Insider Trading Signals — September 11, 2026 — Midday Update — Last 24 Hours (Pacific Time)

Executive Summary

Insider activity over the past 24 hours is heavily skewed toward selling, with the vast majority of transactions — by both count and dollar value — representing disposals by C-suite executives and directors across technology, healthcare, energy, and financial sectors. A handful of meaningful purchases stand out against the tide, most notably GameStop CEO Ryan Cohen's $20.3M buy, Relmada Therapeutics' dual executive purchases totaling ~$1.67M, and Alphatec Holdings CEO Patrick Miles' $1.01M acquisition. The dominant signal is bearish, driven by a wave of large-cap tech and AI-adjacent insider selling — including CoreWeave, Snowflake, Dell Technologies, and Lam Research — suggesting insiders at high-valuation names are taking profits at current levels.

Activity Breakdown

Net Signal: 🔴 Bearish — Net selling of approximately $178.9M over the last 24 hours.

Note: Where multiple filings cover the same underlying transaction (e.g., Dell/Silver Lake entities, Donegal Group, OrthoPediatrics), values are counted as reported per filing. Minor rounding applied.

Top Notable Transactions

🟢 GameStop (GME) — Strong Bullish

• Insider: Ryan Cohen, President, CEO & Chairman
• Transaction: Purchase of $20.3M (1,000,000 shares)
• Signal: Strong Bullish
• Context: A nine-figure CEO purchase of this scale is exceptionally rare and represents one of the largest insider buys in this reporting period — Cohen is putting serious capital behind his own company.

🟢 GameStop (GME) — Moderate Bullish

• Insider: Alain Attal, Director
• Transaction: Purchase of $100,000 (5,000 shares)
• Signal: Moderate Bullish
• Context: Director buying alongside the CEO on the same day amplifies the bullish cluster signal at GME.

🟢 Relmada Therapeutics (RLMD) — Strong Bullish

• Insider: Sergio Traversa, CEO & Director
• Transaction: Purchase of $828,000 (200,000 shares)
• Signal: Strong Bullish
• Context: CEO buying nearly $830K in a small-cap biotech is a high-conviction signal, especially when paired with simultaneous CFO buying.

🟢 Relmada Therapeutics (RLMD) — Strong Bullish

• Insider: Maged Shenouda, CFO
• Transaction: Purchase of $843,990
• Signal: Strong Bullish
• Context: Dual C-suite purchases at RLMD totaling ~$1.67M in the same window represent one of the strongest cluster buy signals in this report.

🟢 Alphatec Holdings (ATEC) — Strong Bullish

• Insider: Patrick Miles, CEO & Director
• Transaction: Purchase of $1.01M (115,000 shares)
• Signal: Strong Bullish
• Context: A seven-figure open-market CEO purchase in a medical device company signals meaningful insider conviction in the stock's current valuation.

🟢 Upstart Holdings (UPST) — Moderate Bullish

• Insider: Paul Gu, CEO & Director
• Transaction: Purchase of $1.28M (50,000 shares)
• Signal: Moderate Bullish
• Context: CEO buying $1.28M in fintech lender Upstart is notable, though partially offset by the same-day $3.17M sale by President Sanjay Datta — a mixed internal signal.

🟢 Kennametal (KMT) — Moderate Bullish

• Insider: Sanjay Chowbey, President & CEO
• Transaction: Purchase of $203,700 (7,000 shares)
• Signal: Moderate Bullish
• Context: CEO buying in an industrial tooling company suggests confidence in near-term business conditions.

🟢 Celsius Holdings (CELH) — Moderate Bullish

• Insider: John Fieldly, CEO & Director
• Transaction: Purchase of $493,842 (18,000 shares)
• Signal: Moderate Bullish
• Context: The CEO of a consumer beverage brand buying nearly $500K signals personal conviction after what has been a volatile period for CELH shares.

