Top insider trades (Wed, Jan 14)

Connor’s Commentary

There were 91 new insider trades filed. Three insider trades were 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.

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• Sprout Social (SPT) CEO buys $1M for his first purchase ever (after 49 straight sales)

• Second purchase this week (and only the second purchase ever) at Sequans Communications (SQNS). Stock is down 90% in the last six months

• CEO at ACV Auctions (ACVA) turned on a 10b5-1 purchase plan after the stocks 60% decline in the last year (on a tear recently though). A few other insiders also bought the dip

• A director at Aktis Oncology (AKTS) bought $40M of the stock (at $18) as part of the IPO

• Virco Manufacturing (VIRC) CEO is trying to buy the dip again (hasn't worked so far)

• AAR Corp (AIR) CEO is taking advantage of this run-up to sell his options that expire in July

• Urban Outfitters (URBN) co-Presidents are still selling

• Some unscheduled insider selling at Semtech Corporation (SMTC). Four insiders have sold ~$800k in January

• and more…

Commentary

Monday morning, before market open, we found the CEO at Zenas Biopharma (ZBIO) buying $1.6M of the stock. Here is the note I shared with CEO Watcher Premium subs in the morning email (that was sent at 8:55am EST).

The main things to note are that the CEO purchase at Zenas Biopharma increased the CEO’s listed holdings by 5%, was his largest purchase ever (out of 11), was a dip buy (stock was down over 50% in the previous month), and the CEO averages 143% 1y returns on his previous purchases.

As I’ve mentioned 100x in these emails (and will continue to mention forever), insider dip buys are one of the best insider buying signals.

We also know that as long as the insider’s listed holdings increase by more than 1%, it is a good indication that the insider purchase is not just a tiny token buy and is worth paying attention to.

Plus, CEO trades performed well in 2025.

It looks like the rest of the market got the memo a few minutes after the market opened. You could buy the stock at $17.05 when the morning email was sent, the stock opened at $17.70, and it is now above $21.

I’m hoping to see this continue to run like when Cassava Sciences (SAVA) ran up over 150% after the CEO purchased in the fall.

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

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