S&P 500   4,191.98
DOW   33,426.63
QQQ   336.51
Mount Etna volcano erupts, raining ash on Catania, forcing flight suspension at local airport
This MMJ Stock Needs To Be At The Top Of Your Radar! (Ad)
China tells tech manufacturers to stop using Micron chips, stepping up feud with United States
Stock market today: Asian shares mostly rise despite worries about US debt talks
This MMJ Stock Needs To Be At The Top Of Your Radar! (Ad)
SpaceX launches two Saudi astronauts on private flight to space station
Civil rights groups warn tourists about Florida in wake of 'hostile' laws
Central Bank: “Final stage” beginning now (Ad)
South Korean, German leaders agree to cooperate on supply chains, North Korea
Animal rights activists protest octopus farm plans in Spain
S&P 500   4,191.98
DOW   33,426.63
QQQ   336.51
Mount Etna volcano erupts, raining ash on Catania, forcing flight suspension at local airport
This MMJ Stock Needs To Be At The Top Of Your Radar! (Ad)
China tells tech manufacturers to stop using Micron chips, stepping up feud with United States
Stock market today: Asian shares mostly rise despite worries about US debt talks
This MMJ Stock Needs To Be At The Top Of Your Radar! (Ad)
SpaceX launches two Saudi astronauts on private flight to space station
Civil rights groups warn tourists about Florida in wake of 'hostile' laws
Central Bank: “Final stage” beginning now (Ad)
South Korean, German leaders agree to cooperate on supply chains, North Korea
Animal rights activists protest octopus farm plans in Spain
S&P 500   4,191.98
DOW   33,426.63
QQQ   336.51
Mount Etna volcano erupts, raining ash on Catania, forcing flight suspension at local airport
This MMJ Stock Needs To Be At The Top Of Your Radar! (Ad)
China tells tech manufacturers to stop using Micron chips, stepping up feud with United States
Stock market today: Asian shares mostly rise despite worries about US debt talks
This MMJ Stock Needs To Be At The Top Of Your Radar! (Ad)
SpaceX launches two Saudi astronauts on private flight to space station
Civil rights groups warn tourists about Florida in wake of 'hostile' laws
Central Bank: “Final stage” beginning now (Ad)
South Korean, German leaders agree to cooperate on supply chains, North Korea
Animal rights activists protest octopus farm plans in Spain
S&P 500   4,191.98
DOW   33,426.63
QQQ   336.51
Mount Etna volcano erupts, raining ash on Catania, forcing flight suspension at local airport
This MMJ Stock Needs To Be At The Top Of Your Radar! (Ad)
China tells tech manufacturers to stop using Micron chips, stepping up feud with United States
Stock market today: Asian shares mostly rise despite worries about US debt talks
This MMJ Stock Needs To Be At The Top Of Your Radar! (Ad)
SpaceX launches two Saudi astronauts on private flight to space station
Civil rights groups warn tourists about Florida in wake of 'hostile' laws
Central Bank: “Final stage” beginning now (Ad)
South Korean, German leaders agree to cooperate on supply chains, North Korea
Animal rights activists protest octopus farm plans in Spain

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.
Available with a MarketBeat All Access Subscription
MarketRank™Upgrade to All Access to use the All Ranks Filter
Media sentiment refers to the percentage of positive news stories versus negative news stories a company has received in the past week.
Available with a MarketBeat All Access Subscription
Media SentimentUpgrade to All Access to use the All Sentiments Filter
Analyst consensus is the average investment recommendation among Wall Street research analysts.
