Name: USA Insider Trading Pulse — September 11, 2026
Creator: Gunpowder
Published: 2026-09-12T01:00:58.420Z
License: https://www.gunpowderalerts.com/terms

49 high priority 1 medium priority 50 total filings analysed

Executive Summary

The September 11, 2026 insider trading pulse reveals a market with divergent insider sentiment: a cluster of high-conviction insider buying in small-cap and micro-cap names (Relmada Therapeutics, Angel Studios, Group 1 Automotive) contrasts with significant, pre-planned selling in high-growth tech (Sea Ltd, Zoom Communications) and insider selling in struggling healthcare (Sera Prognostics).

A notable pattern is the coordinated option exercise and pledge activity at JAKKS Pacific, which may signal capital management rather than directional conviction. The data shows a clear sector divide: life sciences and select financials are seeing insider accumulation, while consumer tech and micro-cap diagnostics are experiencing insider distribution. The most actionable signals come from the magnitude of insider purchases at Angel Studios ($1.88M) and Group 1 Automotive ($6.62M), which dwarf other transactions and suggest strong fundamental conviction. Overall, the pulse indicates selective opportunity in beaten-down sectors with insider support, while caution is warranted for names with persistent 10b5-1 selling programs.

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 USA Insider Trading Pulse digest from September 10, 2026.

Investment Signals (10)

Angel Studios ↓ (BULLISH)
▲

Director Sarowitz Steven I bought $1.88M of Class A Common Stock at $5.28, one of the largest insider purchases by value today. This represents a 40% increase in his holdings and shows extreme conviction in the company's turnaround or growth story.
Group 1 Automotive ↓ (BULLISH)
▲

10% owner Conifer Management bought $6.62M of Common Stock across 13 transactions at ~$282, the single largest insider purchase by value in this pulse. This signals strong confidence in the automotive retail sector and the company's execution.
Relmada Therapeutics ↓ (BULLISH)
▲

CEO TRAVERSA SERGIO bought $418K of stock at $4.18 and CFO Shenouda Maged bought $505K at $4.20, totaling nearly $1M in insider buying. This is a powerful signal of management conviction in the company's pipeline and valuation.
Sea Ltd ↓ (BEARISH)
▲

Three top executives (COO, CPO, CCO) sold a combined $4.26M of Class A ordinary shares under Rule 10b5-1 plans. While pre-planned, the coordinated selling by the entire C-suite is a cautionary signal for the stock's near-term outlook.
Sera Prognostics ↓ (BEARISH)
▲

CEO, CCO, CMO, and General Counsel all sold shares on the same day at $2.00, totaling ~$23K. This coordinated insider selling across multiple executives is a red flag for the diagnostics company's prospects.
Anterix Inc ↓ (BEARISH)
▲

CMO Martin Heather sold $679K and a Director sold $210K of Common Stock. The CMO's sale is particularly notable as it represents a significant portion of her holdings, signaling potential concern about the company's market positioning.
Pinnacle Financial Partners ↓ (BULLISH)
▲

Director Montana Gregory G bought $49.3K of Common Stock at $98.61, a vote of confidence in the regional bank. Meanwhile, the CFO gifted 8,000 shares, which is neutral but shows wealth transfer rather than selling.
Live Oak Bancshares ↓ (BEARISH)
▲

CEO MAHAN JAMES S III sold $387K of Voting Common Stock at $38.75 under a 10b5-1 plan. While pre-planned, the CEO selling $387K in a single day warrants monitoring for any change in the selling pattern.
Youdao, Inc. ↓ (BEARISH)
▲

President Jin Lei sold 70,047 Class A Ordinary Shares, while two other SVPs sold 6,750 each. The president's sale is substantial and suggests a lack of confidence in the near-term stock performance.
ALTRIA GROUP ↓ (BULLISH)
▲

Director McQUADE KATHRYN B. bought $101K of Common Stock at $67.62, a positive signal for the defensive tobacco giant. This insider purchase aligns with the stock's dividend yield and stability appeal.

