Executive Summary
Today's insider trading digest (2026-09-28) reveals a market characterized by routine director compensation (phantom stock, restricted stock awards) and tax-withholding sales, punctuated by a few high-conviction insider purchases and notable large-scale awards.
The most significant buying signals come from Hyperscale Data's Executive Chairman (500K shares, ~$84K), Galecto's CEO (~$253K), and Scorpio Tankers' management receiving massive equity awards (~$53M combined), suggesting strong insider alignment. Conversely, Pure Storage's Chief Product Officer sold $5.3M in stock, and Worthington Enterprises' 10% owner sold $1.8M, representing the most bearish signals. Sector-wise, technology and biotech show routine director compensation, while shipping and fintech display more aggressive insider activity. No major guidance changes or forward-looking statements were flagged in this batch, but the concentration of awards in Scorpio Tankers and AtlasClear warrants close monitoring for potential dilution and strategic direction signals.
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 17, 2026.
Investment Signals (12)
- Hyperscale Data ↓ (BULLISH)▲
Executive Chairman Milton Ault III bought 500K shares (~$84K) across 4 transactions at $0.16-$0.18, increasing his stake to 3.6M shares; a strong bullish signal given his insider position and the low price point
- Galecto ↓ (BULLISH)▲
CEO Jennifer Jarrett bought 12,500 shares (~$253K) at $20.23, a significant personal investment that signals confidence in the company's pipeline and prospects
- Scorpio Tankers ↓ (BULLISH)▲
CEO, President, and COO collectively received awards of ~$52.7M in common shares (240,495 each for CEO and President, 168,346 for COO), indicating strong alignment with shareholders and confidence in future performance
- Pure Storage ↓ (BEARISH)▲
Chief Product Officer Ajay Singh sold 42,930 shares (~$5.33M) at $124.17, a large sale that may signal concerns about valuation or growth prospects
- Worthington Enterprises ↓ (BEARISH)▲
10% owner John P. McConnell sold 30,322 shares (~$1.81M) at ~$59.83, while also exercising options at $30.35, realizing a significant gain; the sale could indicate profit-taking or reduced conviction
- On Holding AG ↓ (NEUTRAL)▲
Multiple directors (Miele, Helmersson, Durkin) had shares withheld for taxes, totaling ~$59K, which is routine but reduces their holdings; no bearish signal, but watch for larger sales
- Saba Capital Management (BULLISH)▲
Increased stakes in New Germany Fund and Mexico Fund by buying ~$78K combined, showing continued conviction in closed-end fund discounts
- AtlasClear Holdings ↓ (NEUTRAL)▲
Multiple insiders (President, CFO, Executive Chairman, Directors) received awards totaling ~$145K in stock, indicating management is incentivized with equity but also potential dilution for existing shareholders
- DynEx Capital ↓ (BULLISH)▲
CIO Terrence Connelly bought 2,500 shares (~$28K) at $11.18, a modest but positive signal from a key executive
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Kevin Parks bought 1,000 shares (~$11.9K) at $11.90, a small purchase but shows insider confidence in the trust's income strategy
- CTT Pharmaceutical Holdings ↓ (BULLISH)▲
CEO bought 3,400 shares (~$187) at $0.06, a token purchase but signals continued commitment at a very low price
- PagerDuty ↓ (BEARISH)▲
Executive Chair Jennifer Tejada sold 8,000 shares (~$120K) under a 10b5-1 plan, a routine sale but still reduces her stake; watch for further sales
Risk Flags (8)
- Pure Storage↓ [HIGH RISK]▼
Large insider sale of $5.33M by CPO at $124.17, which is near 52-week highs; could indicate valuation concerns or profit-taking
- Worthington Enterprises↓ [MEDIUM RISK]▼
10% owner sold $1.81M while exercising options, a classic 'sell the news' pattern; watch for further distribution
- AtlasClear Holdings↓ [MEDIUM RISK]▼
Multiple insider awards (total ~$145K) could lead to dilution; with a stock price around $0.20, the company may face financial stress
- Hyperscale Data↓ [HIGH RISK]▼
Insider buying at $0.17 is a positive signal, but the low price suggests high risk; the company may be a distressed asset
- Scorpio Tankers↓ [MEDIUM RISK]▼
