Insider Trading Signals — December 2, 2025 — Daily Snapshot

Executive Summary

Insider activity filed on December 2, 2025 shows a cautious, mildly bearish tone. Open-market purchases (P) totaled about $10.8M across 5 trades, while sales (S) reached roughly $14.9M across 12 trades, leaving net selling of about $4.0M on the day.

The standout move is a ~$10M purchase by a 10% owner (pension trust), partially offset by sizeable insider selling in well-known names such as MCD, KEYS, BXP and CYTK, plus active trading by an institutional 10% owner across several closed-end funds. Most non-P/S activity (awards, gifts, exempt/other transactions) appears routine and low-signal.

Activity Breakdown

Overall activity by transaction type (all values approximate):

Net Signal:

• Buys vs. Sells: 5 purchases vs. 12 sales
• Net Flow (P − S): ≈ –$4.0M in open-market selling
• Interpretation: Overall moderately bearish, with a few strong conviction purchases partially offsetting broad selling pressure.

Top Notable Transactions (10–15 Highlights)

Below are the most impactful open-market purchases and sales (P/S), ranked by a blend of dollar size, insider seniority, and position size. Emojis: 🟢 purchases (bullish), 🔴 sales (bearish).

1. 🟢 NONE — Moderate Bullish
   • Insider: GENERAL ELECTRIC PENSION TRUST (10 percent owner)
   • Transaction: P-Purchase of 9,785.41 units @ $1,021.93
   • Value: $10.0M (mega-sized)
   • Context: Open-market purchase on 2025-11-28, roughly 5.3% of reported holdings. A very large 10%-owner buy is a high-conviction, longer-term signal, even if the underlying security is structured or less liquid.
2. 🔴 MCD — Strong Bearish
   • Insider: Steijaert Manuel JM (officer: EVP – President, IOM)
   • Transaction: S-Sale of 6,567 shares @ $305.50
   • Value: $2.0M
   • Context: Open-market sale on 2025-12-01. A multi-million-dollar sale by a senior operating executive in a global blue-chip is a clear, high-signal trim, even if it may partly reflect diversification.
3. 🟢 NRDY — Weak Bullish
   • Insider: Cohn Charles K. (director, 10 percent owner, officer: Chief Executive Officer)
   • Transaction: P-Purchase of 80,708 shares @ $1.32
   • Value: $106.5K
   • Context: Open-market purchase on 2025-11-28, about 9.1% of reported holdings. A CEO/10%-owner buying a meaningful slice of his position is not huge in dollars but strong in alignment.
4. 🔴 CYTK — Strong Bearish
   • Insider: Kaye Edward M. MD (director)
   • Transaction: S-Sale of 28,064 shares @ $66.72
   • Value: $1.87M
   • Context: Open-market sale on 2025-12-01. Combined with additional director activity in the same name, this looks like notable profit-taking after prior gains.
5. 🟢 ASA — Weak Bullish
   • Insider: Saba Capital Management, L.P. (10 percent owner)
   • Transaction: P-Purchase of 9,560 shares @ $53.46
   • Value: $511.1K
   • Context: Open-market purchase on 2025-12-01, a modest 10%-owner add to an existing stake in a closed-end vehicle.
6. 🔴 KEYS — Moderate Bearish
   • Insider: Nersesian Ronald S. (director)
   • Transaction: S-Sale of 30,000 shares @ $196.88
   • Value: $5.91M
   • Context: Open-market sale on 2025-11-28, about 15.1% of reported holdings. A sizable multi-million-dollar director sale carries a clear bearish tone, even if partly plan-driven.
7. 🟢 AP — Weak Bullish
   • Insider: McBrayer Brett (director, officer: Chief Executive Officer)
   • Transaction: P-Purchase of 10,000 shares @ $4.89
   • Value: $48.9K
   • Context: Open-market purchase on 2025-12-01, about 4.2% of reported holdings. Small in dollars, but CEO buying with cash is still a positive signal.
8. 🟢 DSM — Weak Bullish
   • Insider: Saba Capital Management, L.P. (10 percent owner)
   • Transaction: P-Purchase of 27,875 shares @ $5.90
   • Value: $164.5K
   • Context: Open-market purchase on 2025-11-28, a continued incremental build in another closed-end structure.
9. 🔴 SLB — Moderate Bearish
   • Insider: Coleman Peter John (director)
   • Transaction: S-Sale of 197,010 shares @ $0.95 (split-adjusted pricing)
   • Value: $197.0K
   • Context: Open-market sale on 2025-11-26, roughly 29.5% of reported holdings. A sizeable trimming by a director, though not in the multi-million bracket.
10. 🔴 KEX — Moderate Bearish
    • Insider: Niemietz Kurt A. (director)
    • Transaction: S-Sale of 2,150 shares @ $79.65
    • Value: $171.2K
    • Context: Open-market sale on 2025-12-01, about 11.6% of reported holdings. A mid-six-figure director sale that fits the theme of measured de-risking.
11. 🔴 ECAT — Moderate Bearish
    • Insider: Saba Capital Management, L.P. (10 percent owner)
    • Transactions: Two S-Sales totaling 63,783 shares @ blended prices in the mid-teens
    • Value: $1.02M
    • Context: Multiple sales in late November/early December. Within the Saba complex, ECAT stands out as a name seeing net selling.
12. 🔴 MEGI — Weak to Moderate Bearish
    • Insider: Saba Capital Management, L.P. (10 percent owner)
    • Transactions: Two S-Sales totaling 36,257 shares @ mid-teens prices
    • Value: $520.1K
    • Context: More 10%-owner trimming in another closed-end vehicle, consistent with rebalancing away from certain funds.
13. 🔴 BXP — Moderate Bearish
    • Insider: RITCHEY RAYMOND A (officer: Senior EVP)
    • Transaction: S-Sale of 36,314 shares @ $72.18
    • Value: $2.62M
    • Context: Open-market sale on 2025-12-01 by a senior executive. Another multi-million-dollar trim in a large, established issuer.
14. 🔴 CYTK (additional director sale)
    • Insider: Harrington Robert Arthur (director)
    • Transaction: S-Sale of 2,150 shares @ $66.80
    • Value: $143.6K
    • Context: Open-market sale on 2025-12-01, following the larger director sale noted above. Together, CYTK shows a small cluster of director selling.
15. 🟢 Tier-1/2 CEO & C-suite Purchases (aggregate signal)
    • Several C-suite and director-level buyers across smaller names added between $100K–$200K in open-market purchases.
    • Context: While not huge, these align-of-interest trades indicate localized confidence at the company level, even as the broader dollar flow favors sellers.

