About this page
Insider trades reported on SEC Form 4: when the people who run a company buy or sell its shares with their own money.
How to read it
- Form 4
- The form a company insider (officer, director or owner of more than 10%) must file with the SEC within two business days of buying or selling the company's shares.
- Buy (P) and Sell (S)
- Open-market purchases and sales. Gifts, option exercises and automatic tax withholding are left out because they say little about what the insider thinks.
- Value
- Shares times price, as reported on the filing.
- 10b5-1
- A trade made under a plan set up in advance. Planned sales are common and usually say less than an unplanned purchase.
- Late filing
- A Form 4 filed more than two business days after the trade.
- Vs. S&P 500
- How the stock did after the trade minus how the overall market did in the same weeks.
A real example
In January 2016, when bank stocks were falling, JPMorgan Chase CEO Jamie Dimon bought 500,000 JPMorgan shares with his own money, worth about $26 million. His Form 4 made the purchase public within days, and investors read it as a strong sign of confidence.
Explain it like I'm 13
If the coach of a team bets his own allowance that his team will win, that tells you something. A Form 4 is the note a company boss must hand in whenever he buys or sells his own company's shares, so everyone can see it.
Data from public SEC filings and congressional reports. Information, not investment advice. Check every number against the filing linked on the page.
Who Bought Before the Market Did?
People ranked by how the stocks they bought did in the months after each purchase, compared with the S&P 500. Only people with at least three measurable purchases are included.
How to read this: "Vs. S&P 500" is the average of (the stock's change minus the S&P 500's change) over the same weeks. A score of +5.0 means the stocks bought did 5 percentage points better than the index, on average. It measures timing, not profit, and a few lucky trades can put anyone near the top. How we measure it
Insiders who beat the market after buying, 3 months later
| # | Insider | Purchases measured | Beat the index | Vs. S&P 500 |
|---|---|---|---|---|
| 1 | Hrt Financial LP | 12 | 7 of 12 | +247.4% |
| 2 | Yusheng Han | 7 | 7 of 7 | +59.0% |
| 3 | Alan Sebulsky | 3 | 3 of 3 | +46.8% |
| 4 | Opaleye Management Inc. | 7 | 5 of 7 | +29.7% |
| 5 | Brian C. Stephenson | 7 | 7 of 7 | +28.2% |
| 6 | Angeliki Frangou | 10 | 10 of 10 | +25.3% |
| 7 | Ra Capital Management, L.P. | 8 | 4 of 8 | +23.6% |
| 8 | Shih-Yao David Lin | 59 | 44 of 59 | +16.2% |
| 9 | Aaron Green | 3 | 3 of 3 | +14.9% |
| 10 | Stephanie Lepori | 3 | 3 of 3 | +13.8% |
| 11 | Curtland E. Fields | 3 | 3 of 3 | +11.8% |
| 12 | Bruce C. Taylor | 7 | 7 of 7 | +8.9% |
| 13 | Global Gp LLC | 4 | 4 of 4 | +8.5% |
| 14 | Jay A. Pack | 5 | 5 of 5 | +7.2% |
| 15 | Milton C. Ault III | 4 | 4 of 4 | +5.7% |
| 16 | Red Oak Partners, LLC | 3 | 3 of 3 | +3.2% |
| 17 | Claudia Hughes | 8 | 4 of 8 | +3.1% |
| 18 | Horizon Kinetics Asset Management LLC | 20 | 10 of 20 | +0.4% |
Insiders who lagged the market after buying, 3 months later
| Insider | Purchases measured | Beat the index | Vs. S&P 500 |
|---|---|---|---|
| Peter R. Kellogg | 9 | 0 of 9 | −58.5% |
| Jack Jiajia Huang | 10 | 0 of 10 | −42.1% |
| Mahesh Choudhury | 5 | 0 of 5 | −39.3% |
| Mink Brook Asset Management LLC | 8 | 0 of 8 | −31.4% |
| Nicholas S. Schorsch | 7 | 0 of 7 | −30.9% |
| Vivo Opportunity, LLC | 3 | 0 of 3 | −17.9% |
| Xiangdong Chen | 3 | 0 of 3 | −13.6% |
| William O'Dowd IV | 3 | 0 of 3 | −12.5% |
| Jeffrey E. Eberwein | 6 | 0 of 6 | −12.5% |
| John C. Malone | 8 | 4 of 8 | −11.4% |
| Martin C. Bicknell | 5 | 0 of 5 | −9.1% |