Large equity awards (~$53M) will dilute existing shareholders; while bullish for alignment, it could pressure EPS
- On Holding AG↓ [LOW RISK]▼
Tax-withholding sales by multiple directors, though small, could indicate a pattern of reducing exposure; monitor for larger sales
- PagerDuty↓ [MEDIUM RISK]▼
Executive Chair's sale under 10b5-1 plan may be routine, but the timing at $15.00 (near recent lows) could signal lack of confidence
- Codere Online↓ [LOW RISK]▼
Director sold 460 shares at $10.10 under 10b5-1, a small sale but in a volatile sector; watch for further insider selling
Opportunities (9)
- Scorpio Tankers↓ (OPPORTUNITY)◆
Management's massive equity awards signal confidence in tanker market fundamentals; with a strong balance sheet and insider alignment, the stock may be undervalued
- Hyperscale Data↓ (OPPORTUNITY)◆
Executive Chairman's aggressive buying at $0.17 suggests he sees significant upside; if the company executes on its AI/data center strategy, the stock could re-rate
- Galecto↓ (OPPORTUNITY)◆
CEO's $253K purchase at $20.23 is a strong vote of confidence; with a promising pipeline, the stock may be undervalued
- Saba Capital Management (OPPORTUNITY)◆
Continued buying in closed-end funds (New Germany, Mexico) indicates they see value in the discounts; investors could follow suit
- DynEx Capital↓ (OPPORTUNITY)◆
CIO's purchase at $11.18 is a positive signal; with a high dividend yield, the stock may be attractive for income investors
- Angel Oak Financial Strategies↓ (OPPORTUNITY)◆
Insider purchase at $11.90 suggests confidence in the trust's income generation; with a high yield, it may be a good income play
- CTT Pharmaceutical↓ (OPPORTUNITY)◆
CEO's token purchase at $0.06 is a speculative signal; if the company achieves regulatory milestones, the stock could have significant upside
- AtlasClear Holdings↓ (OPPORTUNITY)◆
Insider awards at $0.20 suggest management is committed; if the company can execute on its fintech strategy, the stock could appreciate
- Vontier↓ (OPPORTUNITY)◆
Director award of 1,060 shares at $31.95 is routine, but the company's focus on smart infrastructure could provide long-term growth
Sector Themes (6)
- Shipping (Scorpio Tankers)◆
Management receiving large equity awards (~$53M combined) signals confidence in tanker market; watch for sector-wide insider buying as a bullish indicator.
- Fintech/Small-Cap (AtlasClear, Hyperscale Data)◆
Insider buying and awards at low prices suggest a speculative but potentially high-reward environment; investors should be cautious of dilution and financial instability.
- Biotech (Galecto, Legend Biotech, CTT)◆
Insider buying in Galecto and CTT, coupled with director awards in Legend Biotech, indicates a mix of confidence and routine compensation; watch for clinical catalysts.
- Closed-End Funds (Saba Capital)◆
Saba's continued accumulation in New Germany and Mexico funds highlights a trend of activist investors targeting discounts; this could lead to tender offers or board changes.
- Technology (Pure Storage, PagerDuty, Dell)◆
Insider selling in Pure Storage and PagerDuty, while Dell directors receive routine awards, suggests a cautious stance among tech executives at current valuations.
- Consumer Staples (Campbell's, Kroger)◆
Director phantom stock awards and tax-withholding sales are routine, indicating stable management confidence but no aggressive buying or selling signals.
Watch List (8)
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Watch for Q3 earnings (late Oct) to see if management's equity awards translate into performance; also monitor for any insider selling post-award.
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Monitor for further insider buying or company announcements regarding its AI/data center strategy; the stock's low price makes it highly speculative.
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Watch for additional insider sales, especially by other C-suite executives; if the CPO's sale is followed by others, it could signal a top.
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Monitor for further sales by 10% owner McConnell; his exercise and sale pattern could indicate a distribution phase.
- 👁
Watch for clinical trial updates or FDA interactions; the CEO's purchase suggests near-term catalysts may be positive.