Pattern Analysis

1. Net Flow & Size Distribution

• Net Flow: Approx. –$4.0M in open-market activity (buys minus sells).
• Purchases (P):
  • 1 mega/large buy: A single ~$10M 10%-owner purchase dominates the buy side.
  • Remaining buys are medium ($100K–$1M) or smaller, mainly in narrower or less liquid vehicles.
• Sales (S):
  • 4 large ($1M–$10M) sales totaling ~$12.4M (MCD, KEYS, BXP, CYTK)
  • 8 medium ($100K–$1M) sales totaling ~$2.45M spread across several issuers.

Takeaway: One very large strategic buy vs. multiple large executive/director sells gives the tape a net bearish slant, especially in larger, more visible names.

2. Insider Role & Signal Strength

Using a simple seniority ladder (CEO/Chairman/President → C-suite/Directors/10% owners → other officers):

• Tier 1 (CEO/President/Chairman)
  • Mix of two purchases (~$155K total) and one notable sale (~$2.0M).
  • Net: modestly bearish in dollars, but presence of CEO buying in select smaller names is a qualitative positive.
• Tier 2 (C-suite, directors, 10% owners)
  • Purchases: ~$10.7M (dominated by the $10M pension-trust buy + 10%-owner activity).
  • Sales: ~$9.7M across 8 trades (MCD, KEYS, CYTK, etc.).
  • Net: slightly positive in dollars, but concentrated—one huge buy vs. many smaller but still significant sells.
• Tier 3 (other senior officers)
  • Mostly sales (~$3.2M) with no meaningful open-market buying.
  • Net: decisively bearish for this group.

