Executive Summary
The September 25, 2026, insider trading digest reveals a market characterized by significant insider selling at elevated valuations, particularly in the technology and energy sectors, while routine director and executive stock awards dominate the filing volume.
A notable cluster of high-value, pre-planned sales by C-suite officers at Fastly, Redwire, and Credo Technology signals potential profit-taking or hedging at perceived peaks, with aggregate insider sales exceeding $20 million. Conversely, a bullish insider purchase by Skillsoft's CEO provides a contrarian signal in a distressed company. The data shows a clear bifurcation: routine equity grants and tax-withholding transactions are neutral, while discretionary sales by top executives at high-growth tech firms and energy directors warrant closer scrutiny. The absence of significant forward-looking guidance changes or capital allocation shifts in the filings limits the ability to forecast near-term catalysts, but the sheer volume of 10b5-1 plan sales suggests a cautious stance among insiders at current market levels.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: Form 4
Tracking the trend? Catch up on the prior Insider Trading Pulse digest from September 24, 2026.
Investment Signals (12)
- Fastly, Inc. ↓ (BEARISH)▲
CTO sold $7.9M in stock via a 10b5-1 plan, the largest single insider sale in the digest, representing a significant reduction in his position. This signals potential concern about future growth or a desire to lock in gains at ~$30/share
- Redwire Corp ↓ (BEARISH)▲
A major director (AE RED HOLDINGS, LLC) sold $10.5M in stock, reducing its stake by 86%. This massive sell-down by a key insider is a strong bearish signal, suggesting a lack of confidence in near-term prospects
- Credo Technology Group Holding Ltd ↓ (BEARISH)▲
CTO sold $1.5M in stock under a 10b5-1 plan, with multiple trades near $190/share. Given the stock's high valuation, this signals potential profit-taking by a key technical leader
- Skillsoft Corp. ↓ (BULLISH)▲
CEO & Executive Chair bought $66.4K in stock at $5.93, a bullish insider purchase in a company facing headwinds. This signals management's belief that the stock is undervalued and a vote of confidence in the turnaround
- Twist Bioscience Corp ↓ (BEARISH)▲
CEO sold $435K in stock under a 10b5-1 plan, with multiple transactions near $175/share. While pre-planned, the timing and size suggest a cautious stance at elevated levels
- GULFPORT ENERGY CORP ↓ (BEARISH)▲
Director sold $397K in stock at $159, a notable sale in the energy sector. This could signal a view that oil/gas prices or the company's valuation has peaked in the near term
- Kura Oncology, Inc. ↓ (BEARISH)▲
Chief Scientific Officer exercised options at $6.15 and immediately sold shares at $10.83, netting a profit of ~$225K. This exercise-and-sell pattern is often viewed as a lack of long-term conviction
- AMERICAN COASTAL INSURANCE Corp ↓ (BEARISH)▲
Secretary sold $192K in stock, a significant sale relative to the company's market cap. This insider selling in a small-cap insurance firm raises governance and performance concerns
- Magnolia Oil & Gas Corp ↓ (BULLISH)▲
CFO and EVP had shares withheld for taxes after equity awards, a neutral transaction. However, the net increase in holdings (awarded shares minus tax shares) is a modest positive signal, indicating ongoing equity retention
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Multiple EVPs and the CFO were awarded 176,056 shares each, a large equity grant. This aligns management with long-term performance, but the sheer size could lead to future selling pressure [NEUTRAL/BULLISH]
- Beam Therapeutics Inc. ↓ (NEUTRAL)▲
President gifted 123,407 shares, a large transfer that could be for estate planning or charitable purposes. While not a sale, it removes a potential future seller from the insider roster and is neutral for the stock
- SEMTECH CORP ↓ (BEARISH)▲
Director sold $86.3K in stock under a 10b5-1 plan at $172.61. While a small sale, it comes as the stock trades near highs, suggesting a cautious stance from the board
Risk Flags (10)