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Monitor for any reverse stock split or financing announcements; the insider awards could be a precursor to a capital raise.
- Saba Capital Management👁
Watch for 13D filings or proxy battles in New Germany and Mexico funds; Saba's buying may lead to activist actions.
-
Monitor for any larger insider sales beyond tax withholdings; the company's growth trajectory could be impacted by insider sentiment.
Filing Analyses
(50)
28-09-2026
Director Averill Howard M was awarded 2,348.99 Phantom Stock.
- · Director Averill Howard M was awarded 2,348.99 Phantom Stock
28-09-2026
Director McLoughlin Keith R was awarded 4,414.04 Phantom Stock.
- · Director McLoughlin Keith R was awarded 4,414.04 Phantom Stock
28-09-2026
Director Schmidt Kurt was awarded 3,691.28 Phantom Stock.
- · Director Schmidt Kurt was awarded 3,691.28 Phantom Stock
28-09-2026
Director Vuong Pham Nhat acquired 500,000,000 VFVN Series 5 Preference Shares.
- · Director Vuong Pham Nhat acquired 500,000,000 VFVN Series 5 Preference Shares
28-09-2026
Director Miele Laura had withheld for taxes 609 Class A Shares at $30.16 (~$18.4K). Miele Laura holds 10,720 shares after the transaction.
- · Director Miele Laura had withheld for taxes 609 Class A Shares at $30.16 (~$18.4K)
28-09-2026
Executive Chairman AULT MILTON C III bought 500,000 Class A Common Stock at $0.17 (~$84.3K). 4 transactions reported in total. AULT MILTON C III holds 3,613,692 shares after the transaction.
- · Executive Chairman AULT MILTON C III bought 33,000 Class A Common Stock at $0.17 (~$5.69K)
- · Executive Chairman AULT MILTON C III bought 100,000 Class A Common Stock at $0.18 (~$18.2K)
- · Executive Chairman AULT MILTON C III bought 56,600 Class A Common Stock at $0.16 (~$9.33K)
- · Executive Chairman AULT MILTON C III bought 500,000 Class A Common Stock at $0.17 (~$84.3K)
28-09-2026
Director Helmersson Helena had withheld for taxes 633 Class A Shares at $30.16 (~$19.1K). Helmersson Helena holds 6,189 shares after the transaction.
- · Director Helmersson Helena had withheld for taxes 633 Class A Shares at $30.16 (~$19.1K)
28-09-2026
Director Durkin Dennis M had withheld for taxes 723 Class A Shares at $30.16 (~$21.8K). Durkin Dennis M holds 103,755 shares after the transaction.
- · Director Durkin Dennis M had withheld for taxes 723 Class A Shares at $30.16 (~$21.8K)
28-09-2026
Director, President and CEO Jarrett Jennifer bought 12,500 Ordinary Shares at $20.23 (~$253K). Jarrett Jennifer holds 512,500 shares after the transaction.
- · Director, President and CEO Jarrett Jennifer bought 12,500 Ordinary Shares at $20.23 (~$253K)
28-09-2026
Director Eatroff Robert L was awarded 1,060 Common Stock, par value $0.0001 at $31.95 (~$33.9K). Eatroff Robert L holds 59,446.786 shares after the transaction.
- · Director Eatroff Robert L was awarded 1.273 Common Stock, par value $0.0001 at $31.43 (~$40)
- · Director Eatroff Robert L was awarded 1,060 Common Stock, par value $0.0001 at $31.95 (~$33.9K)
28-09-2026
Chief Investment Officer Connelly Terrence John JR bought 2,500 Common Stock at $11.18 (~$28K). Connelly Terrence John JR holds 58,695 shares after the transaction.
- · Chief Investment Officer Connelly Terrence John JR bought 2,500 Common Stock at $11.18 (~$28K)
28-09-2026
Parks Kevin bought 1,000 Common Stock at $11.90 (~$11.9K). Parks Kevin holds 7,667 shares after the transaction.
- · Parks Kevin bought 1,000 Common Stock at $11.90 (~$11.9K)
28-09-2026
President BUGBEE ROBERT L was awarded 240,495 Common Shares at $81.16 (~$19.5M). BUGBEE ROBERT L holds 880,783 shares after the transaction.
