Insider Trading Signals — December 10, 2025 — Daily Snapshot

Executive Summary

Insider activity on December 10, 2025 showed relatively light volume with a slight bearish tilt, as 9 sales totaling $1.8M outpaced 8 purchases worth $1.1M. The most significant moves came from small-cap companies, with DGICA's 10% owner accumulating over $1.1M across two consecutive days and NRDY's CEO adding $245K to his position. The absence of mega-cap or major tech insider activity suggests a quiet day in corporate insider sentiment, with most transactions occurring in healthcare, financials, and specialty companies.

Activity Breakdown

Net Signal: Moderate Bearish (9 sales vs 8 purchases, -$670K net selling)

Top Notable Transactions

1. 🟢 Donegal Group Inc. (DGICA) - Strong Bullish Signal

   • Insider: Donegal Mutual Insurance Co, 10 percent owner
   • Transaction: Purchase of 55,524 shares across two days (Dec 8-9) @ avg $19.67
   • Value: $1,092,362
   • Context: Major shareholder accumulating shares over consecutive days, now holding 13.9M shares, signals strong confidence in the insurance company's prospects.

2. 🟢 Nerdy Inc. (NRDY) - Moderate Bullish Signal

   • Insider: Charles K. Cohn, CEO, Director & 10% owner
   • Transaction: Purchase of 184,491 shares @ $1.33
   • Value: $245,373 (indirect ownership)
   • Context: CEO adds to already substantial 31.8M share position, showing conviction in the education technology platform despite low stock price.

3. 🔴 Neurocrine Biosciences (NBIX) - Moderate Bearish Signal

   • Insider: Darin Lippoldt, Chief Legal Officer
   • Transaction: Sale of 4,376 shares @ $159.65 (following option exercise @ $43.24)
   • Value: $698,615
   • Context: Routine exercise-and-sell transaction by general counsel, likely for liquidity/diversification rather than bearish outlook.

4. 🔴 InterDigital Inc. (IDCC) - Moderate Bearish Signal

   • Insider: John A. Kritzmacher, Director
   • Transaction: Sale of 1,250 shares @ $357.37
   • Value: $446,713
   • Context: Director reduces position in wireless technology IP company, represents meaningful portion of holdings (down to 17,065 shares).

5. 🔴 1stdibs.com (DIBS) - Moderate Bearish Signal

   • Insiders: Multiple executives (CEO, CFO, General Counsel)
   • Transaction: Combined sales of 111,569 shares @ $5.96 (following option exercises)
   • Value: $664,951
   • Context: Cluster selling by three senior executives on same day suggests coordinated exercise-and-sell program, likely routine compensation liquidation.

6. 🟢 Dominari Holdings (DOMH) - Moderate Bullish Signal

   • Insiders: CEO Anthony Hayes & President Kyle Wool
   • Transaction: Combined purchase of 48,000 shares @ $3.87
   • Value: $185,851
   • Context: Two top executives buying on same day signals alignment and confidence, though offset by COO selling $173K same day.

7. 🔴 Dominari Holdings (DOMH) - Moderate Bearish Signal

   • Insider: Christopher Franklin Devall, COO
   • Transaction: Sale of 45,000 shares @ $3.85
   • Value: $173,061
   • Context: COO sells significant portion of holdings (down to 145,702 shares) on same day CEO and President are buying, creating mixed signal.

8. 🔴 Galectin Therapeutics (GALT) - Moderate Bearish Signal

   • Insider: Harold H. Shlevin, Director
   • Transaction: Sales of 36,790 shares across two days @ avg $6.13 (following option exercises)
   • Value: $225,246
   • Context: Director liquidates exercised options over two consecutive days, now holds only 11,206 shares after transactions.

9. 🟢 Northrim BanCorp (NRIM) - Weak Bullish Signal

   • Insider: David J McCambridge, Director
   • Transaction: Purchase of 1,150 shares @ $24.87
   • Value: $28,601 (indirect ownership)
   • Context: Small director purchase in Alaska-based bank holding company, modest signal of confidence.

10. 🔴 MainStreet Bancshares (MNSB) - Weak Bearish Signal

    • Insider: Thomas J. Chmelik, CFO & Director
    • Transaction: Sale of 5,452 shares @ $20.05
    • Value: $109,313
    • Context: CFO reduces position in regional bank, represents small portion of 63,761 remaining shares.

