Every non-derivative Form 4 transaction we ingested in the last 90 days, capped at the 200 newest rows. Each row links to the original Form 4 filing on EDGAR for verification.
No insider trades ingested yet. Run the edgar-form4 workflow to populate.
SEC Section 16 requires every insider — officers, directors, and any beneficial owner of more than 10% of a class of equity securities — to file Form 4 within two business days of any transaction in their company's stock. The form reports both non-derivative transactions (open-market buys / sells of common stock) and derivative transactions (option grants, exercises, vesting events). This feed shows non-derivative rows only; the derivative side often dominates the gross dollar volume but rarely reflects discretionary capital allocation by the insider.
The empirical literature on insider trades is more nuanced than the popular framing. Studies dating back to Jaffe (1974) and Seyhun (1986) find a small persistent abnormal return associated with discretionary insider buys, but the effect concentrates in small-cap names and decays sharply in the days after disclosure. Discretionary insider sales carry essentially no return premium — most sales are liquidity-driven (taxes on vesting RSUs, estate planning, diversification mandates). The takeaway is that the leaderboard is most useful as a signal-screen for unusual P-code purchases on the buy side, and as background colour rather than directional indicator on the sell side.
Note also that 10b5-1 plan trades — the ones flagged with the 10b5-1 badge — have a mechanically different meaning. The insider committed to the trade weeks or months in advance under a written plan adopted while they were not in possession of material non-public information; the trade then executes on schedule regardless of the price or news at the time. SEC rule amendments effective February 2023 add a 90- to 120-day cooling- off period and require boxed disclosure of the plan adoption date, which is what feeds our 10b5-1 flag.
All rows are mirrored from SEC EDGAR via a daily ingest workflow that walks the Form 4 feed for each company in our coverage list, parses the XML payload, and upserts non-derivative transactions into a Postgres mirror. The page revalidates within seconds of the ingest finishing, so the freshest row you see here is typically less than 24 hours old. For deep dive into one company's full insider history, see the per-ticker company profile under /company; for an individual insider's consolidated history across companies, see the executive profile under /people.
Congressional STOCK Act trades use the same underlying database but are filtered out of this feed; they appear separately under /politics because the disclosure mechanics (Periodic Transaction Reports filed up to 45 days after trade), the amount-bucketing convention (ranges, not exact values), and the policy framing differ enough that mixing them would mislead readers.
Not investment advice. Insider trades carry no consistent return premium in the academic literature; treat them as a data feed.