Insider Trading Signals — December 18, 2025 — Daily Snapshot

Executive Summary

Today’s filings were buy-heavy by count (11 purchases vs 6 sales), but sell-heavy by dollars, largely due to a single large LVS transaction set. A standout bullish pattern was cluster buying in ELUT (CEO, CFO, and two directors), while TEL and EGHT were dominated by awards/withholding activity that is typically compensation/tax related rather than discretionary sentiment.

Activity Breakdown

Net Signal (P vs S only): Bearish — -$6.20M net selling ($0.76M buys − $6.96M sells)

Top Notable Transactions

1. 🔴 LVS — Strong Bearish (size) / Mixed (structure)
   • Insider: Miriam Adelson (10% owner)
   • Transactions: Sale 77,991 @ $67.56 ($5.27M) plus related X (in-the-money) and Gift entries on the same date
   • Why it matters: Largest dollar activity of the day; multi-leg structure makes it less “pure” sentiment.
   • Filing: SEC filing
2. 🔴 ESOA — Moderate Bearish
   • Insider: Marshall T. Reynolds (director)
   • Transaction: Sale 100,000 @ $8.37 ($837.0K)
   • Why it matters: Meaningful discretionary-sized sale.
   • Filing: SEC filing
3. 🔴 IESC — Strong Bearish (high % of holdings sold)
   • Insider: Matthew Michael Allen (Chief Technical Officer)
   • Transaction: Sale 700 @ $457.95 ($320.6K)
   • Why it matters: Large reduction versus reported post-transaction holdings (high signal intensity even if not mega-dollar).
   • Filing: SEC filing
4. 🔴 GALT — Moderate Bearish
   • Insider: 10X Fund, L.P. (10% owner)
   • Transaction: Sale 30,681 @ $6.66 ($204.3K)
   • Why it matters: Stakeholder trim; not necessarily a thesis change, but worth monitoring if it repeats.
   • Filing: SEC filing
5. 🔴 WTS — Moderate Bearish
   • Insider: Diane L. Reichelt (Chief Accounting Officer)
   • Transaction: Sale 605 @ $276.78 ($167.5K)
   • Why it matters: Not huge dollars, but a clear sale with a non-trivial holding reduction.
   • Filing: SEC filing
6. 🔴 CWAN — Mild/Moderate Bearish (context-heavy)
   • Insider: James S. Cox (CFO)
   • Transaction set: F (withholding) + M (exercise) + Sale 7,425 @ $22.00 ($163.4K)
   • Why it matters: This pattern often resembles “exercise/withhold/sell-to-cover,” which can be routine.
   • Filing: SEC filing
7. 🟢 ABTC — Strong Bullish
   • Insider: Richard Busch (director)
   • Transaction: Purchase 175,000 @ $1.66 ($290.5K)
   • Why it matters: One of the largest open-market buys today and a sizable increase versus holdings.
   • Filing: SEC filing
8. 🟢 NRDY — Moderate Bullish
   • Insider: Charles K. Cohn (CEO + director + 10% owner)
   • Transaction: Purchase 197,242 @ $1.22 ($240.6K)
   • Why it matters: Senior insider buying; meaningful dollars even if small relative to total stake.
   • Filing: SEC filing
9. 🟢 FTCI — Strong Bullish (large % add)
   • Insider: Anthony Carroll (director)
   • Transaction: Purchase 10,638 @ $9.53 ($101.4K)
   • Why it matters: Big add relative to reported holdings after the transaction.
   • Filing: SEC filing
10. 🟢 ELUT — Strong Bullish (cluster buying)

• Insiders: CEO + CFO + 2 directors
• Transactions: 4 separate Purchases (combined $52.7K) with some very large “% of holdings” adds for directors
• Why it matters: Cluster buying is one of the cleaner bullish patterns in insider data, even when dollar amounts are smaller.
• Filing: SEC filing

11. 🟢 ADGM — Moderate Bullish (possible first-time position)

• Insider: Deborah Kaster (CFO)
• Transaction: Purchase 15,000 @ $1.1982 ($18.0K)
• Why it matters: Holdings after equal shares bought (often consistent with initiating a position).
• Filing: SEC filing

12. 🟢 NRDE — Mild/Moderate Bullish (repeat director buying)

• Insider: Esopus Creek Value Series Fund LP — Series A (listed as director)
• Transactions: 2 Purchases totaling $58.0K
• Why it matters: Repeated buying beats one-off noise.
• Filing: SEC filing

Pattern Analysis

Cluster Buying Highlight: ELUT

• Net Signal: Bullish
• Why it stands out: Multiple insiders (including CEO and CFO) bought shares on the same day — a higher-quality pattern than a single small buy.

“Compensation Wave” Activity: TEL and EGHT

• Dominant types: Awards (A) + Withholding (F)
• Interpretation: These are commonly tied to vesting/withholding mechanics and are typically neutral for sentiment unless paired with discretionary open-market purchases.

One Issuer Drove the Dollar Tape: LVS

• Dominant impact: One large 10% owner transaction set overwhelmed the otherwise modest-dollar day.
• Interpretation: Treat as high impact, but not always “bearish conviction” given multi-leg structure.

Sector Breakdown

Sector labels weren’t included in today’s filing snapshot, so the thematic read is based on issuer-level patterns (cluster buying vs. large sales vs. compensation-driven filings).

Market Implications

The signal today is a classic “counts vs dollars” split: many buys, but the tape is dominated by a small number of large sell-side events. That tends to reduce the usefulness of a simple “buy vs sell count” heuristic—net flow matters more here.

The cleanest bullish datapoint is cluster buying (ELUT) plus a handful of high-conviction adds relative to holdings (FTCI, ADGM). If those names show follow-through (more insiders buying, or repeated buys across weeks), that’s when the signal quality improves.

Key Takeaways

• Net insider flow skewed bearish (-$6.20M) due to one dominant LVS event.
• Best bullish pattern: ELUT cluster buying (CEO + CFO + directors).
• High-conviction adds: FTCI and ADGM stand out on “% of holdings added.”
• Most TEL/EGHT activity looks routine (awards/withholding), not discretionary sentiment.
• Watch for repetition: one-off trades are weaker than sustained insider behavior.

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