra LifeSciences
Witte Jan De (CEO)Buy7,792$299,992.00 12,7986/1/2023
Interactive Strength Inc. stock logo
TRNR
Interactive Strength
Bradley James Wickens (Major Shareholder)Buy5,000$26,100.00 1,704,8916/1/2023
International Seaways, Inc. stock logo
INSW
International Seaways
Jeffrey Pribor (CFO)Sell1,000$36,610.00 81,9276/1/2023
KLX Energy Services Holdings, Inc. stock logo
KLXE
KLX Energy Services
Christopher J Baker (Insider)Sell4,500$35,010.00 157,5416/1/2023
Krystal Biotech, Inc. stock logo
KRYS
Krystal Biotech
Suma Krishnan (Insider)Sell25,000$2,904,000.00 1,624,2065/31/2023
Limbach Holdings, Inc. stock logo
LMB
Limbach
Gordon G Pratt (Director)Sell70,939$1,499,650.46 227,3416/1/2023
Loews Co. stock logo
L
Loews
Ann E Berman (Director)Sell474$26,686.20 3,2926/1/2023
Loews Co. stock logo
L
Loews
Benjamin J Tisch (VP)Buy110,000$6,199,600.00 130,3105/31/2023
Loews Co. stock logo
L
Loews
Benjamin J Tisch (VP)Buy110,000$6,366,800.00 350,3106/2/2023
Lyra Therapeutics, Inc. stock logo
LYRA
Lyra Therapeutics
Nbvm Gp, Llc (Major Shareholder)Buy1,805,416$4,387,160.88 2,521,7455/31/2023
Lyra Therapeutics, Inc. stock logo
LYRA
Lyra Therapeutics
Perceptive Advisors Llc (Director)Buy3,610,832$8,990,971.68 11,469,1175/31/2023
Magnite, Inc. stock logo
MGNI
Magnite
Michael G Barrett (CEO)Sell75,000$876,750.00 1,430,0725/31/2023
MannKind Co. stock logo
MNKD
MannKind
Michael Castagna (CEO)Sell10,000$45,300.00 2,516,7356/1/2023
Marvell Technology, Inc. stock logo
MRVL
Marvell Technology
Ford Tamer (Director)Sell90,000$5,362,200.00 126,0835/31/2023
Matador Resources stock logo
MTDR
Matador Resources
Joseph Wm Foran (CEO)Buy652$28,948.80 176,1206/1/2023
Mirati Therapeutics, Inc. stock logo
MRTX
Mirati Therapeutics
Laurie Stelzer (CFO)Sell4,647$172,217.82 80,0156/2/2023
Mirion Technologies, Inc. stock logo
MIR
Mirion Technologies
Christopher A Moore (CAO)Sell3,430$27,165.60 32,2065/30/2023
Moderna, Inc. stock logo
MRNA
Moderna
Stephane Bancel (CEO)Sell40,000$5,076,400.00 5,411,9465/31/2023
Moderna, Inc. stock logo
MRNA
Moderna
Noubar Afeyan (Director)Sell15,000$1,910,250.00 2,172,2095/31/2023
Moody's Co. stock logo
MCO
Moody's
Robert Fauber (CEO)Sell2,000$633,100.00 65,8386/1/2023
Morphic Holding, Inc. stock logo
MORF
Morphic
Praveen P Tipirneni (CEO)Sell3,597$205,532.58 13,9366/1/2023
Myriad Genetics, Inc. stock logo
MYGN
Myriad Genetics
Daniel K Spiegelman (Director)Sell8,638$198,760.38 40,4936/2/2023
National Research Co. stock logo
NRC
National Research
Amandla Mk Trust (Major Shareholder)Sell3,416$154,198.24 4,371,5185/31/2023
National Research Co. stock logo
NRC
National Research
Amandla Mk Trust (Major Shareholder)Sell12,255$556,254.45 4,353,8396/2/2023
Netflix, Inc. stock logo
NFLX
Netflix
Reed Hastings (Chairman)Sell26,012$10,459,165.086/1/2023
Newmont Co. stock logo
NEM
Newmont
Thomas Ronald Palmer (CEO)Sell11,000$449,240.00 289,0396/1/2023
Norfolk Southern Co. stock logo
NSC
Norfolk Southern
Alan H Shaw (CEO)Sell2,000$419,100.00 30,6546/1/2023
Nuvalent, Inc. stock logo
NUVL
Nuvalent
Darlene Noci (insider)Sell3,000$127,920.006/1/2023
OSI Systems, Inc. stock logo
OSIS
OSI Systems
Deepak Chopra (CEO)Sell27,380$3,256,851.00 474,8485/31/2023
OSI Systems, Inc. stock logo
OSIS
OSI Systems
Gerald M Chizever (Director)Sell1,500$177,885.00 9,2746/1/2023
P3 Health Partners Inc. stock logo
PIII
P3 Health Partners
Pacific Founders Ugp I Chicago (Major Shareholder)Buy21,850$87,400.00 48,877,2926/1/2023