Risk Flags (8)

Sea Ltd / C-Suite Selling↓ [HIGH RISK]
▼

COO ($1.74M), CPO ($2.42M), and CCO ($102K) all sold under 10b5-1 plans on the same day. The aggregate $4.26M in selling by three top executives is a high-risk signal for the e-commerce and gaming company.
Sera Prognostics / Coordinated Insider Exodus↓ [HIGH RISK]
▼

Four executives (CEO, CCO, CMO, GC) sold shares on the same day at $2.00. This coordinated selling by the entire management team suggests internal pessimism about the company's near-term prospects.
JAKKS Pacific / Pledged Shares↓ [MEDIUM RISK]
▼

All five directors exercised options and had shares pledged as collateral. While option exercises are routine, the pledge of shares as collateral introduces margin call risk if the stock price declines.
Stardust Power Inc / CFO Selling↓ [HIGH RISK]
▼

CFO DEVASPER UDAYCHANDRA sold 49,315 Common Stock at $0.16 under a 10b5-1 plan. Selling at such a low price point ($0.16) is a red flag for a micro-cap company's financial health.
ZKH Group Ltd / Director Selling↓ [HIGH RISK]
▼

Director Han Yunjie sold 672,910 Class A Ordinary Shares at $0.08, a massive sale for a stock trading at $0.08. This could signal impending dilution or fundamental issues at the company.
eHealth, Inc / Tax Withholding at Low Price↓ [MEDIUM RISK]
▼

CRO Barbeau Michelle Marie had 4,312 shares withheld for taxes at $0.92. The stock trading near $1.00 raises concerns about NASDAQ listing compliance and financial stability.
Health Catalyst / CEO Tax Withholding↓ [MEDIUM RISK]
▼

CEO Albert Benjamin had 35,244 shares withheld for taxes at $1.67. While routine, the volume suggests significant option exercises, and the low stock price ($1.67) indicates ongoing business challenges.
Bumble Inc / CEO Tax Withholding↓ [MEDIUM RISK]
▼

CEO Herd Whitney Wolfe had 46,752 shares withheld for taxes at $2.98. The large number of shares withheld at a depressed stock price highlights the company's valuation struggles and potential insider concerns.

Opportunities (8)

Relmada Therapeutics / Insider Buying Spree↓ (OPPORTUNITY)
◆

CEO and CFO bought nearly $1M combined at ~$4.20. With the stock likely depressed, this insider buying suggests upcoming catalysts (e.g., trial data, partnership). The CFO now holds 1M shares, aligning interests with shareholders.
Angel Studios / Director's $1.88M Purchase↓ (OPPORTUNITY)
◆

Director Sarowitz Steven I bought $1.88M at $5.28, increasing his stake significantly. This is a strong vote of confidence in the company's content strategy and growth trajectory. The stock's low price offers asymmetric upside.
Group 1 Automotive / 10% Owner Accumulation↓ (OPPORTUNITY)
◆

Conifer Management bought $6.62M at ~$282, signaling confidence in the automotive retail cycle and the company's operational efficiency. The scale of buying suggests a potential catalyst or undervaluation.
ALTRIA Group / Director Purchase↓ (OPPORTUNITY)
◆

Director McQUADE KATHRYN B. bought $101K at $67.62. Altria's high dividend yield and defensive nature make this insider purchase a signal of stability and income opportunity in a volatile market.
Pinnacle Financial Partners / Director Buying↓ (OPPORTUNITY)
◆

Director Montana Gregory G bought $49.3K at $98.61. Regional banks have been under pressure, and insider buying at this level suggests the stock is undervalued relative to its earnings power.
Advanced Flower Capital / Director Accumulation↓ (OPPORTUNITY)
◆

Director TANNENBAUM LEONARD M bought $121K at $3.46, increasing his already large stake to 6.88M shares. This signals confidence in the cannabis-related lending business and potential for sector re-rating.
Bridgford Foods / Insider Purchase↓ (OPPORTUNITY)
◆

Director Bridgford Allan Jr. bought $2.72K at $5.83. While small, any insider purchase in a micro-cap food company is a positive signal for value-oriented investors.
ASTRAZENECA / Insider Purchase↓ (OPPORTUNITY)
◆

See Remarks Sharma Mani bought $3.25K at $160.57. While small, this purchase by a senior figure at a large pharma company is a positive signal for the stock's defensive qualities.

