Insider Trading Signals — December 11, 2025 — Daily Snapshot

Executive Summary

Insider activity showed muted and mixed signals today with 7 open-market purchases totaling approximately $333K versus 8 sales totaling approximately $1.14M. The most notable transaction came from Nerdy Inc. (NRDY) CEO Charles K. Cohn, who purchased 176,215 shares worth $253,750—representing strong conviction from a CEO who also holds 10% ownership. Activity was predominantly concentrated in small-cap stocks with limited recognizable names, suggesting institutional investors and executives making tactical moves rather than broad-based insider confidence. The absence of cluster buying and minimal large-cap participation indicates a relatively quiet period for insider activity.

Activity Breakdown

Net Signal: Moderately Bearish (7 buys vs 8 sells, -$807K net selling)

Top Notable Transactions

1. 🟢 Nerdy Inc. (NRDY) - Strong Bullish Signal

   • Insider: Charles K. Cohn, CEO, Director, 10% Owner
   • Transaction: Purchase of 176,215 shares @ $1.44
   • Value: $253,750
   • Shares Owned After: 31,960,556 (indirect)
   • Context: Largest transaction of the day—CEO making substantial open-market purchase demonstrates strong conviction in online tutoring platform despite stock trading near multi-year lows.

2. 🔴 CorMedix Inc. (CRMD) - Moderate Bearish Signal

   • Insider: Janet Dillione, Director
   • Transaction: Sale of 34,000 shares @ $12.00 (preceded by option exercise of 15,000 @ $5.63)
   • Value: $408,000 (sale) + $84,450 (exercise)
   • Shares Owned After: 48,473
   • Context: Director exercises options at $5.63 and immediately sells 34,000 shares at $12.00, suggesting profit-taking on favorable exercise spread rather than long-term conviction.

3. 🔴 SI-BONE Inc. (SIBN) - Moderate Bearish Signal

   • Insider: Jeffrey W. Dunn, Director
   • Transaction: Sale of 18,759 shares @ $19.33 (after exercising 1,241 @ $4.32)
   • Value: $362,606
   • Shares Owned After: 110,115 (indirect)
   • Context: Second-largest sale of the day following option exercise, representing profit realization on significant option gains.

4. 🟢 Mastech Digital Inc. (MHH) - Moderate Bullish Signal

   • Insider: Steven A. Shaw, 10% Owner
   • Transaction: Two separate purchases totaling 4,073 shares
   • Details: 2,758 @ $7.11 (Dec 9) + 1,315 @ $7.47 (Dec 10)
   • Value: $29,432 combined
   • Shares Owned After: 1,340,178 (indirect)
   • Context: Large shareholder makes consecutive daily purchases, indicating sustained buying interest in IT staffing firm.

5. 🟢 Mexico Fund (MXF) - Moderate Bullish Signal

   • Insider: Saba Capital Management, L.P., 10% Owner
   • Transaction: Two purchases totaling 1,628 shares
   • Details: 628 @ $19.74 (Dec 9) + 1,000 @ $19.70 (Dec 10)
   • Value: $32,097 combined
   • Shares Owned After: 1,631,189 (indirect)
   • Context: Activist fund Saba Capital continues accumulating closed-end fund shares, consistent with their strategy of acquiring undervalued CEFs.

6. 🔴 Williams Companies (WMB) - Weak Bearish Signal

   • Insider: Terrance Lane Wilson, SVP & General Counsel
   • Transaction: Sale of 2,000 shares @ $61.90
   • Value: $123,800
   • Shares Owned After: 297,545
   • Context: Only recognizable large-cap name in today's filings—SVP selling modest amount representing less than 1% of holdings, likely routine diversification.

7. 🔴 VIAV Solutions (VIAV) - Moderate Bearish Signal (Cluster)

   • Insiders: Richard John Burns (Director) + Eugenia Corrales (Director)
   • Transaction: Identical sales of 3,384 shares each @ $18.76
   • Value: $63,484 each ($126,968 combined)
   • Shares Owned After: 3,384 each
   • Context: Two directors selling identical amounts on same day suggests coordinated 10b5-1 plan execution or equity compensation vesting, less significant than discretionary sales.

8. 🟢 Medpace Holdings (MDBH) - Moderate Bullish Signal

   • Insider: George Hugh Brandon, Director & President
   • Transaction: Purchase of 3,700 shares @ $3.38
   • Value: $12,506
   • Shares Owned After: 105,248
   • Context: President/director adding to position in smaller transaction, though combination of roles (insider + operator) makes purchase more meaningful.