Takeaway: Dollar-weighted, Tier-2 insiders are almost balanced thanks to the mega buy, but Tier-1 and Tier-3 lean clearly toward selling, reinforcing the cautious tone.

3. Cluster Activity & Unusual Patterns

Several clusters and themes stand out:

• Closed-End Fund Complex (Saba Capital)
  • Net selling in ECAT (~$1.02M) and MEGI (~$520K).
  • Net buying in ASA (~$511K) and DSM (~$164K).
  • Overall Saba 10%-owner flow: roughly –$867K net, indicating portfolio rotation, not outright de-risking across the board.
• Multiple Director Moves in CYTK
  • A large ~$1.87M director sale plus an additional $143.6K director sale and a meaningful option exercise.
  • Looked at together, CYTK shows concentrated board-level profit-taking around current price levels.
• Single-Name, High-Conviction Buy (NONE)
  • A nearly $10M open-market purchase by a pension trust 10% owner is the day’s cleanest high-signal bullish outlier, even as broader insiders lean toward selling.
• Blue-Chip Trimming
  • MCD, KEYS, BXP and others show multi-hundred-thousand to multi-million-dollar sales by senior insiders.
  • The pattern looks more like structured de-risking and portfolio management than panic, but it is still a directional headwind for these tickers.

Sector / Theme Notes

The dataset focuses on transaction details rather than explicit sector tags, but the names themselves hint at a few themes:

• Large-Cap & Established Issuers
  • Significant selling activity in MCD, KEYS, BXP, SLB and similar names points to measured profit-taking in mature businesses after prior strength.
• Closed-End Funds & Yield-Oriented Vehicles
  • Saba Capital’s mixed but net-negative flow across ASA, DSM, ECAT, MEGI, PDX, DMA suggests active rotation inside the closed-end fund space, with capital shifting between structures rather than exiting entirely.
• Smaller Growth / Specialty Names
  • CEO and director buying in NRDY, AP and several other lower-priced tickers highlights localized confidence: insiders willing to write personal checks despite a more cautious backdrop.

Because the snapshot does not carry formal sector classifications, these observations are theme-level only, not a full sector breakdown.

Market Implications

• Sentiment:
  The balance of activity—more sells than buys and a net dollar outflow—suggests insiders are tilting defensive at the margin. They are not dumping across the board, but multi-million-dollar trims in several blue-chips are hard to ignore.
• Signal Quality:
  • The mega 10%-owner purchase is a high-quality bullish signal: large, concentrated, and from a sophisticated institutional holder.
  • In contrast, many sales likely have mixed motivations (diversification, taxation, estate or plan-driven). Still, the size and clustering in a few names give them informational value.
• Where Conviction Shows Up:
  Conviction buying is narrowly focused—mainly in one very large institutional trade and a few CEO/10%-owner adds in smaller names. Conviction selling is broader, touching multiple large and mid-cap issuers across different themes.

For traders and longer-term investors, this pattern leans toward “cautious but not catastrophic”: insiders are taking chips off the table where they perceive stretched valuations or concentration risk, while a handful of players are quietly leaning in where they see mispricing.

Key Takeaways

• Overall tilt is mildly bearish: 5 open-market buys vs. 12 sells and roughly –$4.0M in net selling.
• One outsized bullish anchor: A nearly $10M 10%-owner purchase stands out as the day’s strongest single bullish signal.
• Executives trimming in big names: Multi-million-dollar sales in MCD, KEYS, BXP, CYTK point to measured de-risking at higher price levels.
• Active 10%-owner rotation in closed-end funds: Saba Capital is adding to some funds (ASA, DSM) while selling others (ECAT, MEGI)—a redistribution of risk rather than a blanket exit.
• Localized CEO confidence: Smaller but meaningful CEO/10%-owner buys in names like NRDY and AP suggest pockets of conviction beneath the surface.
• Size and seniority still matter: Focus on large transactions by Tier-1/Tier-2 insiders (CEOs, key executives, directors, 10% owners) for the highest informational value.

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