Available with a MarketBeat All Access Subscription
Analyst ConsensusUpgrade to All Access to use the All Ratings Filter
CompanyInsider NameBuy/SellShares Bought/SoldTotal TransactionShares Held After TransactionTransaction DateDetails
3M stock logo
MMM
3M
Khandpur K Ashish (Insider)Sell9,432$936,314.64 20,9435/18/2023
A10 Networks, Inc. stock logo
ATEN
A10 Networks
Brian Becker (CFO)Sell12,500$176,625.00 59,3805/19/2023
ACADIA Pharmaceuticals Inc. stock logo
ACAD
ACADIA Pharmaceuticals
Brendan Teehan (COO)Sell14,869$334,552.50 24,3565/17/2023
ACADIA Pharmaceuticals Inc. stock logo
ACAD
ACADIA Pharmaceuticals
James Kihara (Insider)Sell5,947$133,807.50 11,1445/17/2023
ACADIA Pharmaceuticals Inc. stock logo
ACAD
ACADIA Pharmaceuticals
Mark C Schneyer (CFO)Sell15,310$344,475.00 21,9055/17/2023
ACI Worldwide, Inc. stock logo
ACIW
ACI Worldwide
Ram Kumar Puppala (CTO)Sell14,070$341,619.60 31,2975/17/2023
AdvanSix Inc. stock logo
ASIX
AdvanSix
Christopher Gramm (Insider)Sell1,000$35,090.00 35,7445/19/2023
Air Transport Services Group, Inc. stock logo
ATSG
Air Transport Services Group
Raymond E Johns Jr (Director)Buy2,200$36,278.00 23,5435/18/2023
Akamai Technologies, Inc. stock logo
AKAM
Akamai Technologies
F Thomson Leighton (CEO)Buy288$25,056.00 85,9435/17/2023
Alimera Sciences, Inc. stock logo
ALIM
Alimera Sciences
Adam Morgan (Director)Buy1,401,901$2,383,231.70 1,659,6545/17/2023
A-Mark Precious Metals, Inc. stock logo
AMRK
A-Mark Precious Metals
Gregory N Roberts (CEO)Sell6,000$216,960.00 28,2025/17/2023
Amphastar Pharmaceuticals, Inc. stock logo
AMPH
Amphastar Pharmaceuticals
Rong Zhou (EVP)Sell10,000$442,000.00 87,5985/18/2023
Apollo Global Management, Inc. stock logo
APO
Apollo Global Management
Joshua Harris (Insider)Sell141,630$9,028,912.50 34,845,5675/17/2023
Apollo Global Management, Inc. stock logo
APO
Apollo Global Management
Joshua Harris (Insider)Sell5,487$351,387.48 34,799,3915/19/2023
AppLovin Co. stock logo
APP
AppLovin
Denali Holdings L.P. Kkr (Major Shareholder)Sell15,952,381$335,000,001.00 44,782,6195/17/2023
Arlo Technologies, Inc. stock logo
ARLO
Arlo Technologies
Brian Busse (General Counsel)Sell37,085$362,691.30 696,8165/19/2023
Bellerophon Therapeutics, Inc. stock logo
BLPH
Bellerophon Therapeutics
Life Science Opportu Puissance (Major Shareholder)Sell560,000$5,297,600.00 1,211,2625/18/2023
Bowlero Corp. stock logo
BOWL
Bowlero
Robert M Lavan (CFO)Buy8,595$98,584.65 8,5955/19/2023
Bread Financial Holdings, Inc. stock logo
BFH
Bread Financial
Turtle Creek Asset Management (Major Shareholder)Buy103,950$3,086,275.50 4,934,4345/17/2023
Bread Financial Holdings, Inc. stock logo
BFH
Bread Financial
Turtle Creek Asset Management (Major Shareholder)Buy5,850$173,979.00 4,942,6245/19/2023
Cabaletta Bio, Inc. stock logo
CABA
Cabaletta Bio
Gwendolyn Binder (Insider)Sell22,000$259,820.00 20,0005/19/2023
Chimerix, Inc. stock logo
CMRX
Chimerix
Michael T Andriole (CFO)Buy51,700$58,938.00 357,0155/18/2023
Cincinnati Financial Co. stock logo
CINF
Cincinnati Financial
Charles Odell Schiff (Director)Sell20,000$2,054,800.00 190,5555/17/2023
Cloudflare, Inc. stock logo
NET
Cloudflare
Michelle Zatlyn (COO)Sell12,820$661,127.405/17/2023
Cloudflare, Inc. stock logo
NET
Cloudflare
Michelle Zatlyn (COO)Sell12,820$754,200.605/19/2023
CNO Financial Group, Inc. stock logo
CNO
CNO Financial Group
Steven E Shebik (Director)Buy8,583$187,538.55 39,5655/17/2023
Commvault Systems, Inc. stock logo
CVLT
Commvault Systems
Sanjay Mirchandani (CEO)Sell7,791$502,519.50 504,0675/18/2023
Commvault Systems, Inc. stock logo
CVLT
Commvault Systems
Gary Merrill (CFO)Sell2,235$143,665.80 98,9395/18/2023
CompoSecure, Inc. stock logo
CMPO
CompoSecure
Timothy Walter Fitzsimmons (CFO)Sell100,000$744,000.00 413,9065/17/2023
Corsair Gaming, Inc. stock logo
CRSR
Corsair Gaming
Michael G Potter (CFO)Sell10,000$200,000.00 52,6235/18/2023
Coursera, Inc. stock logo
COUR
Coursera
Richard J Jacquet (SVP)Sell40,730$470,431.50 396,0815/17/2023
Coursera, Inc. stock logo
COUR
Coursera
Shravan Goli (COO)Sell46,482$536,867.10 953,2855/17/2023
Creative Media & Community Trust Co. stock logo
CMCT
Creative Media & Community Trust Co.
