Insider Trading Signals — December 1, 2025 — Daily Snapshot

Executive Summary

Insider activity filed on December 1, 2025 shows a very busy tape, but with two very different stories:

• Structured, pre-arranged activity dominates the dollar totals, led by large “J-code” transactions in Celsius Holdings (CELH) tied to prepaid variable forward sale settlements by three 10% owners. (StreetInsider.com)
• Corporate action–driven disposals at Hanesbrands (HBI) show a full sweep of D-coded dispositions by senior leadership as HBI’s shares are converted into a mix of Gildan stock and cash under the merger terms. (SEC)

When you strip out those special situations, classic open-market activity leans bullish: 17 open-market purchases vs just 3 open-market sales, with meaningful buying in ALIT, NRDY, MAIA, KTTA, DGICA, OBDC and others.

Net message: headline dollars look bearish due to structured deals, but genuine “insiders putting fresh cash to work” skew positive in smaller and mid-cap names.

Activity Breakdown

All values are based on today’s filed insider transactions (December 1, 2025).

Open-market picture (P vs S only):

• Purchases (P): 17 trades totaling ≈$1.05M
• Sales (S): 3 trades totaling ≈$0.19M
• Net open-market flow: ≈+$0.86M (bullish on a flow basis)

If you include D-coded dispositions (HBI corporate event), the notional selling jumps to ≈$3.4M, which makes the headline picture look more bearish—but those D-codes are tied to a transaction structure rather than pure discretionary selling.

Net Signal (today):

• Open-market behavior: Bullish (more buying than selling in both count and dollars)
• All activity including structured events: Mixed to slightly bearish (CELH and HBI dominate dollar value, but are highly event-driven)

Top Notable Transactions (Selected Highlights)

