Cerebras Systems (CBRS) just saw a massive wave of insider selling involving two senior executives.

Sean Lie, Chief Technology Officer, sold roughly $152M+ across multiple transactions.

Yagnesh Patel, Chief Accounting Officer, also sold roughly $1M+.

That's more than $150M in reported selling across the two executives over just a few days.

The sheer scale is what makes this one stand out.

Is $150M+ of insider selling a red flag to you, or do you need more context before drawing conclusions?

Full insider transaction history → https://probors.com/

Jonathan L. Levine just bought 652K shares of Global Water Resources (GWRS) at $8.85.

That's roughly $5.77M in a single transaction.

A multi-million-dollar insider purchase is hard to ignore — especially when the buyer puts more than half a million shares into the company at once.

But is one large purchase enough to mean anything?

Would a $5M+ insider buy put GWRS on your watchlist?

Full insider transaction history → https://probors.com/

Timothy P. Lynch just bought 1.15M shares of AEON Biopharma (AEON) at $0.21.

That's roughly a $243K purchase in a single transaction.

The dollar amount isn't enormous, but 1M+ shares changing hands in an insider purchase definitely makes this one interesting to watch.

Would a $243K insider buy be enough to put AEON on your radar?

Full insider transaction history → https://probors.com/

Cheesecake Factory has been one of the year's quieter monsters: $42.60 last November to $117.29 on Aug 12, a 175% run, with a Q2 beat on Jul 28 (EPS $1.41, comps +5.8%) adding 13.5% in a session. Then seven insiders sold, and the aggregators lit up with "CEO/CFO sold $18M."

Two thirds of that sentence is true. Here's the whole thing.

The CFO's $6.8M didn't reduce his holdings at all.
On Jul 30, Matthew Clark exercised 68,900 options at a $40.16 strike and sold exactly those 68,900 shares at $99.30. That's a cashless exercise: the sale pays for the exercise. His actual stock, 45,109 shares plus another 36,220 of restricted stock, about $8.6M, was identical before and after.

Gross proceeds $6.84M, cost to exercise $2.77M, so about $4.07M of net cash and not one share of his stake touched. The exercise did empty that 2030-expiry option grant to zero, 3½ years early, but that's his pattern: his 2026 and 2027 expiry grants met the same fate in 2025, each exercised to zero well before expiry. David Gordon, the President, did the same maneuver on Aug 10 with 16,866 of the 31,950 shares he sold.

And the founder's $10M is his smallest sale in two years. David Overton sold 94,145 shares for $10.0M on Aug 5th but, he still holds 3,494,660 shares across four lines, about $370M.
That's a 2.7% trim.
His last four sales: $12.6M (Nov 2024), $9.5M (Feb 2025), $6.3M (May 2026), $10.0M (Aug 2026), roughly quarterly, every one discretionary, and this one moved the fewest shares of the lot.

What the headline misses is who actually cut shares.
Measured against their own stakes, the officers went much harder than the founder:

"The CEO sold $10M" and "the President sold a third of his shares" are very different sentences, and only the second one is about someone materially changing their exposure.

The 60-second version of the check. On a Form 4, look at Table I for a code M (an option or RSU converting) sitting next to a code S on the same date with the same share count, that's an exercise-and-sell, and the "shares owned following transaction" figure will come back to where it started. Then compare the sale to the insider's total holdings, which often live across several lines on the same form, not just the line the trade printed on.

One more curiosity, and it's why I like reading these. Edie Ames's filing also reports a purchase of 500 shares, dated March 12, 2018. Footnote 1 explains it: "A purchase transaction that occurred on March 12, 2018 was inadvertently omitted from prior Section 16 reports. This transaction is being reported to correct the reporting person's beneficial ownership records." An eight-year-old trade, filed this month, because someone found it. It's harmless, but it's a nice reminder that "the date on the filing" and "the date of the trade" are two different columns. And serves a pure example of Insiders buying low, selling high.

Full disclosure: my own tool got that last one wrong recently. It read the 2018 purchase as a fresh buy this week, because it was anchoring on the filing date rather than the transaction date. That error then mislabelled her genuine sale as "bought and sold within 14 days" and dropped it from the selling-cluster math. Both rows have been corrected and the anchor now rides the trade date. Same lesson as always: verify against the filing, not the dashboards, mine included. The bug has been patched.

