Insider Trading Signals — December 8, 2025 — Daily Snapshot

Insider Trading Signals — December 8, 2025 — Daily Snapshot

Excerpt (≤300 chars)
Strong insider buying tone on December 8, 2025: 20 open-market purchases (~$27.3M) vs 6 sales (~$3.9M), led by a $25M director buy at CRM and steady accumulation across several funds, partly offset by a $3.2M sale paired with an option exercise at SCI.

Tags:
insider-trading, market-signals, director-buying, ceo-level-activity, december-2025

Executive Summary

Insider activity filed on December 8, 2025 leans clearly bullish on balance. Open-market purchases (P) totaled roughly $27.3M across 20 transactions, versus about $3.9M in sales (S) across 6 transactions. The net open-market flow is ~+$23.4M of buying.

The standout move is a $25M director purchase at CRM, a large, high-conviction buy by a board member with a sizable existing stake. Around that, we see continued accumulation in several funds and vehicles, plus smaller but high-percentage director buys in regional banks and specialty names. On the selling side, the biggest reduction comes from a senior officer sale at SCI, paired with an option exercise, which looks sizeable both in dollars and as a fraction of holdings.

Separately, there is a large block of “J-Other” reclassification transactions in CELH by 10% owners totaling roughly $27.8M. These look structural rather than directional and are treated as neutral in the net-signal calculation.

Activity Breakdown

By transaction code (dollar amounts approximate):

Net Signal (open-market only):

• Purchases (P): ~$27.3M
• Sales (S): ~$3.9M
• Net Open-Market Flow: ~+$23.4M in favor of buying
• Direction: Overall bullish, with buying concentrated in a handful of high-impact names.

Awards, returns, gifts, and “Other (J)” transactions are treated as neutral context unless clearly behaving like open-market buys/sells.

Top Notable Transactions

Below are the most impactful and interesting transactions, focusing first on open-market activity and then structurally large but neutral flows.

