Insider Trading Signals — November 26, 2025 — Daily Snapshot

Filings submitted on November 26, 2025 point to a decisively bearish insider tape. A few meaningful CEO and 10% owner buys showed up in smaller names, but they were overwhelmed by large, concentrated selling in a handful of companies.

Open-market sales outpaced purchases 23 to 15, and on a dollar basis insiders sold roughly $49.3M versus $2.1M in buys, with most selling clustered in BROS, ATEC, and MTD.

Activity Breakdown

• Open-market purchases (P): 15 trades across 14 tickers, about $2.1M in total.
• Open-market sales (S): 23 trades across 12 tickers, about $49.3M in total.
• Net Signal (P vs S): Strong Bearish — roughly -$47.1M in net open-market selling.
• Neutral / mechanical flows: Option exercises (M), share returns (D) and awards (A) add several million of activity but are primarily compensation and capital-structure mechanics rather than directional bets.

Top Notable Transactions

Below are the most impactful insider moves ranked by signal strength, combining role seniority, dollar size, and how much of each insider’s stake was involved.

1. 🔴 Dutch Bros Inc. (BROS) — Very Strong Bearish, Heavy 10% Holder Selling

• Insiders:
  • DM Trust Aggregator, LLC — 10 percent owner
  • DM Individual Aggregator, LLC — 10 percent owner
  • Travis Boersma — director, 10 percent owner, Executive Chairman
• Transactions: Six open-market sales on November 24–25
• Size: About $27.5M in total sale value across the group
• Ownership impact: Several trades represent sizeable trims relative to reported stakes, with certain accounts cutting positions aggressively.
• Filings: BROS Form 4 filings and related entries.
• Signal Strength: Very Strong Bearish — clustered selling by 10% holders and the executive chairman, dominating today’s dollar volume.

2. 🔴 Alphatec Holdings, Inc. (ATEC) — Strong Bearish, Coordinated 10% Owner Sales

• Insiders:
  • Squadron Capital Holdings LLC — 10 percent owner
  • Jennifer N. Pritzker — 10 percent owner
• Transactions: Two S-Sale trades on November 24
• Size: $5.155M each, $10.31M combined (250,000 shares each at $20.62)
• Ownership impact: Each seller trimmed roughly 2.3% of their reported holdings.
• Filing: ATEC Form 4
• Signal Strength: Strong Bearish — sizable open-market disposals by two large, long-standing shareholders on the same day.

3. 🔴 Mettler-Toledo International Inc. (MTD) — Strong Bearish, CFO and Senior Exec Selling

• Insiders:
  • Marc de la Guerroniere — Head of Europe & North America Market Orgs
  • Shawn Vadala — Chief Financial Officer
• Transactions:
  • Multiple S-Sale trades on November 24–25
  • Paired with M-Exempt option exercises
• Size: Roughly $6.7M in aggregate sale value (including a single $3.7M sale at $1,500 per share).
• Ownership impact: CFO transactions represent meaningful double-digit percentages of reported holdings in individual trades.
• Filings: MTD Form 4
• Signal Strength: Strong Bearish — classic pattern of options exercised and shares sold, with substantial CFO participation.

4. 🔴 ESCO Technologies Inc. (ESE) — Moderate to Strong Bearish, CEO Trims Position

• Insiders:
  • Bryan H. Sayler — CEO & President, director
  • Robert J. Phillippy — director
• Transactions: Three S-Sale trades on November 25–26
• Size: About $2.25M in total sale value (including a ~9,382-share CEO sale at $220).
• Ownership impact: One CEO sale reduces his stake by roughly 45% in that account; director sale trims around 6–7%.
• Filing: ESE Form 4
• Signal Strength: Moderate–Strong Bearish — meaningful de-risking by the CEO with supporting sales from the board.

5. 🔴 Intapp, Inc. (INTA) — Moderate Bearish, CFO and CEO Selling

• Insiders:
  • David H. Morton Jr. — CFO
  • John T. Hall — CEO & director
• Transactions: Two S-Sale trades on November 24
• Size: About $1.31M combined (10,000 CFO shares and 22,243 CEO shares around $40.76).
• Ownership impact: CFO sale is more material (~23% of his reported stake) than the CEO’s (~0.4%).
• Filing: INTA Form 4
• Signal Strength: Moderate Bearish — classic management-team trim after a prior run-up or vesting cycle.