Pattern Analysis

Small-Cap Concentration (20+ transactions)

• Net Signal: Mixed
• Context: Nearly all activity occurred in small-cap and micro-cap stocks, with no major tech or mega-cap companies represented. This suggests insider activity was driven by company-specific factors rather than broader market sentiment.

Exercise-and-Sell Transactions (6 option exercises, 5 followed by sales)

• Net Signal: Neutral
• Companies: DIBS (3 executives), NBIX, GALT, NRIM
• Total Value: $1.5M in sales following exercises
• Context: Multiple executives across different companies executing routine option exercise and immediate sale transactions, typical compensation liquidation rather than bearish signals.

Cluster Activity at DOMH (3 C-suite transactions)

• Net Signal: Mixed
• Transactions: CEO buy $89K, President buy $97K, COO sell $173K
• Context: Unusual split where top two executives buy while COO sells on same day, creating conflicting signals about company outlook.

Consecutive Day Accumulation (2 instances)

• Net Signal: Bullish
• DGICA: 10% owner buys Dec 8-9 for $1.1M total
• GALT: Director sells Dec 8-9 for $225K total (bearish)
• Context: Multi-day transactions suggest deliberate positioning rather than one-time events.

Sector Breakdown

Financials (5 transactions)

• Net Signal: +$1.1M buying
• Notable: DGICA 10% owner aggressive accumulation, small director buy at NRIM
• Key movers: DGICA, NRIM, MNSB
• Context: Insurance and regional bank insiders showing mixed signals, with one major accumulation offsetting smaller sales.

Healthcare/Biotech (7 transactions)

• Net Signal: -$800K selling
• Notable: NBIX general counsel sells $699K, GALT director liquidates $225K
• Key movers: NBIX, GALT, BBIO
• Context: Mostly routine exercise-and-sell activity, no strong conviction buying in biotech sector.

Technology/Services (8 transactions)

• Net Signal: +$60K buying
• Notable: NRDY CEO adds $245K, DIBS cluster selling $665K
• Key movers: NRDY, DIBS, IDCC
• Context: Mixed signals with education tech CEO buying offset by online marketplace executive selling.

Industrial/Other (6 transactions)

• Net Signal: +$13K buying
• Notable: DOMH mixed signals with CEO/President buying, COO selling
• Key movers: DOMH, NGS, WST
• Context: Small transactions with conflicting signals at individual companies.

Market Implications

The light insider activity and small-cap focus on December 10th suggests a quiet period in corporate insider sentiment, possibly due to blackout windows ahead of year-end earnings or holiday-related reduced activity. The absence of any mega-cap tech, FAANG, or major index constituent transactions is notable and limits the broader market signal value of today's filings.

The most significant pattern is the concentration of exercise-and-sell transactions, which are generally neutral signals representing routine compensation liquidation rather than bearish outlooks. When insiders exercise options and immediately sell, they're typically managing tax obligations and diversifying rather than expressing negative views on their companies' prospects.

The split signals at DOMH—where the CEO and President buy while the COO sells on the same day—highlight the importance of not over-interpreting individual transactions. Different insiders have different liquidity needs, tax situations, and portfolio strategies. The CEO and President's combined $186K in purchases slightly outweighs the COO's $173K sale, but the conflicting directions suggest company-specific circumstances rather than clear directional conviction.

The most bullish signal comes from DGICA's 10% owner accumulating over $1.1M across two consecutive days, representing deliberate positioning rather than a one-time transaction. This sustained buying by a major shareholder in a small-cap insurance company is the strongest conviction signal in today's data.

Key Takeaways

• Light volume day: Only 26 total transactions with modest dollar values suggests reduced insider activity, possibly due to blackout periods
• Small-cap focus: Absence of mega-cap or major tech activity limits broader market signal value
• Exercise-and-sell dominates: Multiple routine option liquidations create neutral noise rather than directional signals
• DGICA accumulation stands out: 10% owner's $1.1M two-day purchase is the clearest bullish conviction signal
• Mixed signals at individual companies: DOMH shows split C-suite activity, highlighting importance of context over individual transactions
• No sector-wide patterns: Activity appears company-specific rather than reflecting broader sector trends

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