Insider Trading Signals — December 12, 2025 — Daily Snapshot

Executive Summary

Insider activity showed a bearish tilt on December 12 with 11 sales totaling $8.6 million versus 11 purchases totaling $2.1 million, resulting in -$6.5 million net selling. The most significant bullish signal came from Global Payments (GPN) where director Robert H.B. Baldwin Jr. made two purchases totaling $1.09 million, demonstrating conviction in the payment processor. Cluster buying at TriplePoint Venture Growth (TPVG) by the CEO and President added $698K combined, signaling confidence in the business development company's prospects. On the sell side, Keysight Technologies SVP sold $3.2 million, and JLL's CEO reduced holdings by $1.65 million, representing the largest discretionary sales.

Activity Breakdown

Net Signal: Bearish (11 buys vs 11 sales, -$6.5M net selling)

Top Notable Transactions

1. 🟢 Global Payments Inc. (GPN) - Strong Bullish Signal

• Insider: Robert H.B. Baldwin Jr., Director
• Transaction: Purchase of 13,392 shares across 2 transactions @ avg $81.21
• Value: $1,086,867
• Context: Director making two purchases on consecutive days (10,392 shares @ $81.42 and 3,000 shares @ $80.25) signals strong conviction in the payment technology company. This is discretionary buying with personal funds, the most bullish type of insider transaction.

2. 🟢 TriplePoint Venture Growth (TPVG) - Strong Bullish Signal (Cluster)

• Insiders: James Labe (CEO) and Sajal Srivastava (President & CIO)
• Transaction: Combined purchase of 103,580 shares across 4 transactions @ avg $6.73
• Value: $698,955
• Context: Cluster buying by top two executives signals alignment on company outlook. CEO bought 51,790 shares and President bought identical 51,790 shares on same dates (Dec 10-11), suggesting coordinated confidence in the BDC's portfolio and dividend sustainability at $6-7 range.

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

• Insider: Charles K. Cohn, CEO/10% Owner/Director
• Transaction: Purchase of 174,947 shares @ $1.40
• Value: $244,926
• Context: CEO and major shareholder adding 175K shares at $1.40 as online tutoring platform recovers from post-pandemic weakness. Indirect ownership suggests strategic positioning through entity.

4. 🟢 FitLife Brands Inc. (FBLG) - Moderate Bullish Signal

• Insider: Ruben A. Garcia, General Counsel
• Transaction: Purchase of 140,000 shares @ $0.34
• Value: $47,600
• Context: General Counsel making large share purchase at deeply depressed price ($0.34) suggests insider sees significant upside potential in the nutritional supplements company.

5. 🟢 60 Degrees Pharmaceuticals (SXTP) - Moderate Bullish Signal

• Insider: Geoffrey S. Dow, President & CEO
• Transaction: Purchase of 12,963 shares across 2 transactions @ avg $0.94
• Value: $12,204
• Context: CEO buying on consecutive days (9,350 shares @ $0.95 and 3,613 shares @ $0.92) in small-cap pharmaceutical company. Small dollar amount but significant conviction signal at sub-$1 price.

6. 🔴 Keysight Technologies (KEYS) - Strong Bearish Signal

• Insider: John Page, Senior Vice President
• Transaction: Sale of 15,000 shares @ $213.48
• Value: $3,202,185
• Context: SVP selling $3.2M represents largest single transaction of the day. Tech instrumentation company SVP reducing position significantly, potentially signaling concerns about growth or valuation at $213+ levels.

7. 🔴 Jones Lang LaSalle (JLL) - Strong Bearish Signal

• Insider: Christian Ulbrich, CEO & President
• Transaction: Sale of 5,096 shares across 2 transactions @ avg $330.97
• Value: $1,686,238
• Context: CEO of commercial real estate services giant selling $1.7M. Given leadership position, this discretionary sale could signal cautiousness about commercial real estate market conditions or company growth trajectory.

