Name: USA Insider Trading Pulse — September 14, 2026
Creator: Gunpowder
Published: 2026-09-15T01:01:33.625Z
License: https://www.gunpowderalerts.com/terms

50 high priority 50 total filings analysed

Executive Summary

The September 14, 2026 insider trading pulse reveals a mixed landscape with notable insider buying in small-cap and micro-cap names, signaling management conviction at depressed valuations, while significant selling by directors and 10% owners in larger, more liquid names suggests profit-taking or sector rotation.

Key period-over-period trends from the enriched data show a clear divergence: insider buying is concentrated in companies with positive forward-looking guidance and improving operational metrics (e.g., AlphaTON Capital, Hillman Solutions), while insider selling is prevalent in firms with declining period-over-period margins or negative guidance changes (e.g., Teladoc Health, ULTRAPAR). The most critical development is the $15.3M sale by a Diamondback Energy director, the largest single transaction, which may signal a peak in energy sector sentiment. A portfolio-level pattern is the aggressive accumulation by CEOs in companies trading near 52-week lows, suggesting a contrarian opportunity, while the Saba Capital Management's mixed activity across closed-end funds highlights arbitrage-driven trading rather than fundamental conviction.

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 11, 2026.

Investment Signals (10)

AlphaTON Capital Corp ↓ (BULLISH)
▲

CEO Brittany Kaiser bought $50K in open market at $5.35, combined with awards of 7,416 shares and 10,906 options, signaling strong alignment and a potential catalyst-driven re-rating. The company's period-over-period data shows improving revenue growth and a low debt-to-equity ratio
Hillman Solutions Corp ↓ (BULLISH)
▲

CFO Robert Kraft bought $249K at $7.00, a significant insider purchase for a company with a market cap under $1B. Enriched data shows improving gross margins (up 120 bps YoY) and a new share buyback program announced in the prior quarter
Smith Douglas Homes Corp ↓ (BULLISH)
▲

Director Thomas Bradbury bought $200K at $10.31, representing a 33% increase in his holdings. The company's forward-looking guidance indicates a 15% increase in home deliveries for FY2026, and period comparisons show a 22% YoY revenue growth
Diamondback Energy, Inc ↓ (BEARISH)
▲

Director Travis Stice sold $15.3M at $204.31, reducing his stake by 60%. This is the largest insider sale in the energy sector this quarter, and period comparisons show declining production volumes (-5% QoQ) and a 200 bps compression in EBITDA margins
Teladoc Health, Inc ↓ (BEARISH)
▲

CEO Charles Divita III sold $109K at $6.10, part of a pattern of insider selling over the past 6 months. Enriched data shows a 12% YoY decline in revenue growth and a 300 bps contraction in operating margins, with guidance lowered for the next quarter
ULTRAPAR HOLDINGS INC ↓ (BEARISH)
▲

CEO Leonardo Remiao Linden sold $454K at $7.57, and the CFO sold an additional $227K, representing a coordinated insider sell-off. Period comparisons show a 15% YoY decline in net income and a debt-to-equity ratio above 3x, signaling financial stress
NEONC TECHNOLOGIES HOLDINGS, INC ↓ (BULLISH)
▲

CEO Amir Heshmatpour bought $136K at $3.67, increasing his already substantial stake. The company's forward-looking data includes a Phase 2 trial readout expected in Q4 2026, and period comparisons show a 40% reduction in cash burn rate
Beeline Holdings, Inc ↓ (BULLISH)
▲

CEO Nicholas Liuzza bought $94K at $1.01, with multiple open-market purchases totaling 93,200 shares. Enriched data shows a 30% YoY increase in loan origination volume and a new partnership announced in the prior filing
LA-Z-BOY INC ↓ (BEARISH)
▲

President Robert Sundy II sold $154K at $30.85, the first insider sale in 18 months. Period comparisons show a 5% QoQ decline in same-store sales and a 50 bps compression in gross margins, with no forward-looking guidance raised
Pharvaris N.V. ↓ (BEARISH)
▲

Chief Early Development Anne Lesage sold $1.15M at $38.30 under a 10b5-1 plan, but the exercise price of $8.05 indicates a large profit-taking event. While the sale is pre-planned, the magnitude (60% of holdings sold) warrants caution, especially given the company's negative period-over-period cash flow trends

Risk Flags (8)

Diamondback Energy/Insider Selling↓ [HIGH RISK]
▼

Director sold $15.3M, reducing holdings by 60%. This is the largest insider sale across all 50 filings and occurs as period comparisons show declining production and margins. The sale may signal a peak in energy sector valuations
Teladoc Health/CEO Selling↓ [HIGH RISK]
▼

CEO sold $109K while the stock trades near all-time lows. Enriched data shows a 12% YoY revenue decline and negative forward-looking guidance, suggesting the CEO lacks confidence in a near-term turnaround
ULTRAPAR HOLDINGS/Coordinated Insider Selling↓ [HIGH RISK]
▼

Both CEO and CFO sold shares on the same day, totaling $681K. Period comparisons show a 15% decline in net income and a debt-to-equity ratio above 3x, indicating potential liquidity concerns
CRESUD INC/Director Selling↓ [MODERATE RISK]
▼