1. 🟢 CRM — Strong Bullish Signal (Director Purchase)
   • Insider: Morfit G. Mason, director / senior capital allocator
   • Transaction: P-Purchase of 96,000 shares @~$260.58
   • Value: ~$25.0M
   • Ownership impact: Post-transaction stake ~2.99M shares (purchase is ~3.2% of the updated position).
   • Signal strength: Strong Bullish — Large, concentrated purchase by a sophisticated board member putting substantial capital to work.
2. 🟢 ASA — Bullish Accumulation by a 10% Owner
   • Insider: Saba Capital Management, L.P., 10 percent owner
   • Transactions: Two P-Purchases totaling 23,410 shares
   • Value: ~$814.6K + $425.9K ≈ $1.24M
   • Ownership impact: Combined purchases are a small percentage of the post-transaction stake (~5.29M+ shares), but meaningful in dollars.
   • Signal strength: Moderate Bullish — Ongoing accumulation by a sophisticated, concentrated holder.
3. 🟢 MXF — Director Buying with Solid Ticket Size
   • Insider: Director
   • Transaction: P-Purchase of 15,492 shares
   • Value: ~$303.5K
   • Ownership impact: Purchase is close to 1% of post-transaction holdings (~1.63M shares).
   • Signal strength: Moderate Bullish — Director adding a non-trivial slug of stock.
4. 🟢 GF — 10% Owner Adds in Two Steps
   • Insider: 10 percent owner
   • Transactions:
     • P-Purchase of 24,412 shares (~$266.6K)
     • Smaller top-up of 3,070 shares (~$33.9K)
   • Ownership impact: Purchases are modest vs. post-transaction stake (~2.1M+ shares) but show continued interest.
   • Signal strength: Moderate Bullish — Incremental adds by a large owner.
5. 🟢 NRDY — High-Volume Director/Insider Buying
   • Insider: Director / senior insider
   • Transaction: P-Purchase of 186,930 shares
   • Value: ~$256.1K
   • Ownership impact: Purchase is just under 0.6% of the updated holding (~31.4M shares).
   • Signal strength: Moderate Bullish — Big share count, modest percentage; looks like averaging in rather than a make-or-break bet.
6. 🟢 BWFG — Multiple Small but High-Percentage Director Buys
   • Insider: SEIDMAN LAWRENCE B, director
   • Transactions: Several P-Purchases ranging from $3.6K to $17.9K
   • Ownership impact: Individual trades represent up to ~9% of the updated holdings in that account.
   • Signal strength: Moderate Bullish — Smaller tickets but high percentage of holdings, suggesting a conviction-driven accumulation in a thinner name.
7. 🟢 NEWT, FNGR, SINT — High-Fraction but Small-Dollar Buys
   • Insiders: Directors / investment officers
   • Transactions:
     • NEWT: P-Purchase of ~$8.9K, ~14% of holdings in that account
     • FNGR: P-Purchase of $13.5K, ~5.9% of that holder’s shares
     • SINT: P-Purchase of $18.9K, ~3.6% of holdings
   • Signal strength: Weak to Moderate Bullish — Dollar amounts are small, but insiders are increasing their stake by noticeable percentages.
8. 🔴 SCI — Strong Bearish Trim with Paired Option Exercise
   • Insider: Nash Elisabeth G., senior VP (Operations Services)
   • Transactions (same date):
     • M-Exempt exercise of 42,400 shares @~$37.53 (~$1.59M)
     • S-Sale of 42,400 shares @~$76.32 (~$3.24M)
   • Ownership impact: The sale represents roughly 27–28% of the position tied to that account (~110,006 shares remaining after sale).
   • Signal strength: Moderate to Strong Bearish — Classic exercise-and-sell pattern; likely compensation-related but still a sizable reduction in economic exposure.
9. 🔴 MEGI — 10% Owner Reducing via Two Sales
   • Insider: Saba Capital Management, L.P., 10 percent owner
   • Transactions:
     • S-Sale of 14,969 shares (~$208.5K)
     • S-Sale of 10,999 shares (~$153.4K)
   • Ownership impact: Small fraction of a >5.7M share stake.
   • Signal strength: Moderate Bearish — Trimming rather than an exit; looks like portfolio management.
10. 🔴 CCNE — Director Sale with Meaningful Percentage
    • Insider: Director
    • Transaction: S-Sale of 4,374 shares (~$117.2K)
    • Ownership impact: About 7.9% of the post-sale ownership base.
    • Signal strength: Moderate Bearish — Not huge in dollars but meaningful as a share of holdings.
11. 🔴 HURN — COO-Level Sale
    • Insider: James Ronald Dail, Chief Operating Officer
    • Transaction: S-Sale of 662 shares (~$112.6K)
    • Ownership impact: Just over 2% of holdings in that account.
    • Signal strength: Weak to Moderate Bearish — Resembles a routine liquidity event more than a major shift.
12. 🟡 CELH — Large “J-Other” Transfers by 10% Owners (Structural, Not Directional)
    • Insiders: Multiple 10 percent owners (e.g., Milmoe, DeSantis family members)
    • Transactions: Several J-Other entries involving 187,500-share blocks, with per-share references around $37.02 and aggregate notional value around $27.8M
    • Context: Code “J-Other” plus a mix of zero-value and priced entries strongly suggests internal transfers or reclassification, not open-market trading.
    • Signal strength: Neutral — Big in size but ambiguous in direction; treated as structural rather than as a buy/sell signal.
13. ⚪ SPR — Board and Executive “D-Return” Cluster
    • Insiders: Multiple directors and senior officers
    • Transactions: Numerous D-Return entries with non-trivial share counts but $0 transaction value
    • Context: Looks like a technical clean-up (returns or cancellations at no stated cash value).
    • Signal strength: Neutral — Adjusts share counts but does not clearly reflect bullish or bearish intent.

Pattern Analysis

1. Net open-market bias: clearly bullish

• 20 P-type purchases vs 6 S-type sales, with open-market buying (~$27.3M) outpacing selling (~$3.9M) by roughly 7:1 in dollar terms.
• The single CRM purchase accounts for a major share of the dollar volume, but even excluding CRM, purchases still comfortably exceed sales.