- · President BUGBEE ROBERT L was awarded 240,495 Common Shares at $81.16 (~$19.5M)
28-09-2026
CHIEF FINANCIAL OFFICER Srinivasan Anitha exercised/converted 8,005 TRT Common Stock at $2.51 (~$20.1K). Srinivasan Anitha holds 40,022 shares after the transaction.
- · CHIEF FINANCIAL OFFICER Srinivasan Anitha exercised/converted 8,005 TRT Common Stock at $2.51 (~$20.1K)
- · CHIEF FINANCIAL OFFICER Srinivasan Anitha exercised/converted 8,005 Common Stock (Right to Buy)
28-09-2026
President Ridenhour David Craig was awarded 50,000 Common Stock at $0.20 (~$10K). Ridenhour David Craig holds 1,086,842 shares after the transaction.
- · President Ridenhour David Craig was awarded 50,000 Common Stock at $0.20 (~$10K)
- · President Ridenhour David Craig was awarded 50,000 Common Stock at $0.19 (~$9.39K)
28-09-2026
Director Carlson Steven J. was awarded 10,000 Common Stock at $0.20 (~$1.99K). Carlson Steven J. holds 15,000 shares after the transaction.
- · Director Carlson Steven J. was awarded 10,000 Common Stock at $0.20 (~$1.99K)
- · Director Carlson Steven J. was awarded 5,000 Common Stock at $0.19 (~$960)
28-09-2026
CFO & General Counsel Patel Sandip I was awarded 50,000 Common Stock at $0.22 (~$10.9K). Patel Sandip I holds 905,130 shares after the transaction.
- · CFO & General Counsel Patel Sandip I was awarded 50,000 Common Stock at $0.22 (~$10.9K)
- · CFO & General Counsel Patel Sandip I was awarded 50,000 Common Stock at $0.20 (~$9.88K)
28-09-2026
Director Hammond Thomas Jon was awarded 500,000 Common Stock at $0.20 (~$99.8K). Hammond Thomas Jon holds 500,706 shares after the transaction.
- · Director Hammond Thomas Jon was awarded 500,000 Common Stock at $0.20 (~$99.8K)
28-09-2026
Executive Chairman Schaible John Martin was awarded 64,900 Common Stock at $0.19 (~$12.1K). Schaible John Martin holds 1,086,842 shares after the transaction.
- · Executive Chairman Schaible John Martin was awarded 35,100 Common Stock at $0.21 (~$7.51K)
- · Executive Chairman Schaible John Martin was awarded 64,900 Common Stock at $0.19 (~$12.1K)
28-09-2026
Chief Operating Officer Mackey Cameron Keyser was awarded 168,346 Common Shares at $81.16 (~$13.7M). Mackey Cameron Keyser holds 907,877 shares after the transaction.
- · Chief Operating Officer Mackey Cameron Keyser was awarded 168,346 Common Shares at $81.16 (~$13.7M)
28-09-2026
Director Hilado Maria Teresa was awarded 2,332.86 Phantom Stock.
- · Director Hilado Maria Teresa was awarded 2,332.86 Phantom Stock
28-09-2026
Chief Executive Officer Lauro Emanuele was awarded 240,495 Common Shares at $81.16 (~$19.5M). Lauro Emanuele holds 1,147,799 shares after the transaction.
- · Chief Executive Officer Lauro Emanuele was awarded 240,495 Common Shares at $81.16 (~$19.5M)
28-09-2026
Director Hofstetter Sarah was awarded 2,155.39 Phantom Stock.
- · Director Hofstetter Sarah was awarded 2,155.39 Phantom Stock
28-09-2026
CEO CTT PHARMACEUTICAL HOLDINGS, INC. bought 3,400 CTTH at $0.06 (~$187). CTT PHARMACEUTICAL HOLDINGS, INC. holds 9,429,956 shares after the transaction.