🔴 CoreWeave (CRWV) — Strong Bearish

• Insider: Michael Intrator, CEO & President
• Transaction: Sale of $30.7M (307,592 shares)
• Signal: Strong Bearish
• Context: A $30M+ CEO sale at a high-profile AI infrastructure company, compounded by simultaneous sales from the General Counsel ($9.1M) and EVP of Product & Engineering ($2.15M), creates a powerful bearish cluster signal.

🔴 Snowflake (SNOW) — Strong Bearish

• Insider: Benoit Dageville, Director
• Transaction: Sale of $16.8M
• Signal: Strong Bearish
• Context: A co-founder/director selling $16.8M alongside EVP Christian Kleinerman's $916K sale represents significant insider distribution at elevated valuations.

🔴 Protagonist Therapeutics (PTGX) — Strong Bearish

• Insider: Dinesh V. Patel, President & CEO
• Transaction: Sale of $18.2M
• Signal: Strong Bearish
• Context: An $18M CEO sale is one of the largest single-insider disposals in this report and warrants close attention from PTGX shareholders.

🔴 Dell Technologies (DELL) — Strong Bearish

• Insider: Silver Lake Partners IV / SL SPV-2 / Silver Lake V / Silver Lake Investors IV & V + Director Egon Durban
• Transaction: Combined sales exceeding $72M across multiple Silver Lake entities
• Signal: Strong Bearish
• Context: Coordinated, multi-entity selling by Dell's largest institutional insider bloc is a significant distribution signal — Silver Lake is systematically reducing its Dell position.

🔴 Lam Research (LRCX) — Strong Bearish

• Insider: Timothy Archer, President & CEO; Bethany Mayer, Director
• Transaction: CEO sold $9.58M; Director sold $3M — combined ~$12.58M
• Signal: Strong Bearish
• Context: Dual insider selling at a leading semiconductor equipment maker signals caution at the top of the org chart.

🔴 Circle Internet Group (CRCL) — Strong Bearish

• Insider: Jeremy Allaire, Chairman & CEO
• Transaction: Sale of $6.1M
• Signal: Strong Bearish
• Context: The CEO of a recently public crypto-infrastructure company selling $6.1M shortly after listing is a notable caution flag.

🔴 Dorian LPG (LPG) — Strong Bearish

• Insiders: Tim Hansen (CCO), Theodore Young (CFO), Alexander Hadjipateras (COO)
• Transaction: Combined sales of ~$3.58M ($2.66M + $649K + $271K)
• Signal: Strong Bearish
• Context: Three C-suite officers selling simultaneously at an LPG shipping company is a textbook bearish cluster — insiders across functions are aligned in reducing exposure.

🔴 nLight (LASR) — Strong Bearish

• Insider: Scott Keeney, President & CEO
• Transaction: Sale of $8.86M
• Signal: Strong Bearish
• Context: A large CEO sale at a laser/photonics company with defense and industrial exposure is worth monitoring for any operational context.

🔴 OrthoPediatrics (KIDS) — Strong Bearish

• Insiders: Jennifer Pritzker (Director/10% Owner) + Squadron Capital LLC (Director/10% Owner)
• Transaction: Combined sales of ~$12.7M (302,369 shares each)
• Signal: Strong Bearish
• Context: Two 10% owners selling identical share counts simultaneously represents coordinated major shareholder distribution.

🔴 Axon Enterprise (AXON) — Moderate Bearish

• Insider: Patrick Smith, CEO & Director
• Transaction: Sale of $5.1M (9,900 shares)
• Signal: Moderate Bearish
• Context: CEO selling at a high-valuation public safety tech company; the relatively modest share count against a large dollar value reflects AXON's elevated price per share.

🔴 Meta Platforms (META) — Moderate Bearish

• Insider: Javier Olivan, COO
• Transaction: Sale of $3.3M
• Signal: Moderate Bearish
• Context: COO selling at one of the world's most valuable companies is routine in isolation but adds to the broad tech insider selling theme.