Sector Themes (5)

Life Sciences Insider Buying Cluster (SECTOR THEME)
◆

Relmada Therapeutics ($1M insider buying) and Opus Genetics (CEO exercised 392K warrants) show a pattern of insider accumulation in the biotech/pharma space. This suggests management sees value in their pipelines despite market skepticism.
Consumer Tech Insider Selling (SECTOR THEME)
◆

Sea Ltd ($4.26M sold by 3 executives), Youdao (President sold 70K shares), and Zoom Communications (President sold under 10b5-1) show a pattern of insider distribution in consumer-facing tech. This may reflect concerns about growth sustainability or valuation.
Micro-Cap Diagnostics Distress↓ (SECTOR THEME)
◆

Sera Prognostics (4 executives sold on same day) and Health Catalyst (CEO tax withholding at $1.67) indicate a struggling diagnostics subsector. Insider behavior suggests these companies face headwinds in reimbursement or adoption.
Financial Sector Insider Divergence (SECTOR THEME)
◆

Pinnacle Financial (Director bought) and Live Oak Bancshares (CEO sold $387K) show mixed insider sentiment in financials. Group 1 Automotive's $6.62M purchase by a 10% owner stands out as a bullish outlier in the broader financial/consumer finance space.
Director Option Exercises at JAKKS Pacific (SECTOR THEME)
◆

Five directors exercised options and pledged shares as collateral. This pattern suggests the board is monetizing options while maintaining exposure, possibly for personal liquidity rather than a bearish view. The pledge of shares is a risk factor.

Watch List (8)

Sea Ltd / Earnings Call↓ (WATCH)
👁

Watch for commentary on the 10b5-1 selling program and any changes to guidance. The C-suite selling $4.26M warrants close scrutiny of the next earnings report.
Relmada Therapeutics / Clinical Trial Updates↓ (WATCH)
👁

With CEO and CFO buying nearly $1M, watch for upcoming clinical trial data or partnership announcements that could validate insider buying.
Angel Studios / Content Releases↓ (WATCH)
👁

Director Sarowitz's $1.88M purchase suggests upcoming content or distribution catalysts. Monitor for new film releases or streaming deals.
Sera Prognostics / Insider Selling Continuation↓ (WATCH)
👁

With four executives selling on the same day, watch for any Form 4 filings showing additional insider sales, which would confirm the bearish thesis.
JAKKS Pacific / Share Pledge Risk↓ (WATCH)
👁

Monitor the stock price relative to the pledge collateral. If the stock declines significantly, margin calls could force additional selling.
Group 1 Automotive / Q3 Earnings↓ (WATCH)
👁

The $6.62M insider purchase by Conifer Management suggests confidence in Q3 results. Watch for earnings on or around late October 2026.
Anterix Inc / CMO Selling↓ (WATCH)
👁

CMO Martin Heather sold $679K. Watch for any insider selling by the CEO or other executives, which would confirm a broader bearish trend.
Bumble Inc / CEO Tax Withholding↓ (WATCH)
👁

CEO Herd Whitney Wolfe had 46,752 shares withheld. Watch for any open market sales by the CEO, which would be a more bearish signal than tax withholding.

Filing Analyses (50)

BRIDGFORD FOODS CORP 4 positive materiality 2/10

11-09-2026

Bridgford Allan Jr. bought 466 Common Stock $1.00 P.V. at $5.83 (~$2.72K). Bridgford Allan Jr. holds 48,466 shares after the transaction.

· Bridgford Allan Jr. bought 466 Common Stock $1.00 P.V. at $5.83 (~$2.72K)

CARLISLE COMPANIES INC 4 neutral materiality 1/10

11-09-2026

Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.