Shaul Kuba (CIO)Buy17,706$87,644.70 9,106,0235/17/2023
CS Disco, Inc. stock logo
LAW
CS Disco
Michael Lafair (CFO)Sell4,371$23,559.69 694,2515/17/2023
CS Disco, Inc. stock logo
LAW
CS Disco
Kevin Joseph Smith (EVP)Sell4,149$22,363.11 205,7965/17/2023
CymaBay Therapeutics, Inc. stock logo
CBAY
CymaBay Therapeutics
Charles Mcwherter (Insider)Sell21,749$197,480.92 15,0005/18/2023
Cytek Biosciences, Inc. stock logo
CTKB
Cytek Biosciences
Ming Yan (CTO)Sell20,000$143,800.00 7,870,2585/19/2023
Datadog, Inc. stock logo
DDOG
Datadog
Madre Armelle De (Insider)Sell6,543$588,870.00 109,6505/17/2023
DigitalOcean Holdings, Inc. stock logo
DOCN
DigitalOcean
Jeffrey Scott Guy (COO)Sell5,863$205,205.00 154,5735/18/2023
DigitalOcean Holdings, Inc. stock logo
DOCN
DigitalOcean
Harold Matthew Norman (Insider)Sell21,499$731,610.97 145,6965/19/2023
Diodes Incorporated stock logo
DIOD
Diodes
Emily Yang (SVP)Sell1,635$152,643.60 64,4365/17/2023
Diodes Incorporated stock logo
DIOD
Diodes
Keh Shew Lu (CEO)Sell5,000$465,200.00 46,1835/17/2023
Diodes Incorporated stock logo
DIOD
Diodes
Keh Shew Lu (CEO)Sell24,000$2,272,320.00 8,6835/19/2023
Diodes Incorporated stock logo
DIOD
Diodes
Brett R Whitmire (CFO)Sell1,819$169,585.37 47,9725/18/2023
Duolingo, Inc. stock logo
DUOL
Duolingo
Matthew Skaruppa (CFO)Sell1,972$282,863.68 62,4615/17/2023
F5, Inc. stock logo
FFIV
F5
Chad Michael Whalen (EVP)Sell280$39,200.00 14,9275/18/2023
F5, Inc. stock logo
FFIV
F5
Alan Higginson (Director)Sell1,000$139,950.00 11,9375/17/2023
First Interstate BancSystem, Inc. stock logo
FIBK
First Interstate BancSystem
Jonathan R Scott (Director)Sell23,250$536,377.50 954,6705/17/2023
Fortinet, Inc. stock logo
FTNT
Fortinet
Keith Jensen (CFO)Sell5,050$344,561.50 4,5725/18/2023
Gartner, Inc. stock logo
IT
Gartner
Kenneth Allard (CMO)Sell792$259,063.20 5,9855/18/2023
Ginkgo Bioworks Holdings, Inc. stock logo
DNA
Ginkgo Bioworks
Reshma P Shetty (Insider)Sell37,650$47,062.50 13,541,7045/17/2023
Glaukos Co. stock logo
GKOS
Glaukos
Thomas William Burns (CEO)Sell11,662$701,702.54 673,9635/18/2023
Global Water Resources, Inc. stock logo
GWRS
Global Water Resources
Andrew M Cohn (Director)Buy2,243$24,560.85 2,083,6855/17/2023
Goosehead Insurance, Inc stock logo
GSHD
Goosehead Insurance
Serena Jones (major shareholder)Sell23,010$1,340,792.705/17/2023
Great Lakes Dredge & Dock Co. stock logo
GLDD
Great Lakes Dredge & Dock
Ryan Levenson (Director)Buy5,207$34,574.48 205,3075/17/2023
Great Lakes Dredge & Dock Co. stock logo
GLDD
Great Lakes Dredge & Dock
Ryan Levenson (Director)Buy121,721$830,137.22 333,8885/19/2023
Haverty Furniture Companies, Inc. stock logo
HVT
Haverty Furniture Companies
Mylle H Mangum (Director)Sell5,158$135,552.24 3,5195/19/2023
Hillman Solutions Corp stock logo
HLMN
Hillman Solutions
Philip Woodlief (Director)Buy10,000$79,100.00 27,5375/18/2023
IES Holdings, Inc. stock logo
IESC
IES
Tracy Mclauchlin (CFO)Sell5,000$250,950.00 71,9905/17/2023