Pacira BioSciences, Inc. stock logo
PCRX
Pacira BioSciences
Daryl Gaugler (COO)Sell2,500$97,700.00 24,5915/31/2023
Palo Alto Networks, Inc. stock logo
PANW
Palo Alto Networks
Josh D Paul (CAO)Sell500$105,500.00 29,2376/1/2023
Palo Alto Networks, Inc. stock logo
PANW
Palo Alto Networks
Nir Zuk (EVP)Sell36,000$7,752,960.00 1,666,8986/1/2023
Palo Alto Networks, Inc. stock logo
PANW
Palo Alto Networks
Nir Zuk (EVP)Sell36,000$7,752,960.00 1,666,8986/1/2023
Paylocity Holding Co. stock logo
PCTY
Paylocity
Steven I Sarowitz (Director)Sell72,339$12,392,394.09 10,081,0325/31/2023
Prime Medicine, Inc. stock logo
PRME
Prime Medicine
2019 Gp L.L.C. Gv (Major Shareholder)Sell16,633$227,040.455/31/2023
Privia Health Group, Inc. stock logo
PRVA
Privia Health Group
William M Sullivan (Director)Sell5,053$126,375.53 5,656,6935/31/2023
Procore Technologies, Inc. stock logo
PCOR
Procore Technologies
Benjamin C Singer (Insider)Sell8,147$503,973.42 166,3946/1/2023
Procore Technologies, Inc. stock logo
PCOR
Procore Technologies
Craig F Jr. Courtemanche (CEO)Sell24,200$1,445,224.00 3,511,8856/1/2023
Progress Software Co. stock logo
PRGS
Progress Software
Kathryn Kulikoski (Insider)Sell1,500$89,535.00 5,2166/1/2023
PubMatic, Inc. stock logo
PUBM
PubMatic
Rajeev K Goel (CEO)Sell7,500$133,050.00 33,8366/1/2023
PubMatic, Inc. stock logo
PUBM
PubMatic
Steven Pantelick (CFO)Sell6,141$108,450.06 12,5955/31/2023
Pulmonx Co. stock logo
LUNG
Pulmonx
Glendon E French III (CEO)Sell6,533$74,998.84 1,199,5476/1/2023
Pulmonx Co. stock logo
LUNG
Pulmonx
Geoffrey Beran Rose (Insider)Sell2,845$32,660.60 257,0486/1/2023
Pulmonx Co. stock logo
LUNG
Pulmonx
Derrick Sung (CFO)Sell4,222$48,510.78 395,2606/1/2023
Pulmonx Co. stock logo
LUNG
Pulmonx
David Aaron Lehman (General Counsel)Sell3,776$43,348.48 157,4206/1/2023
Quaker Chemical Co. stock logo
KWR
Quaker Chemical
Melissa Leneis (EVP)Sell500$95,105.00 10,2015/31/2023
Range Resources Co. stock logo
RRC
Range Resources
Dori Ginn (SVP)Sell32,000$866,880.00 250,7386/1/2023
Regeneron Pharmaceuticals, Inc. stock logo
REGN
Regeneron Pharmaceuticals
Marion Mccourt (EVP)Sell250$184,000.00 20,5536/1/2023
Regeneron Pharmaceuticals, Inc. stock logo
REGN
Regeneron Pharmaceuticals
Arthur F Ryan (Director)Sell100$73,542.00 18,8476/1/2023
Regional Management Corp. stock logo
RM
Regional Management
Basswood Capital Management, L (Director)Buy10,081$264,021.39 558,6086/1/2023
Riot Platforms, Inc. stock logo
RIOT
Riot Platforms
Ryan D Werner (CAO)Sell22,333$266,209.36 313,3865/31/2023
Rivian Automotive, Inc. stock logo
RIVN
Rivian Automotive
Jeff Baker (CAO)Sell30,798$452,730.60 106,2046/1/2023
Rockwell Automation, Inc. stock logo
ROK
Rockwell Automation
Cyril Perducat (SVP)Sell645$186,553.35 2,4916/2/2023
Roper Technologies, Inc. stock logo
ROP
Roper Technologies
Robert D Johnson (Director)Sell250$112,537.50 5,9036/1/2023
Safety Insurance Group, Inc. stock logo
SAFT
Safety Insurance Group
Corp Srb (Major Shareholder)Buy6,800$494,904.00 1,758,9456/1/2023
Sensei Biotherapeutics, Inc. stock logo
SNSE
Sensei Biotherapeutics
Apeiron Investment Group Ltd. (Major Shareholder)Sell3,441,661$5,437,824.386/1/2023
SiTime Co. stock logo
SITM
SiTime
Piyush B Sevalia (EVP)Sell579$57,419.43 92,1156/1/2023
Snap Inc. stock logo
SNAP
Snap
Michael J O'sullivan (General Counsel)Sell13,000$129,870.00 504,5175/31/2023
Snap-on Incorporated stock logo
SNA
Snap-on
Nicholas T Pinchuk (CEO)Sell22,348$5,575,379.04 687,0816/1/2023
