Insider Trading Signals — September 28, 2026 — Midday Update — Last 24 Hours (Pacific Time)

Executive Summary

The past 24 hours of insider activity skews heavily toward selling, with C-suite executives at Tempus AI, Dell Technologies, Duolingo, and Medpace Holdings collectively offloading tens of millions in shares. Meaningful buy-side conviction is visible at Redwood Trust — where both the CEO and CHRO purchased shares — and at Damora Therapeutics, where the CEO made a notable $252K open-market purchase. Overall sentiment leans bearish by dollar volume, though cluster buying at Redwood Trust and a handful of smaller biotech/REIT purchases offer pockets of insider confidence.

Activity Breakdown

Note: The InnSuites Hospitality headline states "$361.5M" which appears inconsistent with the described 16,000 shares sold — this figure is reproduced as reported but may reflect a headline error. It has been excluded from totals to avoid distortion.

Purchases breakdown (explicit values): $383,900 + $252,875 + $187,000 (Damora) + $117,459 + $27,950 + $19,967 + $19,460 + $18,423 + $16,400 + $13,799 + $12,593 + $11,900 + $11,049 + $39,550 + $100,204 + $351 + $187 ≈ $1.23M (excluding CTT's $187 as negligible)

Sales breakdown (explicit values): $16.1M + $6.75M + $4.25M + $4.17M + $3.2M + $2.33M + $1.23M + $529,650 + $482K + $390K + $361.5K (IHT, noted above) + $250,255 + $221,325 + $151K + $100,496 + $49,000 + $39,575 + $29,842 + $16,809 + $14M (Dell CFO) + $719K + $1.01M + $5,771 + $10,983 ≈ ~$56M+

🔴 Net Signal: Bearish — Net selling exceeds net buying by approximately $54–55M

Top Notable Transactions

🔴 Dell Technologies (DELL) — Strong Bearish

• Insider: David Alan Kennedy, CFO
• Transaction: Sale of $14.0M
• Signal: Strong Bearish
• Context: A CFO liquidating $14M in shares is among the most significant sell signals in this window, particularly given the seniority of the role.

🔴 Tempus AI (TEM) — Strong Bearish (Cluster)

• Insider: Eric P. Lefkofsky, CEO & Chairman
• Transaction: Sale of $16.1M
• Signal: Strong Bearish
• Context: The CEO leads a four-insider selling cluster at Tempus AI totaling over $16.9M in a single reporting window — a significant concentration of insider distribution.

🔴 Tempus AI (TEM) — Cluster Sale

• Insider: Ryan M. Bartolucci, CAO; Andrew Polovin, EVP/CLO; Ryan Fukushima, CEO/Data Officer
• Transaction: Sales of $529,650 / $221,325 / $49,000
• Signal: Strong Bearish
• Context: Four separate Tempus AI insiders selling simultaneously amplifies the bearish signal beyond any single transaction.

🔴 Duolingo (DUOL) — Strong Bearish

• Insider: Luis von Ahn, President & CEO
• Transaction: Sale of $4.25M
• Signal: Strong Bearish
• Context: CEO-level selling at this scale warrants attention, though founder-CEOs often sell under pre-planned programs.

🔴 Worthington Enterprises (WOR) — Bearish

• Insider: John P. McConnell, Director & 10% Owner
• Transaction: Sale of $4.17M
• Signal: Bearish
• Context: A 10% owner disposing of $4.17M signals potential concern from one of the company's largest stakeholders.

🔴 Adaptive Biotechnologies (ADPT) — Bearish

• Insider: Francis Lo, Chief People Officer
• Transaction: Sale of $3.2M
• Signal: Bearish
• Context: A $3.2M sale by a C-suite officer at a clinical-stage biotech is notable given the company's size and stage.

🔴 Medpace Holdings (MEDP) — Bearish

• Insider: August J. Troendle, President, CEO, Director & 10% Owner
• Transaction: Sale of $6.75M
• Signal: Strong Bearish
• Context: The CEO and 10% owner selling $6.75M is a high-conviction bearish signal, combining seniority with major ownership stake.

🔴 Dell Technologies (DELL) — Bearish (Cluster)

• Insider: Richard J. Rothberg, General Counsel & Secretary
• Transaction: Sale of $2.33M
• Signal: Bearish
• Context: Combined with the CFO's $14M sale, Dell now shows a two-insider selling cluster totaling over $16.3M.

🔴 Heartflow (HTFL) — Bearish

• Insider: Vikram Verghese, CFO
• Transaction: Sale of $1.23M
• Signal: Bearish
• Context: CFO-level selling across two transactions at a recently public medical technology company warrants monitoring.