indie Semiconductor, Inc. stock logo
INDI
indie Semiconductor
Ichiro Aoki (President)Sell100,000$900,000.00 6,3415/17/2023
Innodata Inc. stock logo
INOD
Innodata
Nauman Sabeeh Toor (Director)Sell50,000$496,500.00 1,240,4675/18/2023
Innoviva, Inc. stock logo
INVA
Innoviva
Alexander J Denner (Major Shareholder)Buy50,000$653,500.00 6,954,0005/17/2023
Instructure Holdings, Inc. stock logo
INST
Instructure
John Charles Goodman (Director)Sell10,000$240,700.00 211,2655/17/2023
Instructure Holdings, Inc. stock logo
INST
Instructure
John Charles Goodman (Director)Sell10,757$260,319.40 190,1805/19/2023
Interactive Strength Inc. stock logo
TRNR
Interactive Strength
Bradley James Wickens (Major Shareholder)Buy3,940$15,681.20 1,679,8915/17/2023
Jazz Pharmaceuticals plc stock logo
JAZZ
Jazz Pharmaceuticals
Renee D Gala (CFO)Sell6,000$790,500.00 35,9785/18/2023
JELD-WEN Holding, Inc. stock logo
JELD
JELD-WEN
Timothy Craven (EVP)Sell3,852$55,931.04 44,0385/17/2023
KalVista Pharmaceuticals, Inc. stock logo
KALV
KalVista Pharmaceuticals
Christopher Yea (Insider)Sell2,604$26,404.56 37,3105/18/2023
KalVista Pharmaceuticals, Inc. stock logo
KALV
KalVista Pharmaceuticals
Benjamin L Palleiko (CFO)Sell4,037$40,935.18 78,1265/18/2023
KalVista Pharmaceuticals, Inc. stock logo
KALV
KalVista Pharmaceuticals
Thomas Andrew Crockett (CEO)Sell5,627$57,057.78 128,0505/18/2023
KKR & Co. Inc. stock logo
KKR
KKR & Co. Inc.
Kkr Group Partnership L.P. (Major Shareholder)Sell15,952,381$335,000,001.00 44,782,6195/17/2023
Knowles Co. stock logo
KN
Knowles
Cheryl L Shavers (Director)Sell12,205$202,725.05 50,7725/18/2023
L.B. Foster stock logo
FSTR
L.B. Foster
Aron R English (Major Shareholder)Buy22,202$238,893.52 1,303,6485/17/2023
Lamb Weston Holdings, Inc. stock logo
LW
Lamb Weston
Sharon L Miller (SVP)Sell4,350$500,250.00 49,8595/19/2023
Legacy Housing Co. stock logo
LEGH
Legacy Housing
Curtis Drew Hodgson (Chairman)Sell10,000$212,200.00 1,366,8105/17/2023
LENSAR, Inc. stock logo
LNSR
LENSAR
Aimee S Weisner (Director)Buy22,153$57,376.27 37,6385/19/2023
Lifeway Foods, Inc. stock logo
LWAY
Lifeway Foods
Edward Smolyansky (Major Shareholder)Sell10,000$60,000.00 1,354,4395/16/2023
Lottery.com Inc. stock logo
LTRY
Lottery.com
Ald Holdings Group, Llc (Major Shareholder)Sell2,300,000$1,035,000.00 3,989,4845/9/2023
LuxUrban Hotels Inc. stock logo
LUXH
LuxUrban Hotels
Brian Ferdinand (CEO)Buy50,000$165,000.00 180,8255/19/2023
M&T Bank Co. stock logo
MTB
M&T Bank
Rudina Seseri (Director)Sell700$82,880.00 1,7365/17/2023
Marqeta, Inc. stock logo
MQ
Marqeta
Judson C Linville (Director)Buy44,650$199,139.00 44,6505/17/2023
Marvell Technology, Inc. stock logo
MRVL
Marvell Technology
Dean E Jr. Jarnac (EVP)Sell6,000$270,000.00 12,8795/18/2023
Materion Co. stock logo
MTRN
Materion
Gregory R Chemnitz (VP)Sell2,378$242,674.90 19,3105/17/2023
Matterport, Inc. stock logo
MTTR
Matterport
Japjit Tulsi (CTO)Sell175,000$490,000.00 176,9065/17/2023
Meta Platforms, Inc. stock logo