Snowflake Inc. stock logo
SNOW
Snowflake
Mark D Mclaughlin (Director)Buy1,831$299,917.80 8,6575/31/2023
Source Capital, Inc. stock logo
SOR
Source Capital
Mark L Lipson (Director)Buy1,315$49,838.50 6,7616/1/2023
Southland Holdings, Inc. stock logo
SLND
Southland
Walter Timothy Winn (COO)Sell37,745$324,229.55 1,780,1156/1/2023
Tempur Sealy International, Inc. stock logo
TPX
Tempur Sealy International
H Clifford Buster III (CEO)Sell75,200$2,693,664.00 145,2295/31/2023
The AZEK Company Inc. stock logo
AZEK
AZEK
Scott Vanwinter (Insider)Sell45,000$1,119,600.00 304,8926/2/2023
The Howard Hughes Co. stock logo
HHC
Howard Hughes
Pershing Square Capital Manage (Director)Buy15,609$1,166,148.39 16,489,2846/1/2023
The Progressive Co. stock logo
PGR
Progressive
John P Sauerland (CFO)Sell12,000$1,530,600.00 333,5075/31/2023
The Southern Company stock logo
SO
Southern
Martin Bernard Davis (EVP)Sell1,435$100,435.65 74,2466/1/2023
The Wendy's Company stock logo
WEN
Wendy's
Matthew H Peltz (Director)Sell443,725$10,099,181.00 20,732,6286/2/2023
Tilly's, Inc. stock logo
TLYS
Tilly's
Fund 1 Investments, Llc (Major Shareholder)Buy30,000$233,700.00 3,528,6525/31/2023
Tilly's, Inc. stock logo
TLYS
Tilly's
Fund 1 Investments, Llc (Major Shareholder)Buy120,500$783,250.00 3,707,3626/2/2023
Toll Brothers, Inc. stock logo
TOL
Toll Brothers
Martin P Connor (CFO)Sell15,000$1,063,200.00 47,4146/2/2023
Toll Brothers, Inc. stock logo
TOL
Toll Brothers
Michael J Grubb (CAO)Sell563$39,241.10 2,2046/2/2023
Toll Brothers, Inc. stock logo
TOL
Toll Brothers
Douglas C Jr. Yearley (CEO)Sell75,000$5,124,000.00 246,5476/1/2023
TransUnion stock logo
TRU
TransUnion
Richard Dane Mauldin (EVP)Sell2,000$145,880.00 22,8056/1/2023
TScan Therapeutics, Inc. stock logo
TCRX
TScan Therapeutics
Lynx1 Capital Management Lp (Major Shareholder)Sell25,400$64,008.00 5,224,6005/31/2023
TTEC Holdings, Inc. stock logo
TTEC
TTEC
Marc Holtzman (Director)Buy7,960$249,944.00 33,2295/31/2023
Under Armour, Inc. stock logo
UAA
Under Armour
Kevin A Plank (Insider)Sell16,000,000$98,080,000.00 482,4515/31/2023
Under Armour, Inc. stock logo
UA
Under Armour
Kevin A Plank (Insider)Sell16,000,000$98,080,000.00 482,4515/31/2023
Unity Software Inc. stock logo
U
Unity Software
Carol W Carpenter (CMO)Sell2,000$58,180.00 389,9286/1/2023
Unum Group stock logo
UNM
Unum Group
Timothy Gerald Arnold (EVP)Sell5,000$222,450.00 102,0535/31/2023
Veeco Instruments Inc. stock logo
VECO
Veeco Instruments
Susan Wilkerson (SVP)Sell2,163$52,301.34 50,2485/31/2023
Vir Biotechnology, Inc. stock logo
VIR
Vir Biotechnology
Steven J Rice (Insider)Sell2,500$64,175.00 106,8406/1/2023
Vir Biotechnology, Inc. stock logo
VIR
Vir Biotechnology
Saira Ramasastry (Director)Sell3,500$89,845.00 10,6196/1/2023
Vista Outdoor Inc. stock logo
VSTO
Vista Outdoor
Bradford E Crandell (Insider)Sell3,954$104,227.44 56,6906/1/2023
Wayfair Inc. stock logo
W
Wayfair
Steve Oblak (Insider)Sell24,653$974,779.62 219,5486/1/2023
Weyerhaeuser stock logo
WY
Weyerhaeuser
Denise M Merle (SVP)Sell5,719$163,220.26 154,7886/1/2023
XOMA Co. stock logo
XOMA
XOMA
Bradley Sitko (CIO)Buy1,500$25,695.00 3,5005/31/2023
XPEL, Inc. stock logo
XPEL
XPEL
Richard K Crumly (Director)Sell10,000$700,400.00 398,6686/1/2023
Ziff Davis, Inc. stock logo
ZD
Ziff Davis
Jeremy Rossen (EVP)Buy1,000$58,450.00 10,6995/31/2023
Ziff Davis, Inc. stock logo
ZD
Ziff Davis
Bret Richter (CFO)Buy2,000$118,260.00 5,1425/31/2023
Insider Trading - What You Need to Know

