Insider Trading Signals — December 4, 2025 — Daily Snapshot

Executive Summary

Insider activity filed on December 4, 2025 shows a mildly bearish skew in open-market trading, with more selling than buying in dollar terms. Open-market purchases totaled about $0.32M across 5 trades, while open-market sales reached roughly $1.53M across 9 trades, leaving about -$1.21M in net selling when focusing on genuine buys vs. sells (P vs. S transactions).

Beneath that, the tape is dominated in dollar terms by very large “J-Other” transactions at Celsius Holdings (CELH), where multiple 10% owners reshuffled roughly $55M+ worth of stock across several internal movements. These are structurally important but signal-neutral compared to classic open-market buying.

On the bullish side, the clearest conviction comes from smaller growth names, where founder-CEOs and 10% owners added to positions in Nerdy (NRDY), MAIA Biotechnology (MAIA), and MGLD via open-market purchases. On the bearish side, the largest outright sale came from the CEO of Modine Manufacturing (MOD) taking more than $1.1M off the table.

This is experimental, signal-oriented research—meant as a starting point for further due diligence, not trade instructions.

Activity Breakdown

All dollar values are approximated for readability.

Net Open-Market Signal:

• Buys (P): 5 trades, ~$0.32M
• Sells (S): 9 trades, ~$1.53M
• Net Flow (P−S): ≈ -$1.21M → Moderately Bearish on pure open-market activity.

Note that awards (A), tax withholdings (F), option exercises (M), conversions (C), gifts (G), and “J-Other” events are generally neutral or structural and not straightforward buy/sell signals, even when the headline dollar values look large.

Top Notable Transactions

Below are some of the highest-signal or most interesting transactions from today’s filings, mixing classic buy/sell signals with a few large structural moves.