🟢 Redwood Trust (RWT) — Bullish (Cluster)

• Insider: Christopher J. Abate, CEO & Director
• Transaction: Purchase of $383,900 (100,000 shares)
• Signal: Strong Bullish
• Context: A CEO buying 100,000 shares open-market is one of the most credible bullish signals in this window.

🟢 Redwood Trust (RWT) — Bullish (Cluster)

• Insider: Sasha G. Macomber, CHRO
• Transaction: Purchase of $19,967
• Signal: Moderate Bullish
• Context: The CHRO buying alongside the CEO creates a two-insider buying cluster at RWT, strengthening the bullish signal.

🟢 Damora Therapeutics (DMRA) — Bullish

• Insider: Jennifer Jarrett, Director, President & CEO
• Transaction: Purchase of $252,875 (12,500 shares)
• Signal: Strong Bullish
• Context: A CEO purchasing $252K in a small-cap biotech is a high-conviction signal of insider confidence in the company's pipeline.

🟢 Hyperscale Data (GPUS) — Moderate Bullish

• Insider: Milton C. Ault III, Executive Chairman & 10% Owner
• Transaction: Purchase of $117,459
• Signal: Moderate Bullish
• Context: The executive chairman and major owner adding to his position signals near-term confidence in the AI/data infrastructure play.

🟢 Centuri Holdings (CTRI) — Moderate Bullish

• Insider: Dustin DeMaria, Director
• Transaction: Purchase of $100,204
• Signal: Moderate Bullish
• Context: A six-figure open-market purchase by a director at this utility infrastructure company stands out as a meaningful commitment.

🔴 Real REMAX Group (REAX) — Bearish

• Insider: David L. Liniger, Director & 10% Owner
• Transaction: Sale of $1.01M (52,876 shares)
• Signal: Bearish
• Context: A 10% owner selling over $1M in a challenged real estate brokerage environment adds to sector-level caution.

Pattern Analysis

🔴 Tempus AI (TEM) — Four-Insider Selling Cluster
Net Signal: Strong Bearish | Companies: TEM | Total Value: ~$16.9M
Four Tempus AI insiders — the CEO/Chairman, CAO, EVP/CLO, and a second CEO-level officer — all filed sales within the same reporting window. Cluster selling of this breadth, especially when it includes the top executive, is one of the most reliable bearish insider signals.

🔴 Dell Technologies (DELL) — Two-Insider Selling Cluster
Net Signal: Bearish | Companies: DELL | Total Value: ~$16.33M
Both the CFO ($14M) and General Counsel ($2.33M) sold shares in the same window, suggesting coordinated or simultaneous distribution at the senior leadership level.

🟢 Redwood Trust (RWT) — Two-Insider Buying Cluster
Net Signal: Bullish | Companies: RWT | Total Value: ~$403,867
The CEO's 100,000-share open-market purchase, paired with the CHRO's simultaneous buy, creates a rare and credible bullish cluster in the mortgage REIT space — particularly meaningful given current interest rate sensitivity in the sector.

🔴 Large-Cap C-Suite Selling Wave
Net Signal: Bearish | Companies: DELL, DUOL, MEDP, ADPT, WOR | Total Value: ~$30.7M
Multiple high-profile CEOs and CFOs across unrelated sectors sold significant positions in the same 24-hour window, suggesting broad executive-level profit-taking or portfolio rebalancing rather than company-specific concerns.

🟢 Small-Cap/Biotech CEO Buying
Net Signal: Moderate Bullish | Companies: DMRA, ANIX (CEO + Director), GPUS | Total Value: ~$402K
Three smaller-cap companies saw CEO or executive chairman purchases, with Anixa Biosciences showing both a CEO and a director buying — a micro-cluster worth noting in the biotech space.

Sector Breakdown

Technology (🔴 Bearish)

• Net Signal: ~-$33M+ selling
• Notable: Tempus AI (TEM), Dell Technologies (DELL), Duolingo (DUOL), Viant Technology (DSP), Snap (SNAP), Kaltura (KLTR), Heartflow (HTFL)
• Context: Tech dominates the sell-side this window, with AI, enterprise hardware, and edtech all seeing significant C-suite distribution.

Healthcare / Biotech (🟢 Mixed-Bullish)

• Net Signal: Net buying in small-caps, net selling in mid-caps
• Notable: Damora Therapeutics (DMRA), Anixa Biosciences (ANIX), Adaptive Biotechnologies (ADPT), Corcept Therapeutics (CORT), Medpace Holdings (MEDP), Neonc Technologies (NTHI)
• Context: A clear bifurcation — smaller biotech CEOs are buying while larger clinical/CRO insiders are selling.