- · CEO CTT PHARMACEUTICAL HOLDINGS, INC. bought 3,400 CTTH at $0.06 (~$187)
28-09-2026
10% owner Saba Capital Management, L.P. bought 5,256 Common Stock at $10.74 (~$56.4K). Saba Capital Management, L.P. holds 3,704,214 shares after the transaction.
- · 10% owner Saba Capital Management, L.P. bought 500 Common Stock at $10.85 (~$5.43K)
- · 10% owner Saba Capital Management, L.P. bought 5,256 Common Stock at $10.74 (~$56.4K)
28-09-2026
10% owner Saba Capital Management, L.P. bought 1,049 Common Stock at $20.69 (~$21.7K). Saba Capital Management, L.P. holds 2,343,069 shares after the transaction.
- · 10% owner Saba Capital Management, L.P. bought 1,049 Common Stock at $20.69 (~$21.7K)
- · 10% owner Saba Capital Management, L.P. bought 834 Common Stock at $20.74 (~$17.3K)
28-09-2026
10% owner MCCONNELL JOHN P/OH sold 30,322 Common Shares at $59.83 (~$1.81M). 8 transactions reported in total. MCCONNELL JOHN P/OH holds 1,335,648 shares after the transaction.
- · 10% owner MCCONNELL JOHN P/OH exercised/converted 34,622 Common Shares at $30.35 (~$1.05M)
- · 10% owner MCCONNELL JOHN P/OH sold 30,322 Common Shares at $59.83 (~$1.81M)
- · 10% owner MCCONNELL JOHN P/OH sold 4,300 Common Shares at $59.23 (~$255K)
- · 10% owner MCCONNELL JOHN P/OH exercised/converted 34,622 Common Shares at $27.27 (~$944K)
- · 10% owner MCCONNELL JOHN P/OH sold 22,375 Common Shares at $61.21 (~$1.37M)
- · 10% owner MCCONNELL JOHN P/OH sold 12,247 Common Shares at $60.03 (~$735K)
- · 10% owner MCCONNELL JOHN P/OH exercised/converted 34,622 Non-qualified stock option (right to buy)
- · 10% owner MCCONNELL JOHN P/OH exercised/converted 34,622 Non-qualified stock option (right to buy)
28-09-2026
Executive Vice President Vincent George H. had withheld for taxes 1,677 Common Stock at $58.74 (~$98.5K). Vincent George H. holds 17,982 shares after the transaction.
- · Executive Vice President Vincent George H. had withheld for taxes 1,677 Common Stock at $58.74 (~$98.5K)
28-09-2026
Group Vice President Shaffer Megan N. had withheld for taxes 269 Common Stock at $58.74 (~$15.8K). Shaffer Megan N. holds 31,938 shares after the transaction.
- · Group Vice President Shaffer Megan N. had withheld for taxes 269 Common Stock at $58.74 (~$15.8K)
28-09-2026
Director Mao Li was awarded 20,986 Ordinary Shares. Mao Li holds 65,316 shares after the transaction.
- · Director Mao Li was awarded 20,986 Ordinary Shares
28-09-2026
10% owner HORIZON KINETICS ASSET MANAGEMENT LLC bought 756 Common Stock at $3.02 (~$2.28K). HORIZON KINETICS ASSET MANAGEMENT LLC holds 974,244 shares after the transaction.
- · 10% owner HORIZON KINETICS ASSET MANAGEMENT LLC bought 756 Common Stock at $3.02 (~$2.28K)
28-09-2026
Director Mattarella Antonino Maria was awarded 7,027 Common Shares at $81.16 (~$570K). Mattarella Antonino Maria holds 7,027 shares after the transaction.
- · Director Mattarella Antonino Maria was awarded 7,027 Common Shares at $81.16 (~$570K)
28-09-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
28-09-2026
President and CEO Kushner Koby Soloman was awarded 350,000 Common Stock Options at $0.24 (~$84K).
- · President and CEO Kushner Koby Soloman was awarded 350,000 Common Stock Options at $0.24 (~$84K)
28-09-2026
Executive Chair Tejada Jennifer sold 8,000 Common Stock at $15.00 (~$120K). Tejada Jennifer holds 1,670,251 shares after the transaction. Trades executed under a Rule 10b5-1 plan.