- Redwire Corp / Massive Director Sell-Down↓ [HIGH RISK]▼
A director sold 86% of its stake ($10.5M), the most aggressive insider exit in the digest. This is a major red flag for corporate governance and future performance
- Fastly, Inc. / CTO Large-Scale 10b5-1 Sale↓ [HIGH RISK]▼
The CTO sold $7.9M, representing a significant portion of his holdings. While pre-planned, the size and price (~$30) suggest a peak-selling opportunity
- Credo Technology Group / CTO Profit-Taking↓ [MEDIUM RISK]▼
The CTO sold $1.5M near $190, a high valuation for a growth stock. This could signal that internal expectations for growth are moderating
- Kura Oncology / Exercise-and-Sell Pattern↓ [MEDIUM RISK]▼
The CSO exercised options and sold shares, a classic pattern of insider cashing out. This reduces insider alignment with shareholders
- Twist Bioscience / CEO 10b5-1 Sales↓ [MEDIUM RISK]▼
The CEO sold $435K under a plan, a notable sale at a high stock price. This could be a signal that the CEO sees limited upside from current levels
- GULFPORT ENERGY / Director Sale↓ [MEDIUM RISK]▼
A director sold $397K at $159, a significant sale in the energy sector. This could indicate a view that energy prices have peaked
- AMERICAN COASTAL INSURANCE / Secretary Sale↓ [MEDIUM RISK]▼
The Secretary sold $192K, a large sale for a small-cap company. This raises concerns about insider confidence in the business outlook
- CYPHERPUNK TECHNOLOGIES / Director Sale↓ [HIGH RISK]▼
A director sold $662K in stock at $3.92, a significant sale for a small-cap tech company. This signals a lack of confidence in the company's trajectory
- Mission Produce / Executive Chairman Sales↓ [MEDIUM RISK]▼
The Executive Chairman sold $146K in stock at $13.00, a consistent seller. This pattern is a red flag for a company in the agricultural sector
- Beam Therapeutics / Large Gift by President↓ [LOW RISK]▼
The President gifted 123,407 shares, a large transfer that could be for tax or estate planning. While not a sale, it removes a significant insider holder from the active roster
Opportunities (9)
- Skillsoft Corp. / CEO Insider Purchase↓ (OPPORTUNITY)◆
CEO bought $66.4K in stock at $5.93, a strong bullish signal in a beaten-down stock. This could be a contrarian opportunity if the turnaround gains traction
- ◆
Multiple executives received 176,056 shares each, aligning their interests with long-term performance. This could drive operational improvements and stock price appreciation
- Magnolia Oil & Gas / Insider Retention↓ (OPPORTUNITY)◆
CFO and EVP retained a net positive number of shares after tax withholding, indicating a commitment to the company. This is a positive signal for the energy sector
- KORN FERRY / Director Awards↓ (OPPORTUNITY)◆
Two directors were awarded 2,780 shares each, a sign of board-level confidence. This could be a positive signal for the consulting sector
- PERPETUA RESOURCES / Director Deferred Share Units↓ (OPPORTUNITY)◆
Directors were awarded deferred share units, aligning their compensation with long-term stock performance. This is a positive governance signal
- FIVE BELOW / Insider Awards↓ (OPPORTUNITY)◆
Multiple insiders (COO, CAO) received stock awards, indicating ongoing retention and alignment. This is a positive signal for the retail sector
- Celularity Inc / 10% Owner Convertible Note Acquisition↓ (OPPORTUNITY)◆
A 10% owner acquired $2.14M in convertible notes, a significant vote of confidence in the company's future. This could be a catalyst for equity holders
- Immunovant, Inc. / CLO Small Sale↓ (OPPORTUNITY)◆
The CLO sold only $103K, a small amount relative to holdings (176,545 shares). This is not a significant bearish signal and could be for tax purposes
- HENNESSY ADVISORS / EVP Small Sale↓ (OPPORTUNITY)◆
The EVP sold only $51.3K, a small sale relative to holdings. This is not a significant bearish signal
Sector Themes (6)
- Technology Insider Profit-Taking◆
3 of the 4 largest insider sales (Fastly, Redwire, Credo) are in the technology sector, with aggregate sales exceeding $19.9M. This suggests insiders are taking profits at elevated valuations, a potential top signal for the sector.