6. 🔴 USCB Financial Holdings, Inc. (USCB) — Moderate Bearish, 10% Owner Director Sale

• Insider: W. Kirk Wycoff — director, 10 percent owner
• Transaction: S-Sale of 21,327 shares at $18.02 on November 24
• Size: About $384K
• Ownership impact: Roughly 1.1% of reported holdings.
• Filing: USCB Form 4
• Signal Strength: Moderate Bearish — a sizeable yet not extreme trim from a large shareholder.

7. 🔴 Kadant Inc. (KAI) — Moderate Bearish, Director Sells Nearly Half Her Stake

• Insider: Erin L. Russell — director
• Transaction: S-Sale of 1,435 shares at ~$282.36 on November 25
• Size: About $405K
• Ownership impact: Reduces reported holdings by roughly 47%.
• Filing: KAI Form 4
• Signal Strength: Moderate Bearish — high percentage of a director’s stake, even if dollar value is mid-range.

8. 🟢 Aurora Innovation, Inc. (AUR) — Strong Bullish, CEO Open-Market Buy

• Insider: Christopher Urmson — CEO & director
• Transaction: P-Purchase of 258,000 shares at ~$3.88 on November 25
• Size: About $1.00M
• Ownership impact: Post-trade, he holds roughly 258,000 shares, suggesting this is either establishing or substantially rebuilding a position.
• Filing: AUR Form 4
• Signal Strength: Strong Bullish — seven-figure, open-market CEO buy is one of the clearest conviction signals on the tape today.

9. 🟢 Donegal Group Inc. (DGICA) — Moderate Bullish, 10% Owner Buying Outweighs Director Sale

• Insiders:
  • Donegal Mutual Insurance Co. — 10 percent owner
  • Kevin Michael Kraft Sr. — director
• Transactions:
  • Two P-Purchase trades (8,000 shares each around $20)
  • One S-Sale by the director (4,500 shares at ~$20.02)
  • One M-Exempt option exercise
• Size: Purchases total about $319.5K; the director’s sale is $90K.
• Net effect: Net buying of ~ $229K.
• Filing: DGICA Form 4
• Signal Strength: Moderate Bullish — 10% owner increasing exposure while a director takes some profits.

10. 🟢 Nerdy Inc. (NRDY) — Moderate Bullish, CEO/Chairman Increases Stake

• Insider: Charles K. Cohn — director, 10 percent owner, Chief Executive Officer
• Transaction: P-Purchase of 238,749 shares at $1.05 on November 24
• Size: About $250.7K
• Ownership impact: Boosts his stake by roughly 18.7% to over 1.27M shares.
• Filing: NRDY Form 4
• Signal Strength: Moderate Bullish — sizeable, opportunistic add in a lower-priced name by the top decision-maker.

11. 🟢 Ampco-Pittsburgh Corp. (AP) — Moderate Bullish, 10% Owner Adds

• Insider: Louis Berkman Investment Co. — 10 percent owner
• Transaction: P-Purchase of 93,000 shares at $2.67 on November 17
• Size: About $248.3K
• Ownership impact: Increases stake by roughly 3% vs. prior reported holdings.
• Filing: AP Form 4
• Signal Strength: Moderate Bullish — classic value-style add from a concentrated shareholder.

12. 🟢 AMAZE Holdings, Inc. (AMZE) — Moderate Bullish, CEO Buys 58% More Shares

• Insider: Aaron Day — CEO & director
• Transaction: P-Purchase of 335,440 shares at $0.2999 on November 24
• Size: About $100.6K
• Ownership impact: Raises his stake by roughly 58%, to 575,315 shares.
• Filing: AMZE Form 4
• Signal Strength: Moderate Bullish — meaningful high-percentage add in a micro-cap.