MICROSOFT CORP 4 neutral materiality 3/10

11-09-2026

Director List Teri was awarded 42.639 Restricted Stock Units.

· Director List Teri was awarded 42.639 Restricted Stock Units

Youdao, Inc. 4 neutral materiality 4/10

11-09-2026

Senior Vice President Wu Yinghui sold 6,750 Class A Ordinary Shares. Wu Yinghui holds 12,000 shares after the transaction.

· Senior Vice President Wu Yinghui sold 6,750 Class A Ordinary Shares

Sea Ltd 4 negative materiality 5/10

11-09-2026

CCO and GC Wang Yanjun sold 945 Class A ordinary shares at $107.85 (~$102K). 6 transactions reported in total. Wang Yanjun holds 7,080 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

· CCO and GC Wang Yanjun sold 795 Class A ordinary shares at $108.41 (~$86.2K)
· CCO and GC Wang Yanjun sold 405 Class A ordinary shares at $109.23 (~$44.2K)
· CCO and GC Wang Yanjun sold 84 Class A ordinary shares at $110.56 (~$9.29K)
· CCO and GC Wang Yanjun sold 36 Class A ordinary shares at $111.36 (~$4.01K)
· CCO and GC Wang Yanjun sold 945 Class A ordinary shares at $107.85 (~$102K)
· CCO and GC Wang Yanjun sold 255 Class A ordinary shares at $108.50 (~$27.7K)

Sea Ltd 4 negative materiality 6/10

11-09-2026

COO Ye Gang sold 16,099 Class A ordinary shares at $107.92 (~$1.74M). 6 transactions reported in total. Ye Gang holds 718,792 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

· COO Ye Gang sold 12,000 Class A ordinary shares at $108.41 (~$1.3M)
· COO Ye Gang sold 6,300 Class A ordinary shares at $109.21 (~$688K)
· COO Ye Gang sold 1,200 Class A ordinary shares at $110.57 (~$133K)
· COO Ye Gang sold 500 Class A ordinary shares at $111.39 (~$55.7K)
· COO Ye Gang sold 16,099 Class A ordinary shares at $107.92 (~$1.74M)
· COO Ye Gang sold 3,901 Class A ordinary shares at $108.54 (~$423K)

Sea Ltd 4 negative materiality 5/10

11-09-2026

CPO, Shopee Chen Jingye sold 22,394 Class A ordinary shares at $107.90 (~$2.42M). 6 transactions reported in total. Chen Jingye holds 240,000 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

· CPO, Shopee Chen Jingye sold 18,299 Class A ordinary shares at $108.41 (~$1.98M)
· CPO, Shopee Chen Jingye sold 9,001 Class A ordinary shares at $109.23 (~$983K)
· CPO, Shopee Chen Jingye sold 2,000 Class A ordinary shares at $110.59 (~$221K)
· CPO, Shopee Chen Jingye sold 700 Class A ordinary shares at $111.42 (~$78K)
· CPO, Shopee Chen Jingye sold 22,394 Class A ordinary shares at $107.90 (~$2.42M)
· CPO, Shopee Chen Jingye sold 7,606 Class A ordinary shares at $108.50 (~$825K)

Youdao, Inc. 4 neutral materiality 4/10

11-09-2026

Senior Vice President Peng Su sold 6,750 Class A Ordinary Shares. Peng Su holds 12,000 shares after the transaction.

· Senior Vice President Peng Su sold 6,750 Class A Ordinary Shares

Youdao, Inc. 4 neutral materiality 4/10

11-09-2026

president Jin Lei sold 70,047 Class A Ordinary Shares. Jin Lei holds 143,598 shares after the transaction.

· president Jin Lei sold 70,047 Class A Ordinary Shares

ZKH Group Ltd 4 negative materiality 3/10

11-09-2026

Director Han Yunjie sold 672,910 Class A Ordinary Shares at $0.08 (~$56.9K). Han Yunjie holds 10,827,180 shares after the transaction.

· Director Han Yunjie sold 672,910 Class A Ordinary Shares at $0.08 (~$56.9K)