1. 🟢 Nerdy Inc. (NRDY) — Strong Bullish Signal (Founder-CEO Buy)
   • Insider: Charles K. Cohn — director, 10% owner, Chief Executive Officer
   • Transaction: Open-market purchase of 198,100 shares @ $1.26
   • Value: ≈ $249,606; holdings after: ~1.28M shares (indirect)
   • Context: Founder-CEO adding size to a small-cap online learning platform is a classic high-conviction signal in a beaten-up growth name.
2. 🟢 MAIA Biotechnology, Inc. (MAIA) — Moderate Bullish Signal
   • Insider: Vlad Vitoc — director, 10% owner, Chief Executive Officer
   • Transaction: Open-market purchase of 50,000 shares @ ~$1.14
   • Value: ≈ $56,830; holdings after: ~903K shares
   • Context: CEO/founder buying in a micro-cap biotech is typically a high-risk, high-reward bullish signal, especially when the ticket size is meaningful relative to market cap.
3. 🟢 MGLD — Moderate Bullish Signal (Insider Trust Buying)
   • Insider: Nicholas & Melinda Gerber Living Trust — director, 10% owner, CEO role
   • Transaction: Open-market purchase of 15,352 shares @ ~$1.03
   • Value: ≈ $15,736; holdings after: ~18.7M shares
   • Context: Smaller in dollar terms, but made by a large existing holder with substantial post-transaction ownership, reinforcing conviction in a niche precious-metals-linked vehicle.
4. 🟢 Alight Inc. (ALIT) — Small Bullish Signal (Director Buy)
   • Insider: Coretha M. Rushing — director
   • Transaction: Open-market purchase of 1,018 shares @ ~$2.25
   • Value: ≈ $2,288; holdings after: ~73.7K shares
   • Context: Symbolic in size, but continues the pattern of board members accumulating modest amounts in a low-priced business-services name.
5. 🔴 Modine Manufacturing Co. (MOD) — Strong Bearish Signal (CEO Sale)
   • Insider: Neil David Brinker — director, President and Chief Executive Officer
   • Transaction: Open-market sale of 6,846 shares @ ~$161.31
   • Value: ≈ $1,104,328; holdings after: ~238K shares
   • Context: Largest pure sale by dollar value today. Still leaves a substantial stake, but a seven-figure CEO sale in a strongly performing industrial name is a clear de-risking move.
   • Filing: SEC filing
6. 🔴 Barnwell Industries, Inc. (BRN) — Bearish Signal (10% Owner Trims)
   • Insider: Ned L. Sherwood — 10 percent owner
   • Transactions: Two sales totaling ~131,910 shares, primarily around $1.10–1.14
   • Value: ≈ $160K+ combined; holdings remain above 200K shares (indirect)
   • Context: A financially oriented 10% holder trimming a thinly traded energy/land-play name is a negative, but not catastrophic, signal.
7. 🔴 CBL & Associates Properties, Inc. (CBL) — Moderate Bearish Signal
   • Insider: Jeffery V. Curry — Chief Legal Officer & Secretary
   • Transaction: Open-market sale of 5,000 shares @ $33.33
   • Value: ≈ $166,650; holdings after: ~97.6K shares
   • Context: A sizeable sale from a senior legal executive at a REIT operator; meaningful in size but leaves a solid remaining stake.
8. 🟢⚪ VistaGen Therapeutics, Inc. (VTGN) — Large Award to CFO (Compensation, Not a Buy)
   • Insider: Nick B. Tressler — Chief Financial Officer
   • Transaction: Award (A) of 150,000 shares @ ~$4.43 (grant value basis)
   • Value (grant basis): ≈ $664,500; holdings after: 150K shares
   • Context: A substantial equity award that aligns incentives but is not an open-market purchase. It increases insider exposure to the biotech’s future outcomes.
9. ⚪ Monro, Inc. (MNRO) — CEO Stock Award
   • Insider: Peter D. Fitzsimmons — President and CEO
   • Transaction: Award (A) of 178,476 shares
   • Value: reported with zero transaction price (standard for RSU/award accounting)
   • Context: A classic compensation grant—neutral as a signal, but meaningful for long-term alignment with shareholders.
10. ⚪ AWHL — Large Director Stock Awards
    • Insiders:
      • John D. Fraser — director, 314,811 shares awarded
      • Cynthia D. Hundorfean — director, 238,085 shares awarded
    • Approx. grant values: ≈ $110K and $83K respectively (based on reported prices)
    • Context: Significant board-level equity grants supporting governance alignment rather than expressing fresh cash conviction.
11. ⚪ Signet Jewelers Ltd. (SIG) — CEO Tax Withholding Event
    • Insider: James Kevin Symancyk — director, Chief Executive Officer
    • Transaction: F-InKind withholding of 4,179 shares @ ~$90.99
    • Value: ≈ $380,247
    • Context: Appears to be shares withheld to cover taxes on an equity vesting, a standard and signal-neutral administrative step.
12. ⚪ Celsius Holdings, Inc. (CELH) — Massive “J-Other” Insider Transfers (Structurally Important, Not Classic Buys/Sells)
    • Insiders: Dean DeSantis, Deborah DeSantis, William H. Milmoe — all 10 percent owners
    • Transactions: Multiple J-Other entries, typically 187,500 shares @ ~$37.02 each
    • Per-entry value: ≈ $6.94M; combined across nine J-events: >$55M notionally
    • Context: These are extraordinary in size but categorized as “Other” rather than P (purchase) or S (sale). They look like internal restructurings or transfers of beneficial ownership, not directional trading.
    • Example filing: SEC filing
13. ⚪ Nerdy Inc. (NRDY) — Structural Conviction via Ownership Level
    • While the NRDY CEO trade above is a clear buy signal, it’s also notable that his post-transaction stake exceeds 1.2M shares, reinforcing the idea of a founder-led small-cap with significant insider skin in the game.
14. ⚪ Regional Banks & Funds — Modest Sales and Structural Moves
    • BSRR, PB, ETG, ETO feature portfolio-manager and bank-executive sales and small structural “J” entries. Sizes range from tens of thousands to low six figures, mostly consistent with portfolio management and diversification rather than dramatic de-risking.

Pattern Analysis

1. Founder / CEO Buying in Smaller Names

• The strongest bullish signals today are concentrated in smaller, higher-beta names:
  • NRDY: Large open-market buy by a founder-CEO/10% owner.
  • MAIA & MGLD: CEO/10% owners adding in micro-cap biotech/precious-metals plays.
• These are not blue-chip signals but rather high-risk, high-conviction bets where management is effectively saying, “we think the market is mispricing our future.”