META
Meta Platforms
Javier Olivan (COO)Sell4,274$1,022,939.16 74,9835/17/2023
Microsoft Co. stock logo
MSFT
Microsoft
Christopher C Capossela (CMO)Sell5,000$1,584,350.00 89,3285/18/2023
Microsoft Co. stock logo
MSFT
Microsoft
Christopher C Capossela (CMO)Sell5,000$1,584,350.00 89,3285/18/2023
Mid Penn Bancorp, Inc. stock logo
MPB
Mid Penn Bancorp
Robert A Abel (Director)Buy2,000$40,360.00 23,4435/17/2023
Momentive Global Inc. stock logo
MNTV
Momentive Global
Lora D Blum (Insider)Sell12,163$114,088.94 239,8115/17/2023
Momentive Global Inc. stock logo
MNTV
Momentive Global
Priyanka Carr (COO)Sell18,891$177,197.58 358,6315/17/2023
Momentive Global Inc. stock logo
MNTV
Momentive Global
Richard Sullivan (CFO)Sell23,137$217,025.06 567,0805/17/2023
Momentive Global Inc. stock logo
MNTV
Momentive Global
Alexander J Lurie (CEO)Sell49,272$462,171.36 1,685,5145/17/2023
Momentive Global Inc. stock logo
MNTV
Momentive Global
Cherie Buntyn (CAO)Sell13,278$124,547.64 147,6505/17/2023
Nexstar Media Group, Inc. stock logo
NXST
Nexstar Media Group
Blake Russell (EVP)Sell626$101,293.06 33,7935/18/2023
Nexstar Media Group, Inc. stock logo
NXST
Nexstar Media Group
Gary Weitman (Insider)Sell430$69,578.30 6,4275/18/2023
NextNav Inc. stock logo
NN
NextNav
Christian D Gates (CFO)Sell24,000$52,800.00 736,8015/18/2023
NN, Inc. stock logo
NNBR
NN
Corre Partners Management, Llc (Major Shareholder)Buy35,000$43,750.00 5,659,4275/17/2023
NN, Inc. stock logo
NNBR
NN
Corre Partners Management, Llc (Major Shareholder)Buy25,000$31,250.00 5,714,4275/19/2023
NVR, Inc. stock logo
NVR
NVR
Paul C Saville (Chairman)Sell2,000$11,754,000.00 106,8605/18/2023
OmniAb, Inc. stock logo
OABI
OmniAb
John L Higgins (Director)Sell50,000$194,500.00 2,462,6865/18/2023
OSI Systems, Inc. stock logo
OSIS
OSI Systems
Deepak Chopra (CEO)Sell15,000$1,757,100.00 5,0005/18/2023
P3 Health Partners Inc. stock logo
PIII
P3 Health Partners
Pacific Founders Ugp I Chicago (Major Shareholder)Buy90,000$315,000.00 48,282,6055/17/2023
P3 Health Partners Inc. stock logo
PIII
P3 Health Partners
Pacific Founders Ugp I Chicago (Major Shareholder)Buy90,000$315,000.00 48,462,6055/19/2023
Pacific Biosciences of California, Inc. stock logo
PACB
Pacific Biosciences of California
Michele Farmer (Insider)Sell5,165$65,027.35 107,5775/18/2023
Palantir Technologies Inc. stock logo
PLTR
Palantir Technologies
David A Glazer (Insider)Sell141,944$1,453,506.56 1,132,9145/17/2023
Perma-Fix Environmental Services, Inc. stock logo
PESI
Perma-Fix Environmental Services
Joe Reeder (Director)Sell19,385$223,509.05 226,3675/17/2023
PLBY Group, Inc. stock logo
PLBY
PLBY Group
Bernhard L Kohn III (CEO)Sell24,326$39,651.38 1,386,9825/18/2023
Power Integrations, Inc. stock logo
POWI
Power Integrations
Doug Bailey (VP)Sell1,000$82,410.00 108,0295/17/2023
PRA Group, Inc. stock logo
PRAA
PRA Group
Vikram A Atal (CEO)Buy40,000$752,400.00 20,0005/18/2023
PRA Group, Inc. stock logo
PRAA