- Energy Sector Insider Caution◆
Directors at GULFPORT ENERGY and Magnolia Oil & Gas (via tax withholding) are selling or reducing exposure. This could indicate a view that energy prices have peaked, or that sector headwinds are building.
- Biotech Insider Divestiture◆
Insiders at Kura Oncology, Twist Bioscience, and Immunovant are selling shares, with the CSO at Kura Oncology executing an exercise-and-sell. This suggests a lack of conviction in near-term catalysts or a desire to lock in gains.
- Small-Cap Insider Selling Pressure◆
Companies like AMERICAN COASTAL INSURANCE, CYPHERPUNK TECHNOLOGIES, and Mission Produce saw insider sales that are large relative to their market caps. This is a red flag for small-cap investors.
- Routine Equity Grants Dominate◆
The majority of filings (e.g., Vertiv, Korn Ferry, Five Below) are routine stock awards to directors and officers, which are neutral for stock performance. This indicates a lack of strong conviction signals from most companies.
- Pre-Planned 10b5-1 Sales at High Valuations◆
Multiple 10b5-1 plan sales (Fastly, Twist, Credo, SEMTECH) are occurring at or near 52-week highs. This pattern suggests insiders are systematically reducing exposure at peak valuations.
Watch List (8)
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CTO sold $7.9M under a 10b5-1 plan. Watch for Q3 earnings to see if growth justifies the insider selling. Next earnings call expected late October 2026.
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Director sold $10.5M, reducing stake by 86%. Monitor for any further insider sales or changes in corporate strategy. Next earnings call expected early November 2026.
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CEO bought $66.4K in stock. Watch for any additional insider buying or positive guidance changes. Next earnings call expected mid-November 2026.
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CTO sold $1.5M under a 10b5-1 plan. Monitor for any slowdown in growth or customer concentration issues. Next earnings call expected late October 2026.
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CSO exercised options and sold shares. Watch for any clinical trial updates or regulatory news that could impact the stock. Next earnings call expected early November 2026.
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10% owner acquired $2.14M in convertible notes. Monitor for any conversion or equity issuance that could dilute shareholders. Next earnings call expected mid-November 2026.
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Director sold $397K. Watch for any changes in oil/gas prices or production guidance. Next earnings call expected late October 2026.
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President gifted 123,407 shares. Monitor for any additional insider transactions or changes in ownership structure. Next earnings call expected early November 2026.
Filing Analyses
(50)
25-09-2026
CSBIAO Poliner Graham was awarded 224 Common Stock. Poliner Graham holds 15,758 shares after the transaction.
- · CSBIAO Poliner Graham was awarded 224 Common Stock
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
COO BULL KENNETH R was awarded 1,866 Common Stock. BULL KENNETH R holds 76,930 shares after the transaction.
- · COO BULL KENNETH R was awarded 1,866 Common Stock
25-09-2026
CAO SPECTER ERIC M was awarded 672 Common Stock. SPECTER ERIC M holds 36,154 shares after the transaction.
- · CAO SPECTER ERIC M was awarded 672 Common Stock
25-09-2026
Director MARTINEZ ANGEL R was awarded 2,780 Common Stock, par value $0.01 per share. MARTINEZ ANGEL R holds 31,040 shares after the transaction.
- · Director MARTINEZ ANGEL R was awarded 2,780 Common Stock, par value $0.01 per share
25-09-2026
Director Dean Robert Alan was awarded 907 Deferred Share Units at $23.42 (~$21.2K).
- · Director Dean Robert Alan was awarded 907 Deferred Share Units at $23.42 (~$21.2K)
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
Director Leamon Jerry was awarded 2,780 Common Stock, par value $0.01 per share. Leamon Jerry holds 24,852 shares after the transaction.
- · Director Leamon Jerry was awarded 2,780 Common Stock, par value $0.01 per share
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
Director Milligan Sandra was awarded 10,000 Stock Option (Right to Buy).