🔴 Donegal Group (DGICA) — Mixed

• Insiders: Donegal Mutual Insurance Co. (Director/10% Owner) bought $448,912; SVP David Bawel sold $160,508
• Transaction: Net buying of ~$288K
• Signal: 🟡 Mixed — slight bullish lean
• Context: The controlling shareholder adding shares while an SVP sells is a split signal; the larger buyer here is the more meaningful insider.

Pattern Analysis

🔴 CoreWeave (CRWV) — Coordinated C-Suite Selling
Net Signal: Bearish | Companies: CRWV | Total Value: ~$41.9M (CEO $30.7M + GC $9.1M + EVP $2.15M)
Three senior insiders at the AI cloud infrastructure darling sold on the same day, totaling nearly $42M. This level of coordinated executive distribution at a recently high-profile company is one of the most significant bearish cluster signals in this report.

🔴 Dell Technologies (DELL) — Silver Lake Systematic Distribution
Net Signal: Bearish | Companies: DELL | Total Value: ~$72M+ across five Silver Lake entities
Multiple Silver Lake-affiliated entities — the company's largest institutional insider bloc — filed coordinated sales across the same reporting window, suggesting a deliberate, structured reduction of their Dell position rather than opportunistic selling.

🔴 Dorian LPG (LPG) — Full C-Suite Exit
Net Signal: Bearish | Companies: LPG | Total Value: ~$3.58M
The CFO, CCO, and COO of Dorian LPG all sold shares on September 1, representing a rare full-suite insider sell event at a shipping company. When every major operational executive reduces exposure simultaneously, it warrants serious attention.

🔴 Snowflake (SNOW) — Director + Executive Selling
Net Signal: Bearish | Companies: SNOW | Total Value: ~$17.7M
A co-founder director ($16.8M) and a senior product executive ($916K) both sold SNOW shares in the same window, continuing what appears to be a sustained pattern of insider distribution at the cloud data platform.

🔴 Kestra Medical Technologies (KMTS) — Multi-Director Selling
Net Signal: Bearish | Companies: KMTS | Total Value: ~$413K (four insiders)
Four separate insiders — directors Conor Hanley, Jeffrey Schwartz, Kevin Reilly, and Mary Kay Ladone — all sold KMTS shares in the same period. Broad-based director selling at a medical device company is a meaningful caution signal.

🟢 GameStop (GME) — CEO + Director Cluster Buy
Net Signal: Bullish | Companies: GME | Total Value: ~$20.4M
Ryan Cohen's $20.3M purchase alongside director Alain Attal's $100K buy on the same day creates a strong bullish cluster. CEO purchases of this magnitude are rare and typically reflect high personal conviction.

🟢 Relmada Therapeutics (RLMD) — Dual C-Suite Purchase
Net Signal: Bullish | Companies: RLMD | Total Value: ~$1.67M
Both the CEO and CFO of Relmada purchased shares in the same reporting window, totaling ~$1.67M. Simultaneous buying by the two most senior financial decision-makers at a small-cap biotech is a high-conviction bullish signal.

🔴 Tech Sector Broad Selling
Net Signal: Bearish | Companies: CRWV, SNOW, DELL, AMAT, ANET, ADI, META, AAPL, EBAY, LRCX, SITM
A broad wave of insider selling swept across large- and mid-cap technology names, with executives at semiconductor, cloud, AI infrastructure, and consumer tech companies all reducing positions in the same 24-hour window. This cross-sector tech selling pattern suggests insiders may view current valuations as stretched.

🟢 Upstart (UPST) — CEO Buys, President Sells
Net Signal: 🟡 Mixed | Companies: UPST | Total Value: CEO +$1.28M vs. President -$3.17M
The CEO and President of Upstart transacted in opposite directions on the same day — a genuinely mixed signal. The CEO's purchase is the more bullish indicator (fewer reasons to buy than sell), but the larger dollar sale by the President tempers enthusiasm.