9. 🔴 MainStay CBRE Global Infrastructure Megatrends Fund (MEGI) - Weak Bearish Signal

   • Insider: Saba Capital Management, L.P., 10% Owner
   • Transaction: Sale of 11,571 shares @ $13.76
   • Value: $159,217
   • Shares Owned After: 5,701,115 (indirect)
   • Context: Saba selling one CEF while buying another (MXF), suggesting portfolio rebalancing rather than directional bet.

10. 🟢 Medalist Diversified REIT (MDRR) - Moderate Bullish Signal

    • Insider: Charles Brent Winn Jr., CFO
    • Transaction: Purchase of 400 shares @ $12.656
    • Value: $5,062
    • Shares Owned After: 55,202
    • Context: Small purchase by CFO, but insider buying by financial chief can signal confidence in company's financial health and prospects.

11. ⚪ Blue Owl Capital Inc. (OWL) - Neutral

    • Insiders: Multiple executives (Brouse, Reddy, Polland)
    • Transaction: Stock awards totaling 368,207 shares
    • Value: $0 (compensation awards)
    • Context: Routine equity compensation grants to multiple executives including COO (192,790 shares), General Counsel (145,768 shares), and director (29,649 shares).

12. ⚪ Spruce Power Holding (SPRU) - Neutral

    • Insider: Thomas James Cimino, CFO
    • Transaction: Award of 60,000 shares
    • Value: $0 (compensation award)
    • Context: CFO receives stock compensation, routine equity grant with no capital commitment.

13. 🔴 Northrop Grumman (NOC) - Weak Bearish Signal

    • Insider: Roshan S. Roeder, Corporate VP & President of Mission Systems
    • Transaction: Sale of 84 shares @ $555.35
    • Value: $46,649
    • Shares Owned After: 403.91
    • Context: Tiny sale by corporate VP at major defense contractor, likely tax-related or automatic plan execution given small size.

14. 🔴 Red Robin Gourmet Burgers (RRGB) - Weak Bearish Signal

    • Insider: Sarah A. Mussetter, Chief Legal Officer
    • Transaction: Sale of 2,800 shares @ $3.88
    • Value: $10,864
    • Shares Owned After: 110,677
    • Context: Small sale by general counsel representing negligible portion of holdings, minimal signal value.

15. ⚪ Deere & Company (DE) - Neutral

    • Insider: James Brian Sikes, Director
    • Transaction: Award of 88 shares
    • Value: $0 (compensation award)
    • Context: Routine director compensation at major agricultural equipment manufacturer.

Pattern Analysis

Limited Cluster Activity

• Net Signal: No significant clusters detected
• Context: Today's insider activity lacks the coordinated buying or selling patterns that typically signal strong directional conviction. Only VIAV showed multiple insiders transacting (two directors selling identical amounts), but this appears to be routine 10b5-1 plan execution rather than discretionary activity.

Saba Capital CEF Accumulation Strategy

• Net Signal: Neutral (portfolio rotation)
• Activity: Saba Capital buying MXF (+$32K) while selling MEGI (-$159K)
• Context: Activist investor Saba Capital continues its well-known closed-end fund strategy, accumulating shares in funds trading at discounts to NAV. The simultaneous buy and sell suggests rebalancing rather than market view.

Small-Cap Focus Dominates

• Net Signal: Mixed
• Context: Nearly all transactions occurred in small-cap stocks (NRDY, CRMD, SIBN, MHH, MDBH, MDRR, etc.) with only two recognizable large-caps (WMB, NOC, DE). This concentration suggests institutional investors are not seeing compelling opportunities in major names at current valuations.

Option Exercise + Immediate Sale Pattern

• Net Signal: Weak Bearish
• Activity: Two insiders (Dillione at CRMD, Dunn at SIBN) exercised options then immediately sold shares
• Context: This pattern typically indicates profit-taking rather than long-term conviction, as insiders are monetizing favorable exercise spreads rather than holding shares post-exercise.

CEO Conviction at NRDY

• Net Signal: Bullish (isolated)
• Context: The standout transaction—CEO Cohn's $254K purchase of NRDY—represents meaningful capital commitment from an executive who already owns 10%+ of the company, suggesting strong belief in turnaround or valuation opportunity.

