Insider Trading Signals — December 3, 2025 — Daily Snapshot

Executive Summary

Insider activity filed on December 3, 2025 shows a clear bearish tilt in dollar terms. Open-market purchases (P) totaled roughly $0.86M across 8 trades, while open-market sales (S) reached about $9.41M across 12 trades, driven largely by heavy C-suite selling in a handful of names.

The standout moves came from sizeable sales by senior executives at FIX and KEYS, offset by concentrated buying from a 10% owner in DGICA and CEO/CFO purchases in NRDY, ECOR and ELUT. Award grants and tax-related transactions were numerous but neutral from a directional point of view.

Activity Breakdown

By transaction type (all filed today):

Net Signal (P vs S):

• Purchases (P): ~$0.86M
• Sales (S): ~$9.41M
• Net insider flow: about $8.5M more in sales than purchases
• Direction: Bearish, heavily skewed by a small number of large C-suite sales

Awards (A), tax withholding (F) and most option exercises (M) appear to be routine compensation or tax-driven activity and are treated as neutral in the directional read.

Top Notable Transactions

Below are the most impactful open-market purchases (P) and sales (S), ranked by dollar value and insider seniority. Emojis: 🟢 Purchase (bullish), 🔴 Sale (bearish).

1. 🔴 FIX — Strong Bearish Signal (CFO sale)
   • Insider: William George III, Chief Financial Officer
   • Transaction: Sale of 4,370 shares @ ~$958.88
   • Value: ~$4.19M
   • Holdings after: 39,824 shares (sale is roughly 10% of the reported stake)
   • Context: Very large single sale by the CFO, following a sizeable tax-withholding (F) and gift (G) also involving this insider. The overall pattern is net reduction in direct exposure.
2. 🔴 KEYS — Strong Bearish Cluster (CEO + SVPs selling)
   • Insiders:
     • Satish Dhanasekaran, President & CEO
     • Ingrid A. Estrada, SVP
     • Kailash Narayanan, SVP (two separate sales)
   • Combined Transactions: 23,731 shares sold @ ~$196.42
   • Combined Value: ~$4.66M
   • Holdings after (CEO): 132,361.26 shares (sale <10% of stake)
   • Context: Classic cluster selling at a single company involving the CEO and multiple senior vice presidents on the same date. Even if some of this is routine diversification, the dollar size makes it an important data point.
3. 🟢 DGICA — Strong Bullish Signal (10% owner buying)
   • Insider: Donegal Mutual Insurance Co, 10% owner
   • Transactions:
     • Purchase of 15,000 shares @ ~$20.21 (~$303.1K)
     • Purchase of 15,000 shares @ ~$19.95 (~$299.2K)
   • Combined Value: ~$602.3K in purchases
   • Holdings after: ≈13.8M shares
   • Context: A large long-term holder adding 30,000 shares over two days is a clear vote of confidence. Even after a same-day sale by a senior VP (below), net flow in DGICA is strongly positive.
4. 🔴 DGICA — Balancing Sale by Senior VP (but still net bullish)
   • Insider: Kristi Spencer Altshuler, Senior Vice President
   • Transaction: Sale of 12,000 shares @ ~$20.25
   • Value: ~$243.0K
   • Holdings after: 0 shares
   • Context: A senior VP exits her position, but the scale is smaller than the 10% owner’s buying. Overall, DGICA shows net insider buying of roughly $359K over the last two days.
5. 🟢 NRDY — Moderate Bullish Signal (CEO purchase)
   • Insider: Chuck Cohn, CEO and 10% owner
   • Transaction: Purchase of 189,000 shares @ $1.32
   • Value: ~$249.5K
   • Holdings after: 1,080,412 shares (indirect ownership)