8. 🔴 UFP Industries (UFPI) - Moderate Bearish Signal

• Insider: Matthew J. Missad, Executive Chairman
• Transaction: Sale of 11,000 shares @ $92.26
• Value: $1,014,860
• Context: Executive Chairman of lumber and building materials distributor reducing holdings by $1M. Represents 3.4% of his 310,533 shares, suggesting partial portfolio rebalancing rather than panic selling.

9. 🔴 U.S. Century Bank (USCB) - Moderate Bearish Signal

• Insider: W. Kirk Wycoff, Director & 10% Owner
• Transaction: Sale of 39,000 shares @ $18.68
• Value: $728,520
• Context: Director and major shareholder reducing position by 39K shares. Represents 2.1% of his 1.86 million share holdings. Florida community bank seeing insider selling.

10. 🔴 Knowles Corporation (KN) - Moderate Bearish Signal

• Insider: Jeffrey Niew, President & CEO
• Transaction: Sale of 25,000 shares @ $24.00
• Value: $600,000
• Context: CEO of acoustic solutions provider selling 25K shares, representing 2.7% of his 889,370 share holdings. Routine but sizable reduction.

11. 🔴 Natural Gas Services (NGS) - Moderate Bearish Signal

• Insider: Stephen Charles Taylor, Director
• Transaction: Sale of 20,000 shares across 2 transactions @ avg $33.35
• Value: $667,000
• Context: Director selling 20K shares on consecutive days (10K @ $33.16 and 10K @ $33.54). Represents 6.8% of remaining holdings, suggesting material reduction in position.

12. ⚪ Portage Biotech (PGY) - Neutral

• Insiders: 5 Directors (Alison Davis, Asheet Mehta, Avi Zeevi, Dan Petrozzo, Harvey Golub)
• Transaction: Awards of 11,446 shares each @ $0
• Value: $0 (compensation awards)
• Context: Board-wide equity compensation grants. Standard director compensation, not open-market purchases.

13. ⚪ Pan American Silver (PZG) - Neutral

• Insiders: CEO Rachel Louise Goldman (88,750 shares) and CFO Carlo Buffone (61,250 shares)
• Transaction: Option exercises (M-Exempt)
• Value: $0 (exercises only, no sales reported)
• Context: C-suite exercising stock options but not selling shares immediately. Neutral signal—option exercises are contractual rights, not discretionary buying.

Pattern Analysis

Cluster Buying at TriplePoint Venture (TPVG) - Strong Bullish

• Net Signal: Strong Bullish
• Transactions: 4 purchases totaling $699K
• Insiders: CEO James Labe and President Sajal Srivastava
• Context: Both executives buying identical share amounts on same dates (Dec 10-11) signals coordinated confidence. As a business development company (BDC), insider buying suggests management sees portfolio value and sustainable dividends despite market concerns about rate environment.

Payment Technology Confidence (GPN) - Strong Bullish

• Net Signal: Strong Bullish
• Transactions: 2 purchases totaling $1.09M
• Insider: Director Robert Baldwin
• Context: Director buying over $1M across two consecutive days signals strong conviction in Global Payments' growth trajectory. Payment processors have faced valuation pressure—insider seeing value here.

Tech Sector Selling Dominates - Moderate Bearish

• Net Signal: Moderate Bearish
• Companies: KEYS ($3.2M sale), YUMC ($363K sale), SMP ($346K sale)
• Context: Technology executives reducing positions. Keysight's $3.2M SVP sale is particularly notable. Selling concentrated in established tech names rather than high-growth disruptors.

Small-Cap CEO Buying - Moderate Bullish

• Net Signal: Moderate Bullish
• Companies: NRDY (CEO $245K), SXTP (CEO $12K), FBLG (General Counsel $48K)
• Context: Multiple small-cap executives buying shares with personal funds. These are high-conviction signals in beaten-down names where insiders see asymmetric upside.