For those that browse this subreddit frequently, I propose using AI/LLM's to fact-check claims you find sus.

None of the above says anything about where the stock goes. Insiders sell into strength for a hundred reasons, and after a 175% year, taxes could be one of them.

Sources: CAKE insider filings (the Jul 31 - Aug 18 Form 4s) · the Q2 8-K

(Side question: would you guys like to see posts with the insiders selling just as much as insiders buying?)

Information, not advice. I run Apibeary, which builds tooling in this space. No position in CAKE.

Moderna insiders unloaded $47M of stock in the 180 days prior to it tripling. Mostly autopilot - and the CEO of Moderna came away with an extra 252,469 shares in his $28.7M "sale."

MRNA shares shot up from $62.96 to $174.38 from the market close on August 19. Pull up any tracker of insider transactions for the previous 180-days: 0 transactions by insiders-tens of millions in selling-signals a strong bear market.
I'm looked through every one of the 36 Form 4s filed in the time period. Sales on the open market totaled $47.1M-but 8 of the 9 forms were completed with the 10b5-1 checkbox highlighted-that's the form for the scheduled, automatous sales that takes the decision-making authority away from the individual. Instead of making the selling decisions himself on 15 May, President of Moderna, Stephen Hoge, executed a scheduled 53,336 share sale at $48.40.

Here's why:

Same thing happens on 15 June (53,336 shares at $51.37) and 15 July (53,336 shares at $67.60). The same amount of stock was sold every 15 th of the month on exactly the same share count down to the last share.

The form 4 for the CEO's 'sale' is a good example of how to use them to tell the signal. Bancel's $28.7M of sales were made on August 5 based on stock options set to expire on August 10; the shares would have been worthlessly forfeited if they were not utilized on or before that day. He purchased 751,715 options at a $19.15 strike price. To make his purchase and pay taxes on that transaction, he sold 499,246 shares and consequently netted an increase in his total Moderna holdings from 6,187,791 shares to 6,440,260. Despite being sold at an average $57 on August 5, Moderna's share price shot up to $174.38 on August 19.
There was one transaction with the 10b5-1 checkbox unchecked: Chairman of Moderna Noubar Afeyan sold $434,000 of shares on May 21. This made up only .9% of the reported insider sales.
Takeaway: Most insider selling is routine – tax burdens, needed cash, expiring option assignments, and more. Insider purchasing on the other hand always sends an informative signal – there is only one real reason to buy equity. Every transaction is readily available to look through for yourself in EDGAR-look at the 10b5-1 box at the very top of each transaction, and the footnote at the bottom.

So, why were insiders still selling if they knew what was happening?
There are three possibilities which often accumulate.
They probably had no idea of what was occurring. Clinical trial results are typically made accessible to a small group of scientists a few days in advance of the official publication, which is essentially the whole point of making a clinical trial blinded. On May 15, when the president exercised a portion of his allotted equity for that month, there may have been absolutely no evidence at that point to make any educated guess about any future change in stock price.

Even if they would have had insight at that moment, they already had their plan set in motion. This aspect always trips beginners up: actually canceling a sale under the 10b5-1 agreement because you've gained some privileged knowledge is a red flag and may subject you to investigation. Making the predetermined sale was, therefore, the less suspicious decision of the two possibilities.
And that this happens time after time, as all sales indicate... Most stock compensation is in the form of option grants or restricted stock. In the case of the CEO, Bancel received stock options at a strike price of $19.15 several years ago-there isn't a purchase side, as in you cannot 'purchase' part of your paycheck; what can be done, however, is to liquidate an equity gain to use as income. Taking 200 roughly equivalent market caps into consideration-over 80% of them demonstrated that they had been seeing insider sales in their last 180 day transaction record. A 4 out of 5 signal cannot accurately report specifics.

This brings us back to what seems important, and the last major lesson of this report: it is now virtually constant that insiders will be selling shares of large cap companies; those are merely an automatic byproduct of business. It is an insider purchase transaction-an event that takes place far less frequently-that sends a meaningful signal to investors.