- · Director Milligan Sandra was awarded 10,000 Stock Option (Right to Buy)
25-09-2026
Director Oei Khing Djien sold 168,750 Common Stock at $3.92 (~$662K).
- · Director Oei Khing Djien sold 168,750 Common Stock at $3.92 (~$662K)
25-09-2026
Director Oliver George was awarded 1,802 Ordinary Shares. Oliver George holds 1,802 shares after the transaction.
- · Director Oliver George was awarded 1,802 Ordinary Shares
25-09-2026
EVP, Corporate Operations Nettie Norman V was awarded 176,056 Common Stock. Nettie Norman V holds 529,781 shares after the transaction.
- · EVP, Corporate Operations Nettie Norman V was awarded 176,056 Common Stock
25-09-2026
Executive Vice President Hodges Morgan was awarded 176,056 Common Stock. Hodges Morgan holds 252,377 shares after the transaction.
- · Executive Vice President Hodges Morgan was awarded 176,056 Common Stock
25-09-2026
Director Haddock Richie Darrin was awarded 747 Deferred Share Units at $23.42 (~$17.5K).
- · Director Haddock Richie Darrin was awarded 747 Deferred Share Units at $23.42 (~$17.5K)
25-09-2026
CFO, EVP WONG ANSELM was awarded 176,056 Common Stock. WONG ANSELM holds 601,693 shares after the transaction.
- · CFO, EVP WONG ANSELM was awarded 176,056 Common Stock
25-09-2026
Director Sternhell Alexander McLeod was awarded 747 Deferred Share Units at $23.42 (~$17.5K).
- · Director Sternhell Alexander McLeod was awarded 747 Deferred Share Units at $23.42 (~$17.5K)
25-09-2026
Director MADDOCK ERNEST E was awarded 60 Phantom Stock Units at $110.17 (~$6.61K).
- · Director MADDOCK ERNEST E was awarded 60 Phantom Stock Units at $110.17 (~$6.61K)
25-09-2026
CEO & Executive Chair HOVSEPIAN RONALD W bought 11,196 Class A Common Stock at $5.93 (~$66.4K). HOVSEPIAN RONALD W holds 382,267 shares after the transaction.
- · CEO & Executive Chair HOVSEPIAN RONALD W bought 11,196 Class A Common Stock at $5.93 (~$66.4K)
25-09-2026
Chief Technology Officer Bergman Artur sold 262,185 Class A Common Stock at $30.15 (~$7.9M). 4 transactions reported in total. Bergman Artur holds 1,138,358 shares after the transaction. Trades executed under a Rule 10b5-1 plan.
- · Chief Technology Officer Bergman Artur sold 7,600 Class A Common Stock at $28.04 (~$213K)
- · Chief Technology Officer Bergman Artur sold 24,300 Class A Common Stock at $29.17 (~$709K)
- · Chief Technology Officer Bergman Artur sold 262,185 Class A Common Stock at $30.15 (~$7.9M)
- · Chief Technology Officer Bergman Artur sold 85,517 Class A Common Stock at $30.65 (~$2.62M)
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
Director AE RED HOLDINGS, LLC sold 929,435 Common Stock, par value $0.0001 per share at $11.34 (~$10.5M). AE RED HOLDINGS, LLC holds 147,984 shares after the transaction.
- · Director AE RED HOLDINGS, LLC sold 929,435 Common Stock, par value $0.0001 per share at $11.34 (~$10.5M)
25-09-2026
Secretary Adler Brooke sold 21,196 Common Stock at $9.06 (~$192K). Adler Brooke holds 100,175 shares after the transaction.
- · Secretary Adler Brooke sold 21,196 Common Stock at $9.06 (~$192K)
25-09-2026
Executive Chairman Barnard Stephen J sold 11,255 COMMON STOCK at $13.00 (~$146K). Barnard Stephen J holds 1,684,794 shares after the transaction.