Sector Breakdown

Technology & AI Infrastructure 🔴 (Bearish)

• Net Signal: ~-$100M+ in net selling
• Notable: CoreWeave (CRWV), Snowflake (SNOW), Dell (DELL), Lam Research (LRCX), Applied Materials (AMAT), Arista Networks (ANET), Analog Devices (ADI), SiTime (SITM), Rubrik (RBRK), nLight (LASR)
• Context: The most active sector by dollar value, with near-universal insider selling across AI infrastructure, semiconductors, and cloud platforms — a broad signal of profit-taking at elevated tech valuations.

Healthcare & Biotech 🟡 (Mixed)

• Net Signal: Net buying led by RLMD (~$1.67M buys) vs. selling at PTGX ($18.2M), RXRX, ARQT, NBIX, KMTS
• Notable: Relmada Therapeutics (RLMD), Protagonist Therapeutics (PTGX), Recursion Pharma (RXRX), Kestra Medical (KMTS), Alphatec Holdings (ATEC)
• Context: Biotech shows a split picture — small-cap names like RLMD and ATEC seeing meaningful C-suite buying, while larger or recently-run-up names like PTGX see heavy CEO selling.

Fintech & Crypto 🔴 (Bearish)

• Net Signal: Net selling dominated by Circle Internet Group ($6.1M), Coinbase ($2.48M), Chime ($1.49M), Block ($1.44M)
• Notable: CRCL, COIN, CHYM, XYZ (Block), Upstart (UPST — mixed)
• Context: Insiders across the fintech and crypto-adjacent space are broadly reducing exposure, with the notable exception of Upstart's CEO purchase.

Energy & Industrials 🟡 (Mixed)

• Net Signal: Modest net selling; Kennametal CEO buying $203K, Dorian LPG full C-suite selling ~$3.58M, ISQ/Kinetik selling $3.8M
• Notable: KMT, LPG, KNTK, DCI, LASR
• Context: Industrial and energy insiders are mixed — CEO buying at Kennametal is a bright spot against selling in shipping and energy infrastructure.

Consumer & Retail 🔴 (Bearish)

• Net Signal: Net selling; eBay CEO -$2.29M, Tapestry CPO -$670K, Keurig Dr Pepper CHRO -$778K
• Notable: EBAY, TPR, KDP
• Context: Consumer sector insiders are broadly selling, with no meaningful purchases to offset, suggesting limited near-term executive optimism.

Financial Services 🔴 (Bearish)

• Net Signal: Net selling; Southern Missouri Bancorp director -$1.1M, Amalgamated Financial -$1.49M, TFS Financial CEO & director -$345K combined
• Notable: SMBC, AMAL, TFSL, FOA
• Context: Regional bank and specialty finance insiders are reducing positions, potentially reflecting caution around rate environment or credit conditions.

Real Estate 🟢 (Mildly Bullish)

• Net Signal: Net buying; Clipper Realty director +$388K, Angel Oak Mortgage REIT director +$55K vs. Realty Income director -$209K
• Notable: CLPR, AOMR, O
• Context: A modest bullish lean in real estate with director purchases at two names, though the dollar values are relatively small.

Insurance 🟡 (Mixed)

• Net Signal: Donegal Mutual buying $449K in DGICA vs. SVP selling $161K; net slight bullish
• Notable: DGICA, HIPO (CEO sold $161K)
• Context: The controlling shareholder of Donegal Group adding shares is the most meaningful signal here; Hippo CEO selling is a mild negative.

Market Implications

The overwhelming dollar-weighted signal from the past 24 hours is bearish, with insiders selling approximately $178.9M more than they purchased. The most striking theme is coordinated selling across high-valuation technology and AI-adjacent names — CoreWeave, Snowflake, Dell, Lam Research, and others — suggesting that executives closest to these businesses view current price levels as favorable exit points. When multiple C-suite officers at the same company sell simultaneously (as at CoreWeave and Dorian LPG), the signal is particularly difficult to dismiss as routine diversification.

