Insider Trading Report: January 02, 2026 — Notable Transactions

Form 4 filings submitted on January 02, 2026 reveal a diverse mix of insider activity across multiple sectors, with notable purchases signaling confidence at smaller-cap companies and routine equity compensation dominating larger firms. The day's filings included significant transactions across 15 companies, ranging from major technology firms to regional insurance providers.

The most striking transaction came from Prairie Operating Co., where a 10% owner added over $339,000 worth of shares, while Greenwich LifeSciences' CEO made a meaningful $63,000 purchase. Meanwhile, insiders at Keysight Technologies, SharkNinja, and Donegal Group executed various transactions ranging from sales to equity awards.

Notable Insider Transactions

Prairie Operating Co. (PROP) - $84.97M Market Cap

Transaction Details:

• Insider: Narrogal Nominees Pty Ltd ATF Gregory K O'Neill Family Trust — 10 percent owner
• Transaction Type: Purchase
• Shares: 210,981 shares at $1.61
• Total Value: $339,806.00
• Filing Date: January 02, 2026
• Transaction Date: December 29, 2025
• Ownership After: 15,481,603 shares

Recent Developments:

• On December 29, 2025, Prairie Operating received a consensus "Hold" recommendation from six research firms covering the stock, according to Defense World.

Context:
This substantial purchase by a major shareholder represents a meaningful vote of confidence in the energy company. The insider now controls over 15.4 million shares, and this purchase of over 210,000 shares at $1.61 demonstrates continued conviction in the company's prospects. Large purchases by existing major shareholders often signal belief in undervalued assets or upcoming positive developments.

Greenwich LifeSciences, Inc. (GLSI) - $290.85M Market Cap

Transaction Details:

• Insider: Snehal Patel — CEO and CFO, director, 10 percent owner
• Transaction Type: Purchase
• Shares: 2,900 shares at $21.73
• Total Value: $63,017.00
• Filing Date: January 02, 2026
• Transaction Date: December 30, 2025
• Ownership After: 5,595,102 shares

Recent Developments:

• On December 29, 2025, Greenwich LifeSciences announced it extended the lock-up of directors and officers to September 30, 2026, according to GlobeNewsWire.
• On December 26, 2025, the stock hit a new 52-week high, with Benzinga reporting on positive momentum surrounding the company.
• On December 22, 2025, Greenwich provided updates on its FLAMINGO-01 Phase III clinical trial and corporate strategy.

Context:
CEO Snehal Patel's nearly $63,000 purchase demonstrates significant personal conviction in the clinical-stage biopharmaceutical company. The purchase comes amid positive news flow, including the stock hitting 52-week highs and progress updates on the company's flagship FLAMINGO-01 trial. The extended lock-up agreement by officers and directors through September 2026 further signals management's commitment to long-term value creation.

Keysight Technologies Inc. (KEYS) - $34.91B Market Cap

Transaction Details:

• Insider: Sung Yoon — SVP
• Transaction Type: Sale
• Shares: 888.79 shares at $206.66
• Total Value: $183,677.75
• Filing Date: January 02, 2026
• Transaction Date: December 30, 2025
• Ownership After: 16,953.03 shares

Recent Developments:

• On January 01, 2026, Fenimore Asset Management grew its stake in Keysight by 1.1% in the third quarter, according to Defense World.
• On December 30, 2025, Defense World reported that CFO Neil Dougherty sold 1,000 shares on December 22nd.
• On December 24, 2025, Zacks Investment Research noted that Keysight stock was up 5% since its last earnings report.

Context:
The sale by SVP Sung Yoon represents a modest transaction relative to the executive's total holdings of nearly 17,000 shares. The sale follows positive earnings momentum, with the stock up 5% post-earnings. This transaction was accompanied by a gift of 500 shares, which partially offset the sale. Sales of this size by senior executives are often routine portfolio management or tax planning rather than a bearish signal, particularly when the insider retains significant holdings.