   • Context: A meaningful CEO purchase in absolute share count and dollar terms, especially at a low absolute share price. This kind of open-market buy often reflects conviction in a potential turnaround or undervaluation.
6. 🔴 SBH — Moderate Bearish Signal (SVP sale)
   • Insider: Julie Odstrcil, SVP, CLO and CHRO
   • Transaction: Sale of 15,000 shares @ ~$16.27
   • Value: ~$244.1K
   • Holdings after: 57,585 shares
   • Context: Single-insider sale by a senior officer. Size is mid-range compared to today’s other moves—worth noting but not in the same tier as the FIX/KEYS clusters.
7. 🔴 ODYS — Weak Bearish Signal (10% owner sale)
   • Insider: Station 52, LLC, 10% owner
   • Transaction: Sale of 5,000 shares @ $3.45
   • Value: $17.25K
   • Holdings after: 559,552 shares (indirect)
   • Context: A small trim relative to a large remaining stake. Directionally bearish but modest in size.
8. 🔴 MBIN — Weak Bearish Signal (Chairman & CEO trimming)
   • Insider: Michael L. Farmwald, Chairman, CEO and 10% owner
   • Transactions:
     • Sale of 2,158 shares @ ~$19.54 (~$42.2K)
     • Sale of 500 shares @ $19.50 (~$9.8K)
   • Combined Value: ~$51.9K
   • Holdings after: ~79,4xx shares
   • Context: Two small, closely spaced sales that look like modest portfolio management rather than a major change in stance.
9. 🟢 ECOR — Weak Bullish Signal (CEO purchase)
   • Insider: John T. Donoghue, CEO and director
   • Transaction: Purchase of 1,000 shares @ $4.84
   • Value: $4.84K
   • Holdings after: 292,565 shares
   • Context: Dollar amount is small, but the CEO adding to an existing position is still mildly positive, particularly when contrasted with heavy selling elsewhere.
10. 🟢 ELUT — Weak Bullish Signal (CFO averaging in)
    • Insider: Richard W. Pascoe, CFO
    • Transactions:
      • Purchase of 5,000 shares @ $0.74 (~$3.7K)
      • Purchase of 5,000 shares @ $0.59 (~$2.9K)
    • Combined Value: ~$6.6K
    • Holdings after: ~376–379K shares
    • Context: Two small open-market buys on consecutive days at penny-stock prices. While the size is limited, CFO buying near the lows is directionally bullish.
11. 🟢 TPL — Weak Bullish Signal (10% owner add)
    • Insider: Horizon Kinetics LLC, 10% owner
    • Transaction: Purchase of 1 share @ $869.18
    • Value: $869.18
    • Holdings after: 1,162,577 shares
    • Context: The share count is trivial, but the extremely high price per share and very large existing stake underline that this is a long-term strategic holder. Signal impact is minimal by size, but directionally positive.
12. 🟢 ATLO — Micro Bullish Signal (subsidiary president buy)
    • Insider: Scott T. Bauer, President of subsidiary bank
    • Transaction: Purchase of 20 shares @ ~$21.68
    • Value: ~$434
    • Holdings after: 4,009 shares
    • Context: A token-sized buy; more a show of alignment than a strong signal.
13. 🔴 PKOH & SLE — Small Director Sales (Weak Bearish)
    • PKOH: Director sale of 58 shares @ ~$20.58 (~$1.2K), leaving 28,944 shares.
    • SLE: Director sale of 137 shares @ ~$0.85 (~$117), leaving 12,214 shares.
    • Context: Both are very small trims relative to remaining holdings and carry low signal strength on their own.

Pattern Analysis

1. Heavy C-suite selling concentrated in two names

• FIX CFO and KEYS senior leadership (CEO + SVPs) account for the bulk of today’s dollar-value selling, together representing roughly $8.9M of open-market sales.
• In both cases, the insiders retain sizeable stakes, but the combination of large ticket sizes and senior roles puts these at the top of the watch list on the bearish side.