- · Executive Chair Tejada Jennifer sold 8,000 Common Stock at $15.00 (~$120K)
28-09-2026
Director GREEN WILLIAM D was awarded 680 Class C Common Stock. GREEN WILLIAM D holds 48,299 shares after the transaction.
- · Director GREEN WILLIAM D was awarded 680 Class C Common Stock
28-09-2026
Director Tzitzon Nicholas was awarded 296 Deferred Restricted Stock Units at $306.74 (~$90.8K).
- · Director Tzitzon Nicholas was awarded 296 Deferred Restricted Stock Units at $306.74 (~$90.8K)
28-09-2026
Director Kullman Ellen Jamison was awarded 419 Class C Common Stock. Kullman Ellen Jamison holds 66,081 shares after the transaction.
- · Director Kullman Ellen Jamison was awarded 419 Class C Common Stock
28-09-2026
Executive Vice President FARBER JEFFREY M was awarded 41.901 Common Stock. FARBER JEFFREY M holds 68,819.3 shares after the transaction.
- · Executive Vice President FARBER JEFFREY M was awarded 41.901 Common Stock
28-09-2026
Director Iglesias Sanchez Oscar sold 460 Ordinary Shares at $10.10 (~$4.65K). Iglesias Sanchez Oscar holds 103,651 shares after the transaction. Trades executed under a Rule 10b5-1 plan.
- · Director Iglesias Sanchez Oscar sold 460 Ordinary Shares at $10.10 (~$4.65K)
28-09-2026
Director Salovey Peter was awarded 28,330 Ordinary Shares. Salovey Peter holds 55,096 shares after the transaction.
- · Director Salovey Peter was awarded 28,330 Ordinary Shares
28-09-2026
Director Heyman Tomas J. was awarded 20,986 Ordinary Shares. Heyman Tomas J. holds 53,720 shares after the transaction.
- · Director Heyman Tomas J. was awarded 20,986 Ordinary Shares
28-09-2026
Director Casey Patrick John was awarded 20,986 Ordinary Shares. Casey Patrick John holds 69,590 shares after the transaction.
- · Director Casey Patrick John was awarded 20,986 Ordinary Shares
28-09-2026
Director Sanders Corazon (Corsee) D. was awarded 20,986 Ordinary Shares. Sanders Corazon (Corsee) D. holds 80,101 shares after the transaction.
- · Director Sanders Corazon (Corsee) D. was awarded 20,986 Ordinary Shares
28-09-2026
See Remarks Sanderson Katherine Elizabeth had withheld for taxes 231.81 Common Stock, par value $0.01 at $153.74 (~$35.6K). Sanderson Katherine Elizabeth holds 24,510.71 shares after the transaction.
- · See Remarks Sanderson Katherine Elizabeth had withheld for taxes 231.81 Common Stock, par value $0.01 at $153.74 (~$35.6K)
28-09-2026
Chief Product Officer Singh Ajay sold 42,930 Class A Common Stock at $124.17 (~$5.33M). Singh Ajay holds 288,362 shares after the transaction.
- · Chief Product Officer Singh Ajay sold 42,930 Class A Common Stock at $124.17 (~$5.33M)
28-09-2026
Director Ji Darren Xiaohui was awarded 28,330 Ordinary Shares. Ji Darren Xiaohui holds 92,103 shares after the transaction.
- · Director Ji Darren Xiaohui was awarded 28,330 Ordinary Shares
28-09-2026
Director GRAIN DAVID J was awarded 633 Class C Common Stock. GRAIN DAVID J holds 25,517 shares after the transaction.
- · Director GRAIN DAVID J was awarded 633 Class C Common Stock
28-09-2026
Director DORMAN DAVID W was awarded 633 Class C Common Stock. DORMAN DAVID W holds 78,857 shares after the transaction.
- · Director DORMAN DAVID W was awarded 633 Class C Common Stock
28-09-2026
Director Truban Erica N. was awarded 102 Common Stock at $40.39 (~$4.12K). Truban Erica N. holds 102 shares after the transaction.
- · Director Truban Erica N. was awarded 102 Common Stock at $40.39 (~$4.12K)
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