2. Large-Cap & Mid-Cap: More Selling Than Buying

• Among better-known names, sales dominate:
  • MOD CEO sale > $1.1M.
  • CBL chief legal officer sale ~ $166K.
  • BRN 10% holder continues to trim.
• These look more like profit-taking or portfolio rebalancing than panic, but in aggregate they tilt the dollar balance bearish for the day.

3. Structural & Neutral Activity Dominates the Tape

• A huge share of dollar volume is in neutral categories:
  • “J-Other” reclassifications at CELH (~$55M notionally).
  • Awards and tax events at VTGN, MNRO, AWHL, SIG, EPC, AQST, etc.
• This suggests that today’s insider tape is structurally busy, but true directional signals (P vs. S) are relatively modest in dollar terms.

4. Cluster Activity Is Structural, Not Directional

• There are clusters in:
  • CELH – multiple 10% owners across several days with repeated J-type transactions.
  • ACI – several executives exercising options (M-Exempt) on the same date, with no immediate open-market sale.
• These clusters look like pre-planned corporate events (option vesting, internal transfers) rather than coordinated insider bets on price direction.

Sector Breakdown (Qualitative View)

While the dataset is transaction-focused rather than sector-tagged, the company mix gives a rough sector flavor for today’s flows:

Growth & Tech-Adjacents (EdTech, Platforms)

• Nerdy (NRDY) stands out with a founder-CEO purchase, adding to a small-cap, AI-assisted online learning platform.
• These names tend to be high beta and sensitive to sentiment, so insider conviction here is notable.

Biotech & Healthcare

• MAIA, VTGN, AQST, AWHL all appear in today’s tape via purchases, awards, or tax events.
• This reads as a steady drumbeat of insider exposure in speculative healthcare, but with only a few classic buys and many compensation-driven entries.

Industrial & Building Products

• MOD (thermal management/auto-related) and TREX (composite decking) are present via CEO/director-level moves.
• The key directional signal is the MOD CEO sale, which slightly dampens the otherwise strong industrial momentum narrative.

Financials & Real Estate

• Regional banks (BSRR, PB), closed-end funds (ETG, ETO), and REIT/retail real estate (CBL) show mostly sales and neutral conversions.
• Taken together, that points to light de-risking in income-oriented and rate-sensitive pockets, but nothing resembling a broad exodus.

Market Implications

Overall, today’s insider tape suggests cautious positioning with selective risk-taking:

• Net open-market selling (~$1.21M), particularly from the CEO of MOD and a 10% holder in BRN, hints at profit-taking in names that have run or at least a desire to bank gains heading into year-end.
• The most aggressive bullish behavior is tucked away in smaller growth and biotech names (NRDY, MAIA, MGLD), where founders and major holders continue leaning in despite volatility. In practice, these are higher-risk, stock-specific signals rather than broad market commentary.

The gigantic J-Other transfers at CELH are structurally important but ambiguous as price signals. They do, however, underline that major holders continue to actively manage large positions, which is relevant for anyone tracking ownership concentration and float.

In short, insiders are not screaming “panic”, but they’re selling more than they’re buying in dollar terms, while still showing pockets of high conviction in small-cap growth stories.

Key Takeaways

• Net Open-Market Tilt: 5 buys vs. 9 sells, with about -$1.21M in net selling, points to a moderately bearish bias in cash-funded trades.
• Founder-Led Conviction: The NRDY CEO purchase (~$250K) is the clearest bullish signal, with additional smaller insider buys at MAIA and MGLD reinforcing conviction in speculative names.
• Biggest Red Flag (Relative): The MOD CEO’s ~$1.1M sale is today’s standout bearish transaction, though he retains a large remaining stake.
• Structural vs. Directional: Massive J-Other activity at CELH (> $55M) and multiple awards/tax events signal busy corporate plumbing more than directional bets.
• Sector Tone:
  • Small-cap growth / biotech: Insider buying and comp grants → selective risk-on.
  • Industrials / real estate / financials: Mostly sales and neutral events → mild de-risking or diversification.
• Signal Quality Reminder: Awards, tax withholdings, option exercises, conversions, and gifts are not the same as insiders pulling out a checkbook for open-market purchases.

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