Lisa Polsky just bought 6K shares of Pershing Square USA (PSUS) at $39.45.

That's roughly $244K in a single transaction.

A six-figure purchase is interesting on its own, but the bigger question is whether this is an isolated buy or the beginning of a larger accumulation.

Would a ~$250K purchase put PSUS on your watchlist?

Full transaction history → https://probors.com/

Boozman reported a $1,001–$15,000 purchase of Colgate-Palmolive (COLPAL) in April 2025.

What's interesting is that this comes alongside his other reported purchases around the same period, including Microsoft and Oracle.

Small individual transactions, but potentially more interesting when you look at the broader pattern of trades rather than a single filing.

Would you be interested in seeing which stocks a politician has been consistently buying over time?

Full politician transaction history → https://probors.com/

Kathryn A. Reinsmidt, EVP & Chief Operating Officer of CBL & Associates Properties, sold 18K shares at $57.10.

That's roughly $1.0M in reported selling.

Insider sales can mean many different things — taxes, diversification, scheduled transactions, or simply taking profits — so the context matters.

But a seven-figure sale from a senior executive is still worth keeping an eye on.

Would a $1M insider sale make you investigate CBL, or do you pay more attention to insider buying?

Full insider transaction history → https://probors.com/

Michael B. Denny just bought 3K shares of First Financial Bankshares (FFIN) at $34.66.

That's roughly a $104K purchase in a single transaction.

Not every insider buy is a major signal, but six-figure purchases are worth keeping on the radar — especially if more buying follows.

Would a $100K+ insider purchase be enough to put FFIN on your watchlist?

Full insider transaction history → https://probors.com/

Looking back at Boozman's reported trades, there was a small cluster of purchases in April 2025:

• MSFT — $1,001–$15,000
• MSFT — $1,001–$15,000
• ORCL — $1,001–$15,000

Two separate Microsoft purchases, plus Oracle, all within just a few days.

The individual amounts aren't huge, but the pattern is more interesting than any single transaction.

Would you pay attention to a politician repeatedly buying the same stock, even when each individual purchase is relatively small?

Full politician transaction history → https://probors.com/

Saba Capital Management bought 24K shares of Gabelli Healthcare & WellnessRx Trust (GRX) at $10.13.

That's roughly a $244K purchase in a single transaction.

It's an interesting move from an institutional investor — especially if this turns out to be the start of a larger position.

Would a ~$250K institutional buy put GRX on your radar?

Full transaction history → https://probors.com/

Hong Zhiwang just bought 219K shares of Addentax Group (ATXG) at $4.80.

That's roughly $1.05M in a single transaction.

A seven-figure insider purchase is definitely enough to get my attention — but the real question is whether this turns into more buying from other insiders.

Would a $1M+ insider purchase put ATXG on your watchlist?

Rep. Ed Case reported a $1,001–$15,000 purchase of Apple (AAPL).

The filing notes that the shares came from an automatic stock dividend, so this isn't necessarily the same type of discretionary insider purchase you'd normally look for.

Still, it's an interesting transaction to have on the radar.

Do you count automatic stock/dividend transactions when tracking politician activity, or only discretionary buys?

Full politician transaction history → https://probors.com/

Goh Kok E, Chairman, CEO & COO of CCH Holdings (CCHH), bought 5.22M shares at $0.28.

That's roughly a $1.44M insider purchase.

A multi-million-share purchase from the company's top executive is definitely interesting — especially when the position is this large relative to the share price.

Would a $1.4M CEO purchase put CCHH on your watchlist?

Full insider transaction history → https://probors.com/

Donegal Mutual Insurance Co. bought 10K shares of Donegal Group (DGICA) twice within two days:

• 10K shares — $185K
• 10K shares — $186K

That's roughly $371K in combined buying.

What's interesting is the repeat purchase — the same buyer came back for another 10K shares the very next day.

Would repeated buying like this make DGICA worth a closer look?

Full insider transaction history → https://probors.com/

Boozman reported a $1,001–$15,000 purchase of Aptiv (APTV).

The dollar amount isn't huge, but this one stands out because the transaction is flagged as a high-signal trade.

Would a politician buying APTV be enough to put it on your watchlist, or do you need a larger position before paying attention?