Industrial & Real Estate Executive Selling - Moderate Bearish

• Net Signal: Moderate Bearish
• Companies: JLL (CEO $1.7M), UFPI (Chairman $1M), NGS (Director $667K)
• Context: Executives in cyclical industrials and commercial real estate reducing positions. JLL CEO selling is particularly notable given leadership position and commercial real estate softness.

Sector Breakdown

Technology (6 transactions)

• Net Signal: -$3.5M selling
• Purchases: $12K (SXTP CEO)
• Sales: $3.5M (KEYS SVP $3.2M, YUMC CTO $363K, SMP officer $346K)
• Notable: Heavy selling by tech executives, led by Keysight's $3.2M sale. No major tech names showing buying.

Financials (8 transactions)

• Net Signal: +$1.4M buying
• Purchases: $1.8M (GPN director $1.09M, TPVG executives $699K)
• Sales: $729K (USCB director/10% owner)
• Notable: Payment technology (GPN) and business development company (TPVG) seeing cluster buying by senior insiders. Positive signal for fintech and BDCs.

Consumer Discretionary (1 transaction)

• Net Signal: +$245K buying
• Purchases: $245K (NRDY CEO/10% owner)
• Notable: Online education platform seeing CEO adding to major stake at $1.40.

Industrials (5 transactions)

• Net Signal: -$1.7M selling
• Sales: $1.7M (UFPI Chairman $1M, NGS director $667K, KN CEO $600K)
• Notable: Broad-based selling across industrial companies. No buying to offset.

Real Estate (2 transactions)

• Net Signal: -$1.7M selling
• Sales: $1.7M (JLL CEO)
• Notable: Commercial real estate services CEO reducing position significantly.

Healthcare/Biotech (3 transactions)

• Net Signal: +$48K buying
• Purchases: $48K (FBLG General Counsel)
• Notable: Small-cap supplement company seeing insider buying at $0.34. PZG executives exercised options (neutral).

Market Implications

The day's insider activity paints a cautious picture with net selling outweighing buying by $6.5 million. However, the quality of buying matters more than quantity—director and CEO purchases at Global Payments and TriplePoint Venture represent strong conviction signals with over $1.7 million committed. These are discretionary purchases with personal funds in names where insiders clearly see value.

The technology sector's heavy selling, led by Keysight's $3.2 million SVP sale, suggests caution among tech executives despite broader market strength. When combined with selling at YUM China's CTO and Standard Motor Products' CIO, the pattern indicates tech insiders taking profits or reducing exposure. This contrasts sharply with the buying in fintech (GPN) and BDCs (TPVG), suggesting rotation within the sector rather than broad-based pessimism.

Industrial and real estate selling is particularly notable given JLL CEO's $1.7 million sale and UFPI Chairman's $1 million reduction. Commercial real estate services and building materials executives reducing positions aligns with concerns about economic growth deceleration and higher-for-longer rates impacting construction activity.

The small-cap CEO buying at NRDY, SXTP, and FBLG represents high-conviction signals in beaten-down names. These insiders are buying shares at depressed valuations ($1.40, $0.94, and $0.34 respectively), suggesting they see significant upside despite near-term headwinds. Small-cap CEO buying has historically preceded recoveries, though timing remains uncertain.

Key Takeaways

• Net bearish day: $8.6M in sales vs $2.1M in purchases signals caution among executives
• Quality buying matters: GPN director's $1.1M and TPVG cluster buying ($699K) are strong conviction signals
• Tech sector sees selling: KEYS, YUMC, SMP executives reducing positions—tech caution emerges
• Industrial and real estate weakness: JLL CEO, UFPI Chairman selling signals cyclical concerns
• Fintech and BDCs stand out: Payment technology and business development companies see insider confidence
• Small-cap CEO buying: NRDY, SXTP, FBLG executives buying at depressed prices signals conviction in turnarounds
• Cluster buying is bullish: TPVG's coordinated CEO and President buying is strongest pattern
• Large sales require context: Most selling appears routine/portfolio management rather than panic

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