Methodology

The newsroom reports open-market purchases and sales of a company's common stock by its insiders, as reported on SEC Form 4, when one filing's trades in one direction add up to $100,000 or more.

What qualifies

• Open-market purchases and sales only: transaction codes P (purchase) and S (sale) on common stock, from the non-derivative table of the Form 4. Awards, option exercises, gifts, tax withholding and conversions are not covered.
• $100,000 or more per filing and direction: the sum of the filing's purchase rows, or of its sale rows, at the prices it reports.
• No Rule 10b5-1 plan trades: when a filing marks its trades as made under a pre-arranged Rule 10b5-1 trading plan (or its footnotes say so), it is left out.
• Companies with a ticker symbol. Form 144 notices of proposed sales are never reported as trades.

Kinds of articles

• Insider buy and insider sale: one filing, one direction. Executives (CEO, CFO, COO, chair, president), 10% owners and an insider's first open-market purchase in 12 months get their own wording.
• Cluster buy and cluster sell: three or more different insiders trading in the same direction at one company within 14 days of trade date, with a table of who traded when. The article is updated while more insiders join.
• Daily roundup: on weekdays after 6:30 PM ET, the day's largest purchases and sales.

The facts in each article

The insider's name and role as filed, the number of shares, the share-weighted average price, the value, the trade dates, the filing time, the shares held after the trade and whether they are held directly or indirectly. "First open-market purchase in 12 months" and counts of earlier trades are stated only when our database covers the period. Holdings changes are as the filing reports them.

Sources and timing

Data comes from the filings on SEC.gov, read by Insider Stock Trader as they are published. Articles usually appear within a few minutes of the filing. Information only, not investment advice. Past trades do not predict future prices.