1. ⚪ Celsius Holdings (CELH) — Complex Forward Sale Settlements (Special Situation)
   • Insiders: 10% owners Deborah DeSantis, Dean DeSantis, and William H. Milmoe
   • Transaction: Multiple J-coded “Other” entries settling prepaid variable forward sale contracts, delivering blocks of 187,500 shares at a reference price around $37.02–$37.02+ per share.
   • Value: Priced legs today total ≈$27.8M across six filings.
   • Signal Strength: Complex / Neutral-to-Bearish
   • Context: These are pre-programmed derivative settlements, not classic “I’ve changed my mind on the company” sales. The insiders are fulfilling obligations of contracts originally entered in 2022, exchanging shares for cash per the forward terms. (StreetInsider.com)
2. 🔴 Hanesbrands (HBI) — Full-Team Disposition Tied to Gildan Deal
   • Insiders: 15 executives and directors, including CEO Stephen Bratspies and other senior leaders.
   • Transaction: D-coded dispositions around $0.80 per share (with a single larger cash component), leaving 0 shares owned after for this security across the group.
   • Value: Aggregate notional ≈$3.2M.
   • Signal Strength: Event-Driven / Not a Typical Sell Signal
   • Context: The dispositions align with the Hanesbrands → Gildan merger structure, where each HBI share is automatically converted into a mix of Gildan stock plus cash rather than discretionary selling in the open market. (SEC)
3. 🟢 Alight, Inc. (ALIT) — Coordinated Director Buying
   • Insiders: Robert A. Schriesheim, Robert A. Lopes Jr., Richard N. Massey (all directors).
   • Transaction: Open-market P-coded purchases totaling 152,?98 shares at ≈$2.32–$2.39 per share.
   • Value: Combined ≈$356.6K in fresh buying.
   • Holdings After: Schriesheim ~109K shares; Lopes ~80K; Massey 100K (all direct/indirect as reported).
   • Signal Strength: Strong Bullish (Cluster Buying by Board)
   • Context: Multiple directors stepping in at a low-teens dollar price is a classic “vote of confidence” in the equity.
4. 🟢 Nerdy Inc. (NRDY) — CEO / 10% Owner Adds Meaningfully
   • Insider: Charles K. Cohn, described as director, 10 percent owner, officer: Chief Executive Officer.
   • Transaction: 144,783 shares purchased at $1.25.
   • Value: ≈$181K.
   • Holdings After: ≈1.54M shares (indirect).
   • Signal Strength: Strong Bullish (Founder/CEO Capital Commit)
   • Context: This is a material buy relative to share price and indicates high conviction from the top of the org chart.
5. 🟢 Pasithea Therapeutics (KTTA) — Leadership Buying + Awards at Penny Levels
   • Insiders: Lawrence Steinman, Tiago Marques, Simon Dumesnil, plus RSU-style awards to Emer Leahy and Daniel Schneiderman.
   • Transactions:
     • Purchases: P-coded buys at $0.75, including a 133,333-share buy (~$100K) by Steinman and additional 33K-share blocks by other execs.
     • Awards: A-coded grants of 26–33K shares at $0.75 notional.
   • Value: Purchases alone total ≈$150K, with additional value via awards.
   • Signal Strength: Strong Bullish (Multi-Insider Cluster at Micro-Cap)
   • Context: For thinly traded, low-priced names, clustered insider buying at a fixed level often signals management believes the stock is washed out.
6. 🟢 MAIA Biotechnology (MAIA) — Multiple Executives Buy on the Same Tape
   • Insiders: Vlad Vitoc, Cristian Luput, Stan Smith.
   • Transaction: Five P-coded purchases across 15K–50K share blocks at ≈$1.04–$1.14.
   • Value: Combined ≈$137K of open-market buying.
   • Holdings After: All three hold sizeable stakes (hundreds of thousands of shares each).
   • Signal Strength: Strong Bullish (Executive Cluster Buying)
   • Context: Multi-executive accumulation at a low absolute price is a classic high-conviction micro-cap pattern.
7. 🟢 Donegal Group (DGICA) — 10% Owner Adds to Large Stake
   • Insider: Donegal Mutual Insurance Co., labeled as 10 percent owner.
   • Transaction: Purchase of 5,000 shares at ≈$20.25.
   • Value: ≈$101K.
   • Holdings After: ≈13.8M shares.
   • Signal Strength: Moderate Bullish (Incremental Add by Large Holder)
   • Context: When a long-standing strategic holder continues to add—even modestly—it reinforces commitment to the underlying business.
8. 🟢 Blue Owl Capital Corp (OBDC) — Insider Steps In
   • Insider: Neena Reddy, officer: Vice President and Secretary.
   • Transaction: 7,890 shares purchased at ≈$13.06.
   • Value: ≈$103K.
   • Holdings After: 7,890 shares (direct).
   • Signal Strength: Moderate Bullish
   • Context: Open-market purchases in yield-oriented credit vehicles are often “show-of-confidence” moves in the credit book and dividend stability.
9. 🔴 Cricut Inc. (CRCT) — CEO / 10% Owner Trims
   • Insider: Ashish Arora, labeled as director, 10 percent owner, officer: Chief Executive Officer.
   • Transaction: 20,372 shares sold at ≈$4.79.
   • Value: ≈$97.7K.
   • Holdings After: ≈4.37M shares remain.
   • Signal Strength: Moderate Bearish / Routine Trim
   • Context: The sale is small relative to total holdings; could easily be portfolio diversification rather than a strong negative view.
10. 🔴 Great Southern Bancorp (GSBC) — Small Insider Sale After Option Exercise
    • Insider: Mark A. Maples, Vice President of Subsidiary.
    • Transaction: Exercises 1,200 options at $53.22 (M-code, ≈$63.9K), followed by an S-coded sale of 1,450 shares at ≈$59.93 (≈$86.9K).
    • Signal Strength: Weak to Moderate Bearish (Liquidity/Event-Driven)
    • Context: “Exercise then sell” combos are often tied to personal liquidity or tax planning rather than a sharp negative change in outlook.

