Top insider trades (Wed, Nov 12)

Connor’s Commentary

The SEC was closed yesterday, so the only filings that came in were those that were delayed in the SEC system on Monday and didn’t get “filed” until after midnight.

• CorMedix (CRMD) beats earnings and is up 8% after we found a director making their largest purchase ever a couple of weeks ago

• The CFO at Unity (U) has made two unscheduled sales in the last few days

• The 10% Owner at Impinj (PI) continues to sell as the stock falls apart

• A couple more interesting purchases at financial companies that are outside of my wheelhouse (but the industry has seen a ton of bullish insider buying)

• and more…

I go into more depth on these companies in the Today’s Top Trades and Other Trade Notes sections.

Commentary

I think my favorite type of trade is when CEOs publicly state exactly how their earnings will go.

For example, no CEO has ever said, “Looking forward to our upcoming earnings call on Tuesday. Great things are happening,” and then had a bad earnings call.

However, the LightPath (LPTH) CEO said exactly this last week and had a good earnings call yesterday, which caused the stock to pop 12% (looks like it’s faded back down to +4%).

Or last Friday, I wrote about how we found the Exec Chairman at Shift4 (FOUR) buying $16M after the stock crashed after Q2 earnings, and then tweeted this out just a few days before Q3 earnings.

Again, you’d never end with “earnings in a week…” and then have terrible earnings. In this case, the stock also popped 12% (and then gave it all back throughout the day as it was a gross red day in the market overall).

While not quite as good, my second favorite way that an insider hints at positive earnings is when they buy the stock after the previous quarter has ended but before the earnings call (the closer to the call the better).

In the October 30th email (which coincidentally is the same email I originally shared the above photo of the tweet from Jared Isaacman), I also highlighted that a Director at CorMedix (CRMD) made his largest purchase ever just 2 weeks before earnings.

Lo and behold, the stock is up 8% pre-market after solid earnings.

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🔒 Today’s Top Trades

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🔒 Other Trade Notes

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🔒 Data Dump

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