Insider Trading Weekly – Post-IPO Selling, Buying Continues to be Sparse
December 11, 2020

At Boardroom Alpha we spend a lot of time looking at insider buying and selling activity as a way to monitor what actions company insiders are taking and what that might say about the future prospects of a given company.

Have a look in more detail at the below data using our Insider Trading Tacker.

The Sellers 

Large-cap companies with most aggregate insider sells this week

OSH, VAR, FB, AVGO, SAM, TSLA, MKTX, PINS, SQ, TYL

10 companies had more than $20mm in large-cap sales

  • CEO Hock Tan (A) was the lone seller at Broadcom (AVGO), selling $33mm worth of shares.
  • Chairperson Robyn Denholm (D) was the lone seller at Tesla (TSLA), selling $26.6mm worth of shares. This was the 3rd month in a row Denholm sold over $10mm in shares. Read about how her share pledging practices raised concerns in the past.
  • There were 5 unique sellers at Oak Street Health (OSH). CEO Michael Pykosz sold $20.5mm worth of shares, COO Geoffrey Price sold $21.6mm worth of shares, CMO Griffin Myers sold $21.1mm worth of shares, CFO Timothy Cook sold $4.6mm worth of shares, and President Brian Clem sold $4.6mm worth of shares. Elevated selling levels were expected after the August 2020 IPO. The IPO was priced at $21 a share; today, shares trade around $57.

In addition to the bigger sales at large-cap companies, there were smaller but still significant net sales totaling $10-20mm at 11 large-cap companies.

NKE, WMG, QCOM, CRWD, MASI, RNG, AMD, ISRG, ZI, AVlR, SEDG
  • CEO Stephen Cooper was the lone seller at Warner Music Group (WMG), selling $17.3mm worth of shares. Elevated levels of selling were expected after the June 2020 IPO. The IPO was priced at $25 a share; today, shares trade around $33.
  • There were 3 unique sellers at QUALCOMM (QCOM). General Counsel Donald Rosenberg sold $7.8mm worth of shares, President Alexander Rodgers sold $5.5mm worth of shares, and EVP Brian Modoff sold $3.2mm worth of shares.

Mid-cap companies with most aggregate insider sells this week

APPN, WW, CRSP, LPSN, PTCT, LMND, REPL, MTOR, TWST, SITC

There were 10 companies with more than $10mm in net sales: 

  • Director Bradley Bolzon (A-) was the lone seller at CRISPR Therapeutics (CRSP), selling a $26.4mm worth of shares. This was on behalf of Versant Ventures, an investment firm of which Bolzon is a partner.
  • Co-founder and CEO Matthew Calkins (B-) was the big seller at Appian Corporation (APPN), selling $38.6mm worth of shares. Director Albert Biddle (B-) also sold $1.4mm worth of shares. This was the 2nd week of 2020 in which Calkins sold shares.
  • Co-founder and CEO Stuart Peltz (B) was effectively the only seller at PTC Therapeutics (PTCT), selling $22.5mm worth of shares. Director Stephanie Okey (D) also sold $.043mm worth of shares. Peltz has been consistent in 2020, selling shares in 6/12 months.

For small-caps…

CMBM, ADUS
  • Directors Alexander Slusky (B+) and Robert Amen (C) sold $66.5mm worth of Cambuim Networks Corporation (CMBM) shares apiece. This was on behalf of Vector Capital, an investment firm of which both men are partners.
  • Director Mark First was the lone seller at Addus HomeCare Corporation (ADUS), selling $51.8mm worth of shares. This was on behalf of Eos Management, an investment firm of which First is a partner.

The Buyers 

There were no large-cap companies with more than $1mm in net buys 

There were no mid-cap companies with more than $1mm in net buys 

Small-cap companies with most aggregate buys this week

BH, ARDX
  • Co-founder and CEO Sardar Biglari (C) was effectively the only buyer at Biglari Holdings (BH), offloading $1.5mm worth of shares. Director John Cardwell (C) also bought $.012mm worth of shares. Perhaps the serial investor and operator believed shares were undervalued.
  • Director David Mott (C-) was the only buyer at Ardelyx (ARDX), directly purchasing $1mm worth of shares. An extremely successful investor (General Partner at New Enterprise Associates), Mott retired to run the Mott Family Practice.

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