2. Selective but meaningful net buying from large holders and CEOs

• DGICA stands out with two sizeable purchases by a 10% owner (~$602K) versus a smaller SVP sale (~$243K), leaving net buying of about $359K.
• NRDY’s CEO/10% owner added ~$249.5K in stock, a material insider commitment for a lower-priced name.
• Smaller CEO/CFO buys at ECOR, ELUT and a bank subsidiary executive at ATLO add a supportive but modest bullish undercurrent in individual names.

3. Year-end flavored awards and tax activity

• Award grants (A) are clustered in GWW, EQH, ISBA and CCBG, mostly small director-level grants, many recorded with zero transaction price and, in some cases, small associated values.
• Large F-type tax-withholding entries, notably at FIX and AVNT, are typical of vesting equity and do not represent discretionary buying or selling, so they are treated as neutral in the directional read.

4. Symbol-level net flows (P vs S)
Looking at net open-market activity per symbol (purchases minus sales):

• Net buying: DGICA, NRDY, ECOR, ELUT, ATLO, TPL
• Net selling: KEYS, FIX, SBH, MBIN, ODYS, PKOH, SLE

In dollar terms, net selling is dominated by KEYS and FIX, while net buying is concentrated in DGICA and NRDY.

“Sector” / Symbol Breakdown

The filings do not include explicit sector classifications, so instead of a strict sector view, here is a simplified symbol-level summary of net open-market flows:

• Strong net bearish:
  • KEYS: ~$4.66M in sales by CEO and SVPs, no open-market buying.
  • FIX: ~$4.19M CFO sale, plus related tax and gift activity.
• Strong net bullish:
  • DGICA: ~$602K of 10%-owner buying vs ~$243K SVP sale → net ~$359K buying.
• Moderate net bullish:
  • NRDY: CEO/10% owner adds ~$249.5K.
• Light but positive net flows:
  • ECOR, ELUT, ATLO, TPL: Small insider purchases from CEOs/CFOs/10% owners.
• Light to moderate net selling:
  • SBH, MBIN, ODYS, PKOH, SLE: Primarily smaller trims by directors or senior officers.

This framing keeps the focus on where real dollars are moving, rather than treating every Form 4 equally.

Market Implications

Taken as a whole, today’s filings point to a mild risk-off tone among senior leadership in a few well-owned names, offset by more targeted conviction buying in a small set of companies:

• The very large sales at KEYS and FIX suggest that at least some C-suite executives are taking sizable chips off the table after strong price appreciation, or rebalancing concentrated positions. Even if some trades are pre-planned, the scale and clustering make them worth monitoring for follow-through in price or sentiment.
• On the other side, DGICA and NRDY send cleaner bullish signals: a 10% owner averaging in with six-figure purchases and a CEO/10% owner making a substantial buy are both classic expressions of insider conviction. Smaller CEO/CFO purchases at ECOR and ELUT are supportive at the margin, especially if they form the first leg of a longer buying pattern.
• The heavy presence of awards, gifts and tax-withholding entries is consistent with year-end equity compensation cycles. These flows are mostly neutral for directional analysis but do explain why raw Form 4 counts look busy even when true open-market activity is concentrated in a few tickers.

In short, dollar-weighted insider sentiment for December 3 leans bearish, but the clearest positive signals are highly stock-specific rather than broad-based.

Key Takeaways

• Net insider flow is clearly negative: Roughly $0.9M in open-market buys vs $9.4M in sales, driven by a handful of large C-suite sales.
• Two names dominate the selling tape: FIX and KEYS account for the majority of sale dollars, with CFO/CEO participation and multiple senior officers involved.
• DGICA stands out on the buy side: A 10% owner added ~$602K across two days, more than offsetting a smaller SVP sale.
• CEO/10% owner buying at NRDY is notable: A ~$249.5K purchase is a clear expression of conviction at current levels.
• Smaller CEO/CFO buys at ECOR, ELUT, ATLO and a tiny add at TPL are mildly bullish but low-impact individually.
• Awards, exercises and tax withholding are noisy but mostly neutral, reflecting compensation mechanics rather than strong directional bets.

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