Financial Services / REITs (🟢 Moderate Bullish)

• Net Signal: Net buying led by RWT cluster
• Notable: Redwood Trust (RWT), Dynex Capital (DX), Angel Oak Financial Strategies (FINS), Equitable Holdings (EQH)
• Context: The Redwood Trust buying cluster is the standout bullish signal in this sector; Dynex Capital's CIO also added shares.

Real Estate / Housing (🔴 Bearish)

• Net Signal: ~-$1.11M selling
• Notable: Real REMAX Group (REAX), Mohawk Industries (MHK)
• Context: Insider selling in both real estate brokerage and flooring/home products suggests continued caution on housing-adjacent names.

Industrials / Infrastructure (🟢 Mild Bullish)

• Net Signal: Net buying
• Notable: Centuri Holdings (CTRI), Brady Corp (BRC — selling), Worthington Enterprises (WOR — selling)
• Context: Mixed signals; Centuri director buying is a positive outlier against broader industrial selling.

Consumer / Retail (🔴 Bearish)

• Net Signal: ~-$4.17M selling
• Notable: Worthington Enterprises (WOR)
• Context: A 10% owner's $4.17M sale at Worthington is the primary signal here.

Market Implications

The dominant theme across this 24-hour window is broad C-suite distribution — executives at some of the market's most prominent growth names (Tempus AI, Dell, Duolingo, Medpace) are reducing exposure simultaneously. While pre-planned 10b5-1 trading plans can explain individual sales, the sheer concentration of large-dollar selling across unrelated sectors in a single window is worth noting as a potential macro caution signal.

The most credible bullish signal comes from Redwood Trust, where the CEO's 100,000-share open-market purchase — the largest single buy in dollar terms this window — is joined by the CHRO. Open-market purchases at this scale, particularly in interest-rate-sensitive mortgage REITs, suggest insiders may see the current rate environment as a buying opportunity. Small-cap biotech also shows pockets of genuine insider conviction, with CEO-level buying at Damora Therapeutics and Anixa Biosciences.

The overall buy/sell ratio by dollar volume is heavily skewed bearish (~$1.2M in purchases vs. ~$56M in sales), though it's important to note that insiders sell for many reasons — diversification, taxes, liquidity — while purchases are almost always a positive signal. The cluster buying at Redwood Trust and the biotech sector deserves more weight than the raw dollar imbalance alone would suggest.

Key Takeaways

• 🔴 Tempus AI (TEM) — Four insiders selling ~$16.9M in the same window is the single most significant bearish cluster signal of the day.
• 🔴 Dell Technologies (DELL) — CFO + General Counsel selling a combined ~$16.3M creates a two-insider bearish cluster at a major large-cap.
• 🔴 Medpace Holdings (MEDP) — CEO and 10% owner selling $6.75M is a high-conviction bearish signal combining seniority and major ownership.
• 🔴 Duolingo (DUOL) — CEO Luis von Ahn selling $4.25M warrants monitoring, though founder selling under a plan is common.
• 🔴 Worthington Enterprises (WOR) — A 10% owner disposing of $4.17M is a meaningful signal from one of the company's largest stakeholders.
• 🟢 Redwood Trust (RWT) — CEO buying 100,000 shares ($383,900) open-market, joined by the CHRO, is the strongest bullish cluster of the session.
• 🟢 Damora Therapeutics (DMRA) — CEO purchasing $252,875 in a small-cap biotech is a high-conviction insider confidence signal.
• 🟢 Anixa Biosciences (ANIX) — Both the CEO ($19,460) and a director ($13,799) bought shares, forming a micro-cluster bullish signal.
• 🔴 Adaptive Biotechnologies (ADPT) — CPO selling $3.2M in a clinical-stage biotech adds to sector-level caution at the mid-cap level.
• 🔴 Real REMAX Group (REAX) — A 10% owner selling $1.01M reinforces bearish sentiment in the real estate brokerage space.
• 🟢 Hyperscale Data (GPUS) — Executive Chairman and 10% owner buying $117K signals near-term conviction in AI/data infrastructure.
• 🟢 Centuri Holdings (CTRI) — Director's $100K open-market purchase is a notable bullish signal in utility infrastructure.
• 🔴 Dollar volume skew — ~$56M in sales vs. ~$1.2M in purchases; the raw ratio is bearish, but cluster buying quality matters more than quantity.
• 🟢 Financial/REIT sector — Dynex Capital CIO and Redwood Trust insiders both buying suggests pockets of confidence in rate-sensitive financials.
• 🔴 Tech sector broadly — Seven tech companies showing insider selling with zero tech purchases is a notable sector-level caution flag.

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