Top insider trades (Wed, Dec 10)

Connor’s Commentary

There were 201 new insider trades filed.

• IAC buys $40M of MGM Resorts (MGM) for the first time since 2022

• Grindr (GRND) director now with 4 buys in the last week

• Charles Jobson has started buying up Joint Corp (JYNT) stock (became a 10% Owner in November)

• CEO at Silvaco Group (SVCO) has now bought the stock 3 times in the past few weeks

• Softbank sells $186M of Symbotic (SYM). Their first sale of SYM since it went public

• Global Brand President of Aerie at American Eagle (AEO) just sold $5.91M. It's her largest sale ever, and she's timed her previous sales fairly well

• The President at Axon Enterprises (AXON) sold another $11M of the stock (4th largest sale, out of 29)

• and much more…

I go into more depth on these companies in the CEO Watcher Premium sections below.

Commentary

I don’t focus much on insider selling because it’s a much tougher signal to parse than insider buying. I agree with most academic research that the average insider sale doesn’t have any alpha. However, there are still plenty of scenarios where insider selling can make you money on the short side / save you money on the long side.

Just this week, a member in the Discord made two good earnings calls based on insider selling.

Seber made 22% by going short AutoZone (AZO) into earnings.

Here is the note I shared (on October 21) when I found the CEO selling $10M of the stock.

Of course, I was only tempted to go short and didn’t actually have the guts to do it, so I didn’t make any money on the play. But shoutout to Seber for taking the play and making some money.

Seber then pointed out interesting insider selling at Cracker Barrel (CBRL) just before yesterday’s earnings.

GMT Capital had been buying the stock in April/May and then flipped to selling the stock (for the first time) just a few days before earnings.

Cracker Barrel had a poor earnings call last night, and the stock fell 13% (though it’s recovered to -5%).

The two takeaways here are:

1. Shoutout Seber

2. Insider selling is very tricky, but it can still be very useful. I’ll be sharing more data on insider selling in the future, but I’ve still got a lot of insider buying data to share first

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:

• The Premium daily emails

• Full access to the website, which has all insider trades back to 2009. It includes search/filters and the returns of every trade and every insider to help you find the top insider trades

• 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.