PRA Group
Brett Lee Paschke (Director)Buy7,500$141,825.00 12,2505/17/2023
Prothena Co. plc stock logo
PRTA
Prothena
Karin L. Walker (CAO)Sell5,000$370,000.005/19/2023
Rayonier Advanced Materials Inc. stock logo
RYAM
Rayonier Advanced Materials
Thomas I Morgan (Director)Buy12,195$50,121.45 86,6035/17/2023
Regions Financial Co. stock logo
RF
Regions Financial
J Thomas Hill (Director)Buy11,926$200,118.28 23,1075/17/2023
Reinsurance Group of America, Incorporated stock logo
RGA
Reinsurance Group of America
William L Hutton (EVP)Sell1,952$292,858.56 13,9705/18/2023
Rocket Lab USA, Inc. stock logo
RKLB
Rocket Lab USA
Michael D Griffin (Director)Sell50,689$223,031.60 88,7795/17/2023
Royal Caribbean Cruises Ltd. stock logo
RCL
Royal Caribbean Cruises
Jason T Liberty (CEO)Sell36,536$2,922,880.00 147,0785/17/2023
Ryan Specialty Holdings, Inc. stock logo
RYAN
Ryan Specialty
Nicholas Dominic Cortezi (Insider)Sell25,000$1,090,750.005/17/2023
Sovos Brands, Inc. stock logo
SOVO
Sovos Brands
Robert L Graves (Director)Sell350,000$6,055,000.00 3,342,8675/17/2023
Spruce Power Holding Co. stock logo
SPRU
Spruce Power
Christian S Fong (CEO)Buy50,000$40,000.00 1,586,8625/17/2023
Standard BioTools Inc. stock logo
LAB
Standard BioTools
Eli Casdin (Director)Buy250,000$472,500.00 250,0005/17/2023
Standard BioTools Inc. stock logo
LAB
Standard BioTools
Eli Casdin (Director)Buy800,000$1,832,000.00 1,200,0005/19/2023
Stryker Co. stock logo
SYK
Stryker
Srikant M Datar (Director)Sell1,000$286,000.00 5,9675/18/2023
Superior Group of Companies, Inc. stock logo
SGC
Superior Group of Companies
Michael Benstock (CEO)Buy5,614$48,392.68 444,2985/17/2023
Tanger Factory Outlet Centers, Inc. stock logo
SKT
Tanger Factory Outlet Centers
Thomas Reddin (Director)Sell5,000$99,750.00 45,0675/17/2023
Tarsus Pharmaceuticals, Inc. stock logo
TARS
Tarsus Pharmaceuticals
Bobak R Azamian (CEO)Sell8,000$127,200.00 1,043,1065/17/2023
Texas Roadhouse, Inc. stock logo
TXRH
Texas Roadhouse
Gerald L Morgan (CEO)Sell2,500$287,500.00 94,8245/18/2023
The Arena Group Holdings, Inc. stock logo
AREN
The Arena Group
B. Riley Financial, Inc. (Major Shareholder)Buy8,244$28,441.80 1,465,8585/19/2023
The Container Store Group, Inc. stock logo
TCS
The Container Store Group
Robert E Jordan (Director)Buy27,492$70,104.60 184,0595/18/2023
The GEO Group, Inc. stock logo
GEO
The GEO Group
James H. Black (SVP)Sell12,837$107,317.32 155,9655/17/2023
The Home Depot, Inc. stock logo
HD
Home Depot
Hector A Padilla (EVP)Sell1,502$440,221.18 13,9585/17/2023
The Howard Hughes Co. stock logo
HHC
Howard Hughes
Pershing Square Capital Manage (Director)Buy7,932$583,715.88 16,192,3535/17/2023
The Howard Hughes Co. stock logo
HHC
Howard Hughes
Pershing Square Capital Manage (Director)Buy35,483$2,643,838.33 16,245,7915/19/2023
The TJX Companies, Inc. stock logo
TJX
TJX Companies
Scott Goldenberg (EVP)Sell26,271$2,073,044.61 72,5805/18/2023
Tutor Perini Co. stock logo
TPC
Tutor Perini