Pattern Analysis

1. Structured / Event-Driven Activity Dominates Dollar Totals

• CELH: The largest dollar figures come from prepaid variable forward sale settlements, where 10% owners deliver shares to satisfy derivative contracts entered years ago. The economic decision was made when the contracts were signed, not today. (StreetInsider.com)
• HBI: The sweeping D-coded dispositions reflect share cancellation and conversion into Gildan stock + cash under a merger agreement, not discretionary selling into the market. (SEC)

Takeaway: A large portion of today’s notional “selling” is tied to pre-agreed structures, not insiders waking up bearish.

2. Genuine Open-Market Flows Tilt Bullish

• 17 P-coded purchases vs 3 S-coded sales.
• Net open-market buying ≈+$0.86M.
• Buying is distributed across:
  • Financials / insurers and BDCs (ALIT, DGICA, OBDC, CZFS)
  • Small-cap growth and biotech (NRDY, MAIA, KTTA)
  • Niche names like SND (sand / energy services).

This pattern looks like stock-pickers taking targeted shots rather than broad, sector-wide accumulation.

3. Cluster Buying in Micro-Caps and Small Caps

• MAIA and KTTA both show multi-insider buying on the same dates, often at tightly clustered prices.
• In micro-caps, these clusters are especially meaningful because:
  • Management typically has better line of sight into financing runway and catalysts.
  • Even “only” $100K can represent a large personal commitment.

4. Sales Appear Modest and Mostly Contextual

• The only classic open-market sells are at CRCT, GSBC, PB.
• All three look small relative to total holdings, consistent with diversification, tax or liquidity—not wholesale exits.

Sector & Theme Color

While the dataset is transaction-focused rather than sector-tagged, today’s tape roughly clusters into a few themes:

• Consumer & Brand-Driven Names:
  • CELH (functional beverages), HBI (apparel basics), SMG (lawn & garden), SND / WOR (materials / industrial-adjacent).
  • Mixed signals: structured selling at CELH and event-driven disposals at HBI, contrasted with small awards and grants at SMG and UFPI.
• Financials & Insurance:
  • Activity in DGICA, GSBC, OBDC, CZFS, LAZ, PB spans both open-market buys and modest sells.
  • Overall, net flow leans slightly positive, with notable purchases at DGICA and OBDC overshadowing smaller trims.
• Small-Cap Growth / Biotech / Tech-Adjacent:
  • NRDY, MAIA, KTTA, IDAI show insider engagement through purchases and awards.
  • The tone here is quietly constructive: insiders in more speculative stories are adding rather than bailing.

Market Implications

1. Headline numbers overstate “selling” risk.
   Once you adjust for CELH’s prepaid variable forward settlements and HBI’s merger-related dispositions, the day’s activity looks far less bearish than the raw dollar totals suggest.
2. Open-market buying is spread, not concentrated.
   Rather than one or two mega-caps dominating, we see many smaller companies with insiders stepping in at what they perceive as attractive levels. That’s usually a sign of idiosyncratic stock-picking rather than a broad macro call.
3. Risk-tolerant setups are attracting insider money.
   The presence of cluster buying in micro-caps like MAIA and KTTA, along with a meaningful CEO/10%-owner buy at NRDY, suggests insiders in higher-beta names are willing to lean into volatility when valuations look compelling.
4. Financials show quiet confidence, not panic.
   With a decent mix of buys and very modest sells, financial/insurance insiders today look more comfortable than cautious.

Key Takeaways

• Structured events (CELH forwards, HBI merger) dominate dollar flows but are not classic “get me out” sells.
• Open-market activity is bullish: 17 buys vs 3 sells, with ≈$0.86M net buying on a P vs S basis.
• Cluster buying in MAIA and KTTA stands out as high-conviction micro-cap signals.
• CEO / 10%-owner buying at NRDY and multi-director buying at ALIT are among the clearest “skin in the game” moves.
• Open-market sells (CRCT, GSBC, PB) are small and look more like portfolio maintenance than red flags.

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