The bullish counterweight is narrow but meaningful. GameStop's Ryan Cohen deploying $20.3M of personal capital — alongside a director — is the single most attention-grabbing purchase in this window. Relmada Therapeutics' dual CEO/CFO buying and Alphatec's CEO purchase round out a small cohort of insiders willing to add at current prices. These purchases skew toward smaller-cap or out-of-favor names, which is historically where insider buying carries the most predictive weight.

The broad tech selling wave, combined with selling in fintech, consumer, and financial services, paints a picture of insiders across multiple sectors reducing risk simultaneously. This kind of cross-sector distribution — rather than isolated company-specific selling — is worth monitoring as a potential leading indicator of broader market caution among those with the most information advantage.

Key Takeaways

• 🔴 CoreWeave (CRWV) — CEO, GC, and EVP sold a combined ~$41.9M in the same window; one of the most significant bearish cluster signals in this report.
• 🔴 Dell Technologies (DELL) — Silver Lake entities filed coordinated sales exceeding $72M, signaling systematic institutional insider distribution.
• 🟢 GameStop (GME) — Ryan Cohen's $20.3M CEO purchase, backed by a director buy, is the single largest bullish insider signal of the day.
• 🟢 Relmada Therapeutics (RLMD) — CEO and CFO both bought shares (~$1.67M combined); dual C-suite buying at a small-cap biotech is a high-conviction bullish cluster.
• 🔴 Protagonist Therapeutics (PTGX) — CEO sold $18.2M, one of the largest single-insider disposals in this report; warrants close monitoring.
• 🔴 Snowflake (SNOW) — Co-founder director sold $16.8M alongside an EVP sale; sustained insider distribution continues at elevated valuations.
• 🔴 Dorian LPG (LPG) — CFO, CCO, and COO all sold shares simultaneously; a rare full C-suite sell event in the shipping sector.
• 🟢 Alphatec Holdings (ATEC) — CEO Patrick Miles purchased $1.01M in open-market shares; a strong conviction buy in medical devices.
• 🔴 Lam Research (LRCX) — CEO sold $9.58M and a director sold $3M in the same window; bearish signal at a key semiconductor equipment name.
• 🔴 OrthoPediatrics (KIDS) — Two 10% owners sold identical share counts (~$12.7M combined); coordinated major shareholder distribution.
• 🟢 Celsius Holdings (CELH) — CEO John Fieldly bought $493,842; notable conviction buy in a consumer beverage name that has seen significant volatility.
• 🟢 Upstart Holdings (UPST) — CEO bought $1.28M while the President sold $3.17M; genuinely mixed signal — CEO purchase is the more bullish indicator.
• 🔴 Circle Internet Group (CRCL) — CEO sold $6.1M shortly after the company's public listing; a caution flag for recent IPO investors.
• 🔴 Broad Tech Selling — Insiders at AMAT, ANET, ADI, SITM, RBRK, LASR, and META all sold in the same 24-hour window; cross-sector tech distribution is the dominant theme.
• 🔴 Kestra Medical (KMTS) — Four separate directors sold shares in the same period; broad-based director selling is a meaningful bearish cluster.
• 🟡 Donegal Group (DGICA) — Controlling shareholder bought $449K while an SVP sold $161K; net slight bullish lean from the more significant insider.
• 🔴 nLight (LASR) — CEO sold $8.86M; large executive disposal at a defense/industrial laser company worth monitoring for operational context.
• 🔴 Fintech/Crypto Sector — Insiders at CRCL, COIN, CHYM, and Block all sold in the same window; broad sector distribution signal.
• 🟢 Kennametal (KMT) — CEO purchased $203,700; a modest but meaningful signal of executive confidence in industrial tooling demand.
• 🔴 Overall Ratio — Sales outpaced purchases ~7:1 by dollar value (~$208.5M vs. ~$29.6M); the aggregate insider signal for this 24-hour window is clearly bearish.

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