Top insider trades (Fri, Jan 23)

Connor’s Commentary

There were 87 new insider trades filed.

One insider trade was flagged as High Signal. CEO Watcher Premium subs can see those in the Trade Notes section of this email or the CEO Watcher Premium Dashboard that is linked in the Data Dump section.

As a reminder, if you upgrade to CEO Watcher Premium (link) and find that it isn’t for you, I’ll give you a refund.

• Ryan Cohen buys $20M of GameStop (GME)

• 10% Owner at Sequans Communications (SQNS) continues to buy the dip

• Director at Commercial Metals Company (CMC) bought $150k of the stock after its strong year (first purchase ever)

• CFO at BlackRock (BLK) exercises and dumps $32M of options (expired in December 2026)

• CEO at RB Global (RBA) sold $2.4M of the stock.

• Urban Outfitters (URBN) co-Presidents continue to sell

• CEO at Benchmark Electronics (BHE) sold $753k of the stock. He started selling again after taking most of 2025 off

• The CEO at Dorian LPG (LPG) bought $400k a couple of weeks ago, and now the Chief Commercial Officer sold $721k

• and more…

Commentary

Another week in the books, so let’s take a look at where things stand.

The CEO Watcher Portfolio outperformed the market again (by over 3% this week).

That officially brings us to over 20 points of outperformance v the S&P since we started the portfolio on November 1.

We’ve backtested all of our data back to 2009, and studied all of the insider trading research back to the 1980s, and it says what we are doing should work very well.

So far, so good, but I certainly wouldn’t bank on 20%+ outperformance in less than three months to be the norm. But for now, I won’t complain.

CEO Watcher Premium subscribers can always see the portfolio holdings in the CEO Watcher Dashboard (along with a ton of other cool data). The link to the dashboard is always at the top of the Data Dump section at the bottom of this email.

As a reminder, the CEO Watcher Portfolio is a standalone portfolio I started with ~$10k to buy equally-weighted positions in High Signal Stocks. I also hold much larger positions in many of the High Signal Stocks in my main personal portfolio.

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The High Signal List now has 84 purchases since it was started in September last year (four new ones added this week). We crossed 1000% aggregate returns, which is pretty cool.

That means the stocks on the list are up an average of 12.34% (v 2.08% for the S&P), and 63% of them have positive returns currently.

These returns are calculated using the market open price, not the price when we sent the email. So these returns should match what you could get by buying the stock in the open market after the daily email was sent.

As with the CEO Watcher Portfolio, the High Signal List is always available in the CEO Watcher Premium dashboard.

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Checking in on our Insider Sentiment Score, and everything still looks good.

It doesn’t look like we’ll be hitting the “Very Bullish” threshold any time soon, and it is starting to fade a little bit, but we are still well above the “Bullish” threshold.

I wrote a little more about the Insider Sentiment Score here, if you are interested.

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Finally, a quick look at the S&P.

The S&P looked to be in a bit of trouble at the start of the week due to the Greenland situation, but that was cleaned up by mid-week, and the steady march up and to the right continues.

Have a great weekend.

If you are interested in signing up for CEO Watcher Premium, you can do so at ceowatcher.com. If you try it out and find it isn’t for you, I’ll give you a full refund.

keep scrolling. top trades + all of the charts and data below

CEO Watcher Premium

The rest of this email (including today’s top insider trades + all the charts and data) is for CEO Watcher Premium subscribers only. To see an example of the Premium email, click here.

Upgrade to CEO Watcher Premium at ceowatcher.com to unlock:

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• Full access to the CEO Watcher Premium Discord where I share my notes and holdings in the CEO Watcher Portfolio

• The Premium Dashboard, which has a bunch of charts/tables with insider trading data that is updated each day

If CEO Watcher Premium is not for you, I give full refunds with no questions asked.