Sector Breakdown

Technology (6 transactions)

• Net Signal: -$184K selling
• Notable: VIAV two directors selling ($127K combined), NRDY CEO buying ($254K), SIBN director selling ($363K)
• Key movers: NRDY (strong buy), SIBN (large sale), VIAV (coordinated sales)
• Analysis: Mixed signals with notable CEO buying offset by director profit-taking

Financials (8 transactions)

• Net Signal: +$61K buying
• Notable: Saba Capital active in CEFs (MXF buying, MEGI selling), MHH 10% owner accumulating
• Key movers: MXF, MEGI, MHH, multiple closed-end funds with zero activity
• Analysis: Primarily activist fund rebalancing, limited broader signal value

Healthcare/Biotech (3 transactions)

• Net Signal: -$391K selling
• Notable: CRMD director large sale after option exercise
• Key movers: CRMD (director selling $408K), MDBH (President buying $12.5K), MDRR (CFO buying $5K)
• Analysis: Dominated by CRMD profit-taking, offset by small insider purchases

Energy (1 transaction)

• Net Signal: -$124K selling
• Notable: WMB SVP selling modest amount
• Key movers: WMB only energy name
• Analysis: Routine small sale at Williams Companies, minimal sector signal

Industrials (2 transactions)

• Net Signal: Neutral (awards only)
• Notable: DE director receives 88-share award, OWL multiple executive awards
• Key movers: DE, OWL
• Analysis: Only compensation activity, no discretionary transactions

Defense (1 transaction)

• Net Signal: -$47K selling
• Notable: NOC corporate VP sells 84 shares
• Key movers: NOC only defense name
• Analysis: Tiny sale, no meaningful signal

Consumer Discretionary (2 transactions)

• Net Signal: Neutral (awards only)
• Notable: DKS officer receives 4,388-share award, RRGB CLO sells $11K
• Key movers: DKS, RRGB
• Analysis: Minimal activity, small CLO sale at Red Robin

Market Implications

The modest insider activity on December 11 reflects a market in pause mode, with executives and directors showing limited conviction in either direction. The $807K net selling spread across only 15 meaningful transactions (excluding awards and zero-value entries) suggests insiders are neither aggressively positioning for upside nor fleeing in anticipation of downside. This tepid activity aligns with typical mid-December behavior as many insiders enter blackout periods ahead of Q4 earnings season.

The concentration of activity in small-cap stocks is notable and potentially revealing. Large-cap insiders—those with the deepest information advantages and typically the strongest signals—are largely absent from today's filings. Only three recognizable large-caps appear (WMB, NOC, DE), and their transactions are either tiny sales or routine awards. This suggests either that large-cap insiders are in blackout periods, or they see fair valuation and limited urgency to transact. Meanwhile, small-cap insiders like NRDY's CEO are making meaningful capital commitments, potentially indicating that value opportunities have migrated down the market cap spectrum.

The NRDY CEO purchase stands out as the day's highest-conviction signal. Charles Cohn already owns over 10% of the company, and his willingness to deploy an additional $254K of personal capital at $1.44 per share suggests he sees significant upside from current levels. For a CEO to increase an already concentrated position is typically a strong bullish indicator, though investors should note this is a small-cap online education platform with limited liquidity and higher risk.

The option exercise + immediate sale pattern at CRMD and SIBN deserves attention. While these transactions are technically sales, they primarily represent profit-taking on favorable option spreads rather than conviction selling of owned shares. These insiders exercised at $5.63 and $4.32 respectively, then sold at $12.00 and $19.33—capturing spreads of 2x-4x. This is rational behavior and less bearish than discretionary sales of long-held shares would be.

Saba Capital's continued closed-end fund accumulation (adding to MXF while trimming MEGI) reinforces their well-known activist strategy of buying CEFs at discounts to NAV. This activity provides minimal market-direction signal but confirms that discounts persist in the CEF space, potentially offering opportunities for patient investors who share Saba's thesis.

Key Watch Items:

• Monitor whether large-cap insider activity picks up post-Q4 earnings blackout periods
• Track NRDY price action and any company-specific catalysts that might explain CEO's conviction
• Watch for additional small-cap insider buying—clusters could indicate value opportunities
• Observe whether the sell-side (option exercises + sales) continues or was unique to today
• Look for sector rotation signals if tech insiders resume activity in coming weeks

Key Takeaways

• Quiet day with limited conviction: Only 7 purchases vs 8 sales across 48 total filings suggests market pause rather than directional bet
• Small-cap focus dominates: Nearly all meaningful activity in small-caps; large-cap insiders largely absent
• NRDY CEO shows strong conviction: $254K purchase by CEO/10% owner is day's standout bullish signal
• Option exercise + sale pattern: Two insiders captured option gains then sold, less bearish than pure discretionary sales
• No cluster buying detected: Absence of coordinated insider purchases suggests limited broad-based confidence
• Saba Capital continues CEF strategy: Activist fund rebalancing between closed-end funds, minimal market signal
• Approaching blackout period: Mid-December timing likely suppressing activity ahead of Q4 earnings season

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