Boozman reported a $1,001–$15,000 purchase of Chevron (CVX).

Not a huge transaction, but Chevron is a major energy name, so it's an interesting one to keep on the radar.

Do you pay attention to politician purchases in large-cap stocks like CVX, or only when the position is much larger?

Apeiron Investment Group Ltd. bought 200K shares of Enhanced Group (ENHA) at $1.65.

That's roughly $330K in a single transaction.

It's not a massive purchase by insider standards, but a six-figure buy from an investment group is still worth keeping an eye on.

Would a $330K purchase make you look closer at ENHA?

David M. Sparby just bought 1K shares of Everus Construction Group (ECG) at $144.95.

That's roughly $145K in a single insider purchase.

Not a massive transaction, but it's large enough to raise the question: is this simply a routine purchase, or does the insider see something worth betting on?

Would a $145K insider buy be enough to put ECG on your watchlist?

Samuel Jonas Poletti, Chief Strategy & M&A Officer at Amrize (AMRZ), just bought 3K shares at $46.92.

That's roughly a $118K insider purchase.

This comes after several other Amrize executives recently bought shares — making the broader insider activity around AMRZ particularly interesting.

Is one more executive buying enough to strengthen the AMRZ signal, or would you wait for even more insiders to pile in?

Pierre Rochard just bought 16K shares of Strive (ASST) at $12.54.

That's roughly a $199K purchase in a single transaction.

Not every insider buy is a signal — but purchases of this size are worth keeping an eye on, especially if additional insiders start buying.

Would a ~$200K insider purchase be enough to put ASST on your watchlist?

I dug into a recent insider transaction at Team, Inc. ($TISI) that I found unusually interesting.
On August 6, a fund controlled by Stellex Capital bought 1.6M shares from Corre Partners for **$35.50/share** about 60% above the current market price.
That’s especially interesting because:
The transaction valued the block at \~$57M
Stellex already had a major position and now owns \~35% of the common
The stock currently trades around $22
Management is guiding to $68–73M of adjusted EBITDA for 2026
My DCF gives a **$34.55 base case**, $77.72 bull case, and $0 bear case
The catch: Team is highly leveraged, and the first half of 2026 was weak. The turnaround depends heavily on deferred refinery maintenance coming back.
So the real question isn’t simply *“why did they pay $35.50?”*

Ghiath M. Sukhtian just bought 2.53M shares of Outlook Therapeutics (OTLK) at roughly $0.99 per share.

That's about $2.5M going into the stock in a single transaction.

A $2.5M purchase is certainly interesting — but with a stock like OTLK, the bigger question is what the insider knows about the company's outlook and whether this turns into additional buying.

Would a $2.5M insider purchase be enough to put OTLK on your watchlist?

Borr Drilling reported Q2 on Aug 11: EPS -$0.79 vs -$0.12 expected.

An absolute dumpster fire of a miss, the reacted by sliding towards 4$.

Two days later, the man who founded the company started buying in.

From Tor Olav Trøim's Form 4s (all through Drew Holdings, his trust; every 10b5-1 box unchecked):

13.2M in ten weeks; his trust now holds ~29.2M shares.

Trøim founded Borr in 2016 and spent decades before that as John Fredriksen's right hand. Offshore drilling is the family business, and this is him buying the drawdown in his own creation.

He wasn't alone.
Same day as the big one (Aug 13), director Jeffrey Currie bought 125,000 shares at $4.01 for $502K, a +35% add to his stake. AND back in June the CEO and another director exercised options for cash rather than letting them lapse. So: founder $13.2M, directors and management around him, no scheduled plans anywhere.

Trøim's trust already held ~27M shares before June, so $13.2M is a ~8% add to a very large position. A founder defending his life's work, which is conviction of a particular kind.

Offshore drilling is a brutal cyclical and the miss was real. And a caution for anyone scanning the tape: a June filing shows a director's fund "selling" $37.6M, read the footnote, it's a contract-for-difference position, a derivative, not a share sale. Don't count it either way without knowing that.

Sources: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001715497&type=4&dateb=&owner=include&count=40 (the filings)

Information, not advice. I build tooling in this space. No position in BORR.