In a digital world, insider trading is becoming easier, and harder, to define


According to the Securities & Exchange Commission (SEC) insider trading “refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security.”

That definition would seem to imply that insider trading violations only occur when someone acts on the information. However, the SEC also says that insider trading violations also include the act of “tipping” inside information.

This is because for something to constitute insider trading individuals must have access to information that the general public does not have the ability to access. And, the individuals then act on that information to inform trading usually of specific equities.

Continue reading this article to help you understand the topic of insider trading. We’ll define insider trading and look at important specifics such as what makes someone an insider, why insider trading is harmful to markets and to the point we just made under what conditions insider trading can be legal.

There are three conditions that have to be met for an act of insider trading to be illegal:

  1. Information must be passed along by an insider.
  2. The individual(s) receiving the information must act upon (traded) that information.
  3. The trading activity must take place before the tipped information is available to the general public.

That last point is a key one to understand. In many cases, the information used for a trade becomes public knowledge. The point is that if an individual were to find out something days or weeks before the general public, they could prepare a trade to maximize their own gain.

Two recent high-profile cases illustrate the relationship between insiders and insider trading. The first involved American retail businesswoman, writer, and television personality Martha Stewart. In this case, Stewart received a tip from her broker who worked at Merrill Lynch. Stewart did not work for the company in question nor did she work for Merrill Lynch. However, she was an existing shareholder of the stock in question.

Stewart was convicted of insider trading based on evidence that she had made trades before the information that was tipped to her became public. She served five months in prison and two years of probation including five months under house arrest.

The other case involves Mychal Kendricks a professional football player. Kendricks entered and exited trades based on information he received from an acquaintance who was a broker with Goldman Sachs. This case was a bit greyer because Kendricks was not a client of the broker. Nevertheless, he was given access to confidential information that could materially affect the price of the securities he traded prior to that information being released to the public. Kendricks served one day in prison, was sentenced to three years of probation and 300 hours of community service.

Once again, let’s look at what the SEC has to say about this. The commission says the definition of who is an insider “can include officers, directors, major stockholders and employees of an entity whose securities are publicly traded.” This is a broad definition that is intended to presume that insiders should put the company’s interest ahead of their own.