Casey's General Stores (CASY) - $20.52B Market Cap

Transaction Details:

• Insider: Chad Michael Frazell — Chief HR Officer
• Transaction Type: Gift
• Shares: 180 shares
• Filing Date: January 02, 2026
• Transaction Date: December 30, 2025
• Ownership After: 7,813 shares

Recent Developments:

• On December 30, 2025, Casey's was upgraded to Buy by Zacks Investment Research, reflecting growing optimism about earnings prospects.
• Recent institutional activity shows Copeland Capital Management trimming its position by 21.6% while Exchange Traded Concepts acquired a new $902,000 position.
• Carnegie Investment Counsel raised its holdings by 4.5% during the third quarter.

Context:
While this gift transaction is not a market purchase, Casey's recently received an upgrade to "Buy" from Zacks, suggesting improved fundamental outlook. The convenience store chain continues to attract varied institutional interest despite some position trimming.

First Financial Bancorp. (FFBC) - $2.37B Market Cap

Transaction Details:

• Insider: Maribeth S Rahe — Director
• Transaction Type: Award
• Shares: 624 shares at $25.02
• Total Value: $15,612.48
• Filing Date: January 02, 2026
• Transaction Date: December 31, 2025
• Ownership After: 68,528 shares

Recent Developments:

• On December 31, 2025, First Financial announced completion of its acquisition of BankFinancial, effective January 1, 2026, according to PRNewswire.
• On December 28, 2025, The Motley Fool reported that Gator Capital Management initiated a new $5.6 million position in the third quarter, purchasing 221,920 shares.

Context:
This director equity award comes at a significant moment for First Financial as it completes its BankFinancial acquisition. The transaction closed on January 1, 2026, positioning the combined entity for enhanced scale and market presence. The recent $5.6 million investment by Gator Capital Management suggests outside investors see value despite the stock's 7% decline over the past year.

Full Transaction Table

Note: Table includes primary transactions. Additional routine transactions (gifts, tax payments, option exercises) not shown for brevity.

Market Themes

Equity Compensation Dominates Year-End Activity: A significant portion of January 2nd filings reflect year-end equity compensation grants, particularly at Donegal Group (DGICA), where virtually all directors and officers received awards. This is standard practice as companies finalize annual compensation packages.

Small-Cap Insider Buying Shows Confidence: The most notable theme is meaningful insider purchases at smaller-cap companies. Prairie Operating's $339,806 purchase by a major shareholder and Greenwich LifeSciences' CEO purchase of $63,017 both represent significant capital commitments relative to these companies' market capitalizations. Such purchases by insiders with deep company knowledge often merit attention.

Routine Sales at Large-Caps: Sales at larger companies like Keysight Technologies appear routine in nature and size, likely reflecting diversification or tax planning rather than negative sentiment. These transactions maintained significant remaining ownership positions.

M&A and Corporate Events: First Financial Bancorp's director awards coincided with the completion of its BankFinancial acquisition, highlighting how corporate events often accompany insider equity transactions.

How to Interpret Insider Trading

Form 4 Filings: Corporate insiders—including executives, directors, and 10% shareholders—must file Form 4 with the SEC within two business days of buying or selling company stock. These public disclosures provide transparency into insider sentiment and trading activity.

Insider Purchases vs. Sales: Insider purchases are generally viewed more favorably than sales. When insiders commit their own capital to buy shares, it often signals confidence in the company's prospects. Sales, however, can occur for numerous benign reasons: diversification, tax planning, estate planning, or personal liquidity needs. Context matters—look at the size of the transaction relative to total holdings and whether multiple insiders are acting simultaneously.

Transaction Context is Critical: Consider the size of transactions relative to the insider's existing holdings, recent company news, and whether the pattern represents unusual activity. Awards and grants are compensation, not market purchases. Gifts and estate transfers are typically neutral signals.

Not Investment Advice: Insider trading data is one piece of information among many. This report is educational and informational only. Always conduct your own due diligence and consider your individual financial situation before making investment decisions.

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