13. 🟢 / ⚪ Smaller Conviction-Style Buys & Neutral Flows

A few additional highlights:

• 🟢 AEBI — Group CEO Barend Gerrit Fruithof bought 5,000 shares (~$60K), a modest but positive signal.
• 🟢 AUID — Director Ken Jisser bought 40,650 shares (~$50K), adding about 44% to his stake.
• 🟢 STKL — CFO Greg Gaba bought 15,000 shares (~$50.9K), increasing holdings by roughly 13.5%.
• ⚪ TFSL — Multiple executives received A-Awards of stock (0-price grants) plus one S-Sale of 5,000 shares (~$71K). Net result looks like routine compensation and partial monetization rather than a strong directional message.
• ⚪ PINC — 15 “D-Return” transactions totaling about $7.9M, largely share returns/cancellations tied to awards and plans; these are mechanical rather than conviction buys or sells.

Pattern Analysis

1. Concentrated Selling in a Handful of Names

• BROS, ATEC, and MTD account for the majority of dollar-value selling.
• Selling comes from high-influence actors: 10% holders, founders, executive chairmen, CFOs and senior regional heads.
• The combination of size, seniority, and clustering (multiple trades in short windows) is what makes these signals stand out.

2. Mixed but Selective Buying in Smaller / Mid-Cap Names

• On the buy side, no mega-cap tech names appear; activity is focused on smaller and mid-cap companies.
• Purchases are dominated by AUR, DGICA, AP, NRDY, AMZE, each featuring either a CEO or a 10% owner stepping in with personal capital.
• In several cases (AUR, NRDY, AMZE, AUID), insiders are increasing their stakes by double-digit percentages, which often signals stronger conviction than a token buy.

3. Compensation & Plan-Driven Activity

• MTD and TFSL show the familiar pattern of options exercised (M) and restricted stock awards (A), sometimes paired with partial sales to lock in value or cover costs.
• PINC’s “D-Return” cluster is sizeable in dollar terms but is structurally a capital-structure/plan adjustment, not an open-market decision.
• These flows are important for context but carry lower directional signal than discretionary open-market buys/sells.

Sector / Theme Observations

While today’s filings span multiple industries, a few themes stand out:

• Consumer / Services: Heavy selling at a well-known coffee chain operator (BROS) stands out as a dominant single-name event.
• Healthcare / Med-Tech & Instruments: ATEC (spine/orthopedic devices) and MTD (precision instruments and lab gear) both show sizeable executive and 10% holder selling.
• Software & Platforms: INTA (vertical software) and NRDY (online learning) show mixed signals — management selling at INTA versus CEO buying at NRDY.
• Financials & Insurance: DGICA, USCB, TFSL and other financial names exhibit a mix of 10% owner activity, awards, and moderate-size sales, pointing more to portfolio rebalancing and compensation than clear sector-wide fear.

Market Implications

1. Net message: de-risking at leaders, selective conviction in smaller names.
   • The -$47.1M net selling is heavily concentrated in a few stocks, particularly BROS, ATEC and MTD.
   • When large 10% holders and CFO-level executives take tens of millions off the table, it often reflects portfolio and liquidity management, but it can also mark confidence plateaus after strong operational or share-price runs.
2. Insider confidence appears stock-specific, not broad-based.
   • The presence of CEO and 10% owner buying in AUR, NRDY, DGICA, AMZE and AP suggests insiders still see selective opportunity, especially in smaller or more volatile names.
   • These are typically situations where insiders may feel the market is underestimating long-term optionality or near-term recovery potential.
3. Mechanical transactions soften the headline, but don’t flip the signal.
   • Option exercises, equity awards, and share returns (MTD, TFSL, PINC) explain a meaningful slice of today’s gross dollar flow.
   • However, even stripping those out leaves substantial net open-market selling, so the core directional message remains bearish for this snapshot.

Key Takeaways

• Net insider flow is clearly negative: Open-market sales overwhelm purchases in both count and dollar value, led by BROS, ATEC, and MTD.
• Big sellers are powerful insiders: 10% holders, founders, executive chairs and CFOs are the primary sellers, which raises the signal strength compared with routine junior-staff activity.
• Bullish signals are more idiosyncratic: CEO and 10% owner buying in AUR, DGICA, NRDY, AP, AMZE and others highlight selective stories where insiders see mispricing or long-term upside.
• Compensation noise is present but manageable: A-, M-, and D-type trades at MTD, TFSL, PINC are mostly mechanical and should be treated as context, not core signals.
• Focus on size and seniority: The clearest flags come from large, discretionary trades by top executives and 10% holders, not from small awards or plan-driven flows.

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