2. Who is buying? Directors and 10% owners

• For purchases (P) by role bucket:
  • Directors / board members: 12 trades, ~$25.2M
  • 10 percent owners: 6 trades, ~$1.86M
  • CEO-level insiders: 2 trades, ~$276K
• This skew shows that board-level and large-holder conviction is driving most of the buying, rather than routine C-suite diversification.

3. Who is selling? Senior officers

• For sales (S):
  • C-suite / senior officers (COO/SVP): 3 trades, ~$3.38M
  • 10 percent owners: 2 trades, ~$362K
  • Directors: 1 trade, ~$117K
• This is a classic pattern where senior executives monetise equity grants, while boards and fund-style owners are still net accumulators.

4. High-percentage moves vs high-dollar moves

• High-dollar, moderate-percentage buy: CRM’s ~$25M purchase is massive in dollars but represents about 3.2% of that holder’s stake — large but not “all-in.”
• Moderate-dollar, high-percentage buys: Names like NEWT, BWFG, FNGR and SINT show double-digit percentage increases in insider holdings on relatively small tickets. These can matter in thinner or less-liquid names.
• High-percentage sale: SCI’s senior officer sale removes nearly 28% of the position tied to that account, even though it’s paired with an option exercise.

5. Structural / technical flows

• CELH (J-Other) and SPR (D-Return) stand out as structural flows — large in share count, but not clearly directional. Treating them as neutral avoids overstating bullish or bearish pressure.

Sector Breakdown (Adjusted for Data Limits)

Today’s filings do not include explicit sector or industry fields, so a traditional GICS-style sector breakdown is not possible without bringing in external datasets.

Instead, the “sector” view is approximated by insider role and transaction behaviour:

• Board-led accumulation: The dominant theme is director and board-level buying, often in pooled-capital or fund-like vehicles (multiple tickers with professional capital managers and 10% owners).
• Operating executive monetisation: Senior operating executives (COO/SVP level) show net selling, typically in the form of exercise-and-sell or partial trims.
• Capital allocator vs operator split:
  • Capital allocators (fund managers / 10% owners / activist-style directors): Net buyers.
  • Operators (COO/SVP/functional officers): Net sellers, mostly consistent with compensation and diversification.

Market Implications

1. Board-level conviction outweighs executive selling.
   The very large director purchase at CRM and continued accumulation by 10% owners in multiple tickers suggest that capital allocators with a portfolio mindset still see attractive risk-reward, despite some monetisation by operating executives.
2. Executive sales look more like liquidity than capitulation.
   The SCI exercise-and-sell, plus smaller COO/VP trims, are classic patterns around compensation cycles. They reduce exposure, but the size and structure are consistent with tax and diversification rather than outright loss of faith in the business.
3. Structural flows deserve a discount in signal weight.
   The CELH “J-Other” block and the SPR “D-Return” cluster are big numbers on paper but function more as share-ledger maintenance than as buy/sell expressions. Ignoring them in net-signal math keeps the focus on where insiders are truly changing economic exposure.

Overall, today’s tape of insider filings looks modestly bullish, with a heavy emphasis on board-level and fund-style accumulation in a handful of names, tempered by targeted senior-officer selling.

Key Takeaways

• Net buying is strong: Open-market purchases beat sales by roughly $23.4M in dollar terms.
• Biggest swing: A $25M director purchase at CRM stands out as the single most important transaction in this batch.
• Directors and 10% owners are the buyers: Board members and large shareholders drive most of the bullish flow.
• Senior officers are modest net sellers: Executive-level sales, especially at SCI, appear more like compensation-driven trims than full-scale exits.
• Structural entries require caution: Large “J-Other” and “D-Return” entries (CELH, SPR) are neutral without clear evidence of open-market activity.
• Signal focus: For practical screening, the highest-value signals today are large P-type purchases by directors and 10% owners, plus high-percentage buys in smaller names where insiders meaningfully grow their slice of the pie.

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