| Teresa Hillary Clarke | 12 | 4 of 12 | −6.6% |
| Saba Capital Management, L.P. | 5 | 0 of 5 | −5.9% |
| Alejandro Gustavo Elsztain | 4 | 1 of 4 | −3.9% |
| Mitchell Austin Rudy | 4 | 1 of 4 | −3.5% |
Members of Congress: best six-month results after buying
| # | Member | Purchases measured | Beat the index | Vs. S&P 500 |
|---|---|---|---|---|
| 1 |  Rep. Tim MooreR-NC-14 | 50 | 34 of 50 | +17.0% |
| 2 | 8 | 4 of 8 | +12.1% | |
| 3 |  Rep. Scott FranklinR-FL-18 | 7 | 7 of 7 | +11.4% |
| 4 |  Rep. Jared MoskowitzD-FL-23 | 39 | 19 of 39 | +8.0% |
| 5 |  Rep. Byron DonaldsR-FL-19 | 31 | 8 of 31 | +7.9% |
| 6 |  Rep. Josh GottheimerD-NJ-5 | 29 | 19 of 29 | +5.0% |
| 7 |  Rep. Ritchie TorresD-NY-15 | 3 | 1 of 3 | +3.8% |
| 8 |  Rep. Dan NewhouseR-WA-4 | 23 | 14 of 23 | +3.3% |
| 9 |  Rep. Ed CaseD-HI-1 | 5 | 3 of 5 | +3.3% |
| 10 |  Rep. Cleo FieldsD-LA-6 | 148 | 75 of 148 | +2.3% |
| 11 |  Rep. Thomas H. Kean, Jr.R-NJ-7 | 15 | 4 of 15 | +1.7% |
| 12 |  Rep. Michael A. RulliR-OH-6 | 8 | 3 of 8 | +0.2% |
| 13 |  Rep. Richard McCormickR-GA-7 | 25 | 13 of 25 | +0.1% |
| 14 |  Rep. Val T. HoyleD-OR-4 | 189 | 93 of 189 | +0.1% |
| 15 |  Rep. Rick LarsenD-WA-2 | 5 | 3 of 5 | +0.1% |
| 16 |  Rep. Julie JohnsonD-TX-32 | 48 | 23 of 48 | 0.0% |
| 17 |  Rep. Tim WalbergR-MI-5 | 12 | 4 of 12 | −0.1% |
| 18 |  Rep. Marjorie Taylor GreeneR-GA-14 | 51 | 26 of 51 | −0.5% |
| 19 |  Rep. Julia LetlowR-LA-5 | 75 | 35 of 75 | −0.8% |
| 20 |  Rep. Lisa C. McClainR-MI-9 | 641 | 258 of 641 | −1.2% |
| 21 |  Rep. Nancy PelosiD-CA-11 | 10 | 4 of 10 | −2.2% |
| 22 | 354 | 139 of 354 | −2.2% | |
| 23 |  Rep. David J. TaylorR-OH-2 | 72 | 28 of 72 | −2.7% |
| 24 |  Rep. Maria Elvira SalazarR-FL-27 | 25 | 12 of 25 | −5.0% |
| 25 |  Rep. Jonathan L. JacksonD-IL-1 | 50 | 19 of 50 | −7.6% |
Members of Congress: best-timed sales
Members whose sold stocks did worst against the S&P 500 in the six months after the sale, so they sold before the stock lagged.
| # | Member | Sales measured | Stock lagged the index | Vs. S&P 500 after sale |
|---|---|---|---|---|
| 1 | Rep. Byron DonaldsR-FL-19 | 33 | 25 of 33 | −18.7% |
| 2 | Rep. Carol D. MillerR-WV-1 | 4 | 4 of 4 | −14.9% |
| 3 | Rep. Rick W. AllenR-GA-12 | 8 | 7 of 8 | −14.5% |
| 4 | Rep. Thomas H. Kean, Jr.R-NJ-7 | 22 | 17 of 22 | −12.1% |
| 5 | Rep. Sheri BiggsR-SC-3 | 70 | 51 of 70 | −8.5% |
| 6 | Rep. August PflugerR-TX-11 | 6 | 5 of 6 | −7.7% |
| 7 | Rep. Jared MoskowitzD-FL-23 | 36 | 24 of 36 | −6.8% |
| 8 | Rep. Josh GottheimerD-NJ-5 | 56 | 43 of 56 | −6.2% |
| 9 | Rep. James ComerR-KY-1 | 9 | 6 of 9 | −5.9% |
| 10 | Rep. Scott FranklinR-FL-18 | 25 | 17 of 25 | −5.8% |
| 11 | Rep. Nancy PelosiD-CA-11 | 8 | 5 of 8 | −5.7% |
| 12 | Rep. Virginia FoxxR-NC-5 | 4 | 2 of 4 | −5.6% |
| 13 | Rep. Richard McCormickR-GA-7 | 10 | 6 of 10 | −5.5% |
| 14 | Rep. Dan NewhouseR-WA-4 | 10 | 6 of 10 | −4.7% |
| 15 | Rep. April McClain DelaneyD-MD-6 | 56 | 35 of 56 | −4.3% |
| 16 | Rep. Ritchie TorresD-NY-15 | 57 | 35 of 57 | −3.2% |
| 17 | Rep. Gilbert Ray Cisneros, Jr.D-CA-31 | 256 | 152 of 256 | −1.7% |
| 18 | Rep. Mark AlfordR-MO-4 | 5 | 2 of 5 | −1.5% |
| 19 | Rep. Cleo FieldsD-LA-6 | 9 | 6 of 9 | −1.3% |
| 20 | Rep. Kelly MorrisonD-MN-3 | 16 | 9 of 16 | −1.3% |
| 21 | Rep. Jonathan L. JacksonD-IL-1 | 29 | 19 of 29 | −1.3% |
| 22 | Rep. Lisa C. McClainR-MI-9 | 631 | 367 of 631 | +1.1% |
| 23 | Rep. Michael GuestR-MS-3 | 6 | 4 of 6 | +1.5% |
| 24 | Rep. Michael A. RulliR-OH-6 | 12 | 9 of 12 | +1.9% |
| 25 | Rep. Julia LetlowR-LA-5 | 83 | 47 of 83 | +1.9% |
Not investment advice. Based on SEC Form 4 filings and STOCK Act reports; weekly prices from SEC fails-to-deliver data; the S&P 500 is measured with the SPY ETF. Dividends are not included.