The SEC policy states that, in general, “an insider must not trade for personal gain in the securities of that entity if that person possesses material, nonpublic information about the entity.” They go on to say that individuals “must not disclose that information to family, friends, business or social acquaintances, employees or independent contractors of the entity.” However, an insider may make trades or discuss the information after it has been made public.

As it relates to insider trading, the definition of “insider” expands even more. In fact, any individual who buys or sells shares of a security based on inside information can be guilty of insider trading.

The first reason that insider trading is harmful relates to the insider’s fiduciary duty. A common question that gets asked is why shouldn’t individuals benefit from having insider information? The answer is they are supposed to put the company’s interests ahead of their own. This includes brokers and analysts who have access to this information. When that information is traded on, they are allowing that information to be used to benefit others ahead of the company.

This idea of benefiting some to the exclusion of others leads to the second fundamental harm of insider trading. It violates the principle of transparency. When the market is functioning properly both retail and institutional investors have access to the same information. At times, you already hear retail traders claiming the market is a rigged game. If insider trading was allowed to proceed without any consequences, retail investors would lose even more confidence in the market.

In reality, it’s not but it has to do with intent of the person giving the information. In the case Dirks v. SEC, the Supreme Court determined, “the mere disclosure of material, nonpublic information, by itself, does not necessarily constitute a breach of an insider’s fiduciary duties.”

What does that mean in plain terms? If someone overhears a conversation in which insider information is disclosed, they can act on the information if they were not aware that it was confidential. This was the premise behind the ruling in the Dirks v. SEC case.

At that time, Barry Switzer was the head football coach at the University of Oklahoma. Switzer overheard a conversation between the former CEO of Texas International and his spouse while at a track meet in Texas. The former CEO had no idea that Switzer heard the information and Switzer had no idea the information was confidential. The case went to trial and the Supreme Court ruled that the CEO did not breach his fiduciary duties. However, this was only because the CEO was engaged in what he had reason to believe was a private conversation. If he was relaying that information to Switzer himself, even if he believed the information wouldn’t be acted on, it would have met the standard for insider trading.

The key definition of insider trading stems from the word trading, which constitutes an action. Here’s a hypothetical example.  Jane is an executive at XYZ Company. She knows that the company is going to acquire another company and shares that information with family and friends before it becomes public information.

In and of itself, that does not constitute insider trading. It does, however, become insider trading if anyone who is privy to that information uses it to make enter and/or exit trades prior to the information going public.

The same logic goes for those that receive the information. If they don’t act on it, then it’s just information. If they make trades based on it, then it constitutes insider trading.

However, this serves to clarify the importance of the insider not disclosing the information. They may trust their family members and close friends to not trade the news. However, once the information is out, they have less control of who else may hear about it and act on it.

With every example we’ve discussed, how can insider trading ever be legal? The answer is only under very restrictive conditions. First, the trade must be reported to the SEC via a Form 4 within two business days of when the trade occurred. This will make the trade part of the public record. Additionally, the trader must list all the company’s directors and officers along with any share interest they have in a Form 14a filing.

Although insider selling frequently draws the attention of retail investors, the reality is that company insiders sell company stock. And they can do so for a lot of reasons, many being personal.

Information about insider trades is available on many financial websites. However, the best place to look is the SEC’s EDGAR (Electronic Data Gathering, Analysis and Retrieval) database. Furthermore, SEC rules prevent insiders from trading company stock within any six-month period.

With that in mind, it’s more telling when insiders buy their company’s stock. To do so under those conditions, an investor could not be blamed for presuming the company’s outlook was good.

Insider trading seems simple enough to understand, and yet it’s one of the more misunderstood terms in the financial world. It’s not as abstract as “you know when you see it” but whether something constitutes insider trading really comes down to access and intent.

The everyday retail trader or investor has access to more information than ever before. And there are professional traders and analysts who publish content to keep fueling this news cycle. In a certain way, that makes defining insider trading a little easier. Simply put, there’s a lot of information, including speculative rumors, that is found in the public domain.

In the end, there are two basic questions that have to be asked. One is the information idle speculation or is it credible information from someone with access? Second, is the information in the public domain?

In the case of illegal insider trading, the intent is to act on inside information before the public has knowledge of it. In this way, a select few “insiders” can profit from the information.

However, legal insider trading has always existed. And if properly disclosed, it can be a benefit to retail and institutional investors as a supplement to fundamental or technical analysis.

 

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