- · Executive Chairman Barnard Stephen J sold 10,391 COMMON STOCK at $13.00 (~$135K)
- · Executive Chairman Barnard Stephen J sold 11,255 COMMON STOCK at $13.00 (~$146K)
25-09-2026
Executive VP STEADMAN DANIEL B sold 5,000 Common Stock at $10.26 (~$51.3K). STEADMAN DANIEL B holds 37,768 shares after the transaction.
- · Executive VP STEADMAN DANIEL B sold 5,000 Common Stock at $10.26 (~$51.3K)
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
Chief Human Resources Officer Poncheri Frank was awarded 3.61 Class A Common Stock. Poncheri Frank holds 14,311.22 shares after the transaction.
- · Chief Human Resources Officer Poncheri Frank was awarded 3.61 Class A Common Stock
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
Chief Legal Officer Van Tuyl Christopher sold 2,846 Common Stock at $36.36 (~$103K). Van Tuyl Christopher holds 176,545 shares after the transaction.
- · Chief Legal Officer Van Tuyl Christopher sold 2,846 Common Stock at $36.36 (~$103K)
25-09-2026
Chief Executive Officer Cauley Robert E exercised/converted 1,276 Common Stock. Cauley Robert E holds 228,260 shares after the transaction.
- · Chief Executive Officer Cauley Robert E exercised/converted 1,276 Common Stock
- · Chief Executive Officer Cauley Robert E exercised/converted 1,276.1 Performance Units
25-09-2026
10% owner Philip & Daniele Barach Family Trust acquired 192,771 Convertible Notes. 5 transactions reported in total.
- · 10% owner Philip & Daniele Barach Family Trust acquired 192,771 Convertible Notes
- · 10% owner Philip & Daniele Barach Family Trust acquired 2,140,000 Convertible Notes
- · 10% owner Philip & Daniele Barach Family Trust acquired 1,177,000 Warrants
- · 10% owner Philip & Daniele Barach Family Trust acquired 1,457,765 Convertible Notes
- · 10% owner Philip & Daniele Barach Family Trust acquired 1,457,765 Warrants
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
Chief Legal Officer & Sec. Gill Stephanie L was awarded 6.03 Class A Common Stock. Gill Stephanie L holds 34,435.1 shares after the transaction.
- · Chief Legal Officer & Sec. Gill Stephanie L was awarded 6.03 Class A Common Stock
25-09-2026
Chief Financial Officer Chamberlin Craig was awarded 1.47 Class A Common Stock. Chamberlin Craig holds 5,598.95 shares after the transaction.
- · Chief Financial Officer Chamberlin Craig was awarded 1.47 Class A Common Stock
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
Chief Product and Tech Officer Armul Scott was awarded 5.97 Class A Common Stock. Armul Scott holds 32,042.97 shares after the transaction.
- · Chief Product and Tech Officer Armul Scott was awarded 5.97 Class A Common Stock
25-09-2026
President, Greater China Shen Wei was awarded 0.55 Class A Common Stock. Shen Wei holds 3,320.17 shares after the transaction.
- · President, Greater China Shen Wei was awarded 0.55 Class A Common Stock
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
Pres. Americas Sanghi Anand was awarded 4.45 Class A Common Stock. Sanghi Anand holds 36,372.77 shares after the transaction.
- · Pres. Americas Sanghi Anand was awarded 4.45 Class A Common Stock
25-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
25-09-2026
President EMEA Ryan Paul was awarded 3.17 Class A Common Stock. Ryan Paul holds 18,635.07 shares after the transaction.
- · President EMEA Ryan Paul was awarded 3.17 Class A Common Stock
25-09-2026
Director Walsh Paul V Jr sold 500 Common Stock at $172.61 (~$86.3K). Walsh Paul V Jr holds 26,600 shares after the transaction. Trades executed under a Rule 10b5-1 plan.
- · Director Walsh Paul V Jr sold 500 Common Stock at $172.61 (~$86.3K)
25-09-2026
Chief Executive Officer Leproust Emily M. sold 2,485 Common Stock at $175.23 (~$435K). 10 transactions reported in total. Leproust Emily M. holds 613,699 shares after the transaction. Trades executed under a Rule 10b5-1 plan.