Sidney J Feltenstein (Director)Buy75,000$447,000.00 292,6775/18/2023
Two Harbors Investment Corp. stock logo
TWO
Two Harbors Investment
Stephen G Kasnet (Director)Sell6,863$84,277.64 80,0355/18/2023
Ultragenyx Pharmaceutical Inc. stock logo
RARE
Ultragenyx Pharmaceutical
John Richard Pinion (Insider)Sell2,012$100,600.00 74,7445/18/2023
Utah Medical Products, Inc. stock logo
UTMD
Utah Medical Products
Paul O Richins (Director)Sell700$65,429.00 21,4615/18/2023
Verint Systems Inc. stock logo
VRNT
Verint Systems
Dan Bodner (CEO)Sell30,000$1,064,400.00 1,100,4225/18/2023
Weatherford International plc stock logo
WFRD
Weatherford International
Desmond J Mills (CAO)Sell15,000$861,300.00 26,7615/18/2023
Xponential Fitness, Inc. stock logo
XPOF
Xponential Fitness
Ryan Junk (COO)Sell26,000$734,760.00 12,4655/17/2023
Zevra Therapeutics, Inc. stock logo
ZVRA
Zevra Therapeutics
John B Bode (Director)Buy10,000$50,400.00 10,0005/18/2023
Zillow Group, Inc. stock logo
Z
Zillow Group
Bradley D Owens (General Counsel)Sell946$42,257.82 28,7565/17/2023
Zillow Group, Inc. stock logo
Z
Zillow Group
Bradley D Owens (General Counsel)Sell1,884$85,495.92 26,8725/19/2023
Zillow Group, Inc. stock logo
ZG
Zillow Group
Bradley D Owens (General Counsel)Sell946$42,257.82 28,7565/17/2023
Zillow Group, Inc. stock logo
ZG
Zillow Group
Bradley D Owens (General Counsel)Sell1,884$85,495.92 26,8725/19/2023
Zillow Group, Inc. stock logo
Z
Zillow Group
Dan Spaulding (Insider)Sell6,188$281,492.12 67,7795/19/2023
Zillow Group, Inc. stock logo
ZG
Zillow Group
Dan Spaulding (Insider)Sell6,188$281,492.12 67,7795/19/2023
Zillow Group, Inc. stock logo
Z
Zillow Group
Jeremy Wacksman (COO)Sell4,299$192,036.33 100,6175/17/2023
Zillow Group, Inc. stock logo
Z
Zillow Group
Jeremy Wacksman (COO)Sell7,361$330,803.34 93,2565/19/2023
Zillow Group, Inc. stock logo
ZG
Zillow Group
Jeremy Wacksman (COO)Sell4,299$192,036.33 100,6175/17/2023
Zillow Group, Inc. stock logo
ZG
Zillow Group
Jeremy Wacksman (COO)Sell7,361$330,803.34 93,2565/19/2023
Zillow Group, Inc. stock logo
Z
Zillow Group
Allen Parker (CFO)Sell7,070$315,746.20 235,0475/17/2023
Zillow Group, Inc. stock logo
ZG
Zillow Group
Allen Parker (CFO)Sell7,070$315,746.20 235,0475/17/2023
Zillow Group, Inc. stock logo
Z
Zillow Group
Jennifer Rock (CAO)Sell2,163$96,599.58 82,7985/17/2023
Zillow Group, Inc. stock logo
ZG
Zillow Group
Jennifer Rock (CAO)Sell2,163$96,599.58 82,7985/17/2023
Zillow Group, Inc. stock logo
Z
Zillow Group
David A Beitel (CTO)Sell3,594$160,543.98 136,0955/17/2023
Zillow Group, Inc. stock logo
ZG
Zillow Group
David A Beitel (CTO)Sell3,594$160,543.98 136,0955/17/2023
Zillow Group, Inc. stock logo
Z
Zillow Group
Susan Daimler (Insider)Sell3,657$163,321.62 72,3295/17/2023
Zillow Group, Inc. stock logo
ZG
Zillow Group
Susan Daimler (Insider)Sell3,657$163,321.62 72,3295/17/2023
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.

 

More Insider Trading Tools from MarketBeat

My Account -