- · Chief Executive Officer Leproust Emily M. sold 2,485 Common Stock at $175.23 (~$435K)
- · Chief Executive Officer Leproust Emily M. sold 945 Common Stock at $176.39 (~$167K)
- · Chief Executive Officer Leproust Emily M. sold 164 Common Stock at $177.17 (~$29.1K)
- · Chief Executive Officer Leproust Emily M. sold 330 Common Stock at $178.67 (~$59K)
- · Chief Executive Officer Leproust Emily M. sold 143 Common Stock at $179.93 (~$25.7K)
- · Chief Executive Officer Leproust Emily M. sold 515 Common Stock at $180.39 (~$92.9K)
- · Chief Executive Officer Leproust Emily M. sold 21 Common Stock at $181.45 (~$3.81K)
- · Chief Executive Officer Leproust Emily M. sold 16 Common Stock at $182.50 (~$2.92K)
25-09-2026
Chief Scientific Officer Burrows Francis sold 20,726 Common Stock at $10.83 (~$225K). Burrows Francis holds 42,327 shares after the transaction.
- · Chief Scientific Officer Burrows Francis exercised/converted 30,000 Common Stock at $6.15 (~$185K)
- · Chief Scientific Officer Burrows Francis sold 20,726 Common Stock at $10.83 (~$225K)
- · Chief Scientific Officer Burrows Francis exercised/converted 30,000 Stock Option (Right to Buy)
25-09-2026
President Ciaramella Giuseppe gifted 123,407 Common Stock. Ciaramella Giuseppe holds 130,504 shares after the transaction.
- · President Ciaramella Giuseppe gifted 123,407 Common Stock
25-09-2026
SVP & CHIEF FINANCIAL OFFICER Corales Brian had withheld for taxes 4,798 Class A Common Stock at $24.74 (~$119K). Corales Brian holds 191,573 shares after the transaction.
- · SVP & CHIEF FINANCIAL OFFICER Corales Brian was awarded 12,193 Class A Common Stock
- · SVP & CHIEF FINANCIAL OFFICER Corales Brian had withheld for taxes 4,798 Class A Common Stock at $24.74 (~$119K)
25-09-2026
Chief Technology Officer Cheng Chi Fung sold 7,736 Ordinary Shares at $193.93 (~$1.5M). 7 transactions reported in total. Cheng Chi Fung holds 5,689,897 shares after the transaction. Trades executed under a Rule 10b5-1 plan.
- · Chief Technology Officer Cheng Chi Fung sold 2,100 Ordinary Shares at $190.03 (~$399K)
- · Chief Technology Officer Cheng Chi Fung sold 2,900 Ordinary Shares at $190.98 (~$554K)
- · Chief Technology Officer Cheng Chi Fung sold 4,000 Ordinary Shares at $191.87 (~$767K)
- · Chief Technology Officer Cheng Chi Fung sold 4,700 Ordinary Shares at $192.98 (~$907K)
- · Chief Technology Officer Cheng Chi Fung sold 7,736 Ordinary Shares at $193.93 (~$1.5M)
- · Chief Technology Officer Cheng Chi Fung sold 5,364 Ordinary Shares at $195.03 (~$1.05M)
- · Chief Technology Officer Cheng Chi Fung sold 700 Ordinary Shares at $195.68 (~$137K)
25-09-2026
EVP, CHIEF LEGAL & COMM & SEC Yang Timothy D. had withheld for taxes 5,270 Class A Common Stock at $24.74 (~$130K). Yang Timothy D. holds 534,783 shares after the transaction.
- · EVP, CHIEF LEGAL & COMM & SEC Yang Timothy D. was awarded 13,392 Class A Common Stock
- · EVP, CHIEF LEGAL & COMM & SEC Yang Timothy D. had withheld for taxes 5,270 Class A Common Stock at $24.74 (~$130K)
25-09-2026
Director Cutt Timothy J. sold 2,500 Common Stock at $158.98 (~$397K). Cutt Timothy J. holds 27,013 shares after the transaction.
- · Director Cutt Timothy J. sold 2,500 Common Stock at $158.98 (~$397K)
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