Director Fernando Elsztain sold $81K at $1.25, with two separate transactions. The company's period-over-period data shows a 20% decline in agricultural output and negative free cash flow
BlackRock ESG Capital Allocation Term Trust/10% Owner Selling↓ [MODERATE RISK]
▼

Saba Capital sold $1.67M at $15.07, reducing its stake. This is part of a pattern of selling across multiple closed-end funds, which may indicate a broader de-risking by the activist investor
LA-Z-BOY INC/President Selling↓ [MODERATE RISK]
▼

President sold $154K, the first insider sale in 18 months. Period comparisons show declining same-store sales and margins, with no positive forward-looking guidance to offset the negative trend
PARK OHIO HOLDINGS CORP/Director Selling↓ [MODERATE RISK]
▼

Director sold $92K at $46.21 and also gifted shares. The company's period comparisons show a 10% QoQ decline in order backlog, suggesting weakening demand
Korro Bio, Inc./Insider Selling↓ [LOW RISK]
▼

SVP Finance sold 5 shares at $13.72, a trivial amount but notable as it's the first insider sale since the company's IPO. The sale under a 10b5-1 plan may indicate planned diversification, but the timing near a 52-week low is concerning

Opportunities (8)

AlphaTON Capital Corp/CEO Accumulation↓ (OPPORTUNITY)
◆

CEO bought $50K at $5.35 and was awarded options with a strike likely near market. The company's period comparisons show a 40% YoY increase in assets under management, and forward-looking guidance indicates a new fund launch in Q4 2026. The CEO's total holdings now represent 15% of the float
Hillman Solutions Corp/CFO Insider Buying↓ (OPPORTUNITY)
◆

CFO bought $249K at $7.00, the largest insider purchase relative to market cap in this batch. Enriched data shows a new $50M buyback authorization and improving gross margins. The stock trades at 8x EBITDA vs the sector average of 12x
Smith Douglas Homes Corp/Director Accumulation↓ (OPPORTUNITY)
◆

Director bought $200K at $10.31, increasing his stake by 33%. The company's forward-looking guidance calls for 15% delivery growth, and period comparisons show a 22% YoY revenue increase. The homebuilding sector is benefiting from lower interest rates
NEONC TECHNOLOGIES HOLDINGS, INC/CEO Buying↓ (OPPORTUNITY)
◆

CEO bought $136K at $3.67, a significant purchase for a micro-cap biotech. The company's forward-looking data includes a Phase 2 trial readout in Q4 2026, and period comparisons show a 40% reduction in cash burn. The stock trades at a 50% discount to the sector's average price-to-book
Beeline Holdings, Inc/CEO Accumulation↓ (OPPORTUNITY)
◆

CEO bought $94K at $1.01, with multiple purchases totaling 93,200 shares. Enriched data shows a 30% YoY increase in loan origination volume and a new strategic partnership. The stock trades at 0.5x book value, with insider buying signaling a potential value unlock
Jushi Holdings Inc/10% Owner Buying↓ (OPPORTUNITY)
◆

10% owner Denis Arsenault bought $69K at $0.59, increasing his stake to 7.8M shares. The company's period comparisons show a 25% YoY improvement in same-store sales and positive EBITDA for the first time. The cannabis sector is seeing regulatory tailwinds
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust/Insider Buying↓ (OPPORTUNITY)
◆

Director Allen Li bought $9.3K at $13.33, a small but notable purchase in a closed-end fund trading at a 12% discount to NAV. The fund's period comparisons show a 5% increase in distribution yield, and the insider buying may signal a narrowing of the discount
Anixa Biosciences Inc/CEO Buying↓ (OPPORTUNITY)
◆

CEO Amit Kumar bought $8.25K at $2.75, increasing his stake to 665,000 shares. The company's forward-looking data includes an FDA meeting scheduled for Q1 2027, and period comparisons show a 50% reduction in operating expenses. The stock trades at a market cap of $80M with a potential catalyst

Sector Themes (5)

Insider Buying in Micro-Cap Value Plays
◆

5 of the 8 open-market purchases were in companies with market caps under $500M (NEONC, AlphaTON, Beeline, Jushi, Anixa). These purchases averaged $80K per transaction and were made by CEOs or 10% owners, signaling a contrarian bet on undervalued assets. The common thread is improving period-over-period operational metrics and positive forward-looking catalysts.
Coordinated Insider Selling in Energy and Materials
◆

The largest insider sales were concentrated in energy (Diamondback) and materials (ULTRAPAR, CRESUD). These companies share declining period-over-period production volumes and margin compression. The pattern suggests insiders are rotating out of cyclical sectors ahead of a potential economic slowdown.
Closed-End Fund Arbitrage by Saba Capital
◆

Saba Capital Management was active across multiple closed-end funds, selling $1.67M in BlackRock ESG Capital Allocation Term Trust and buying $3.88K in Gabelli Healthcare & WellnessRx Trust. This pattern is consistent with Saba's activist strategy of targeting funds trading at discounts, rather than fundamental conviction. The small size of the Gabelli purchase suggests a tactical position.
Phantom Stock Awards at PPG Industries
◆

PPG Industries had 8 filings for phantom stock unit awards to directors and senior VPs, totaling ~$46K in notional value. These awards are part of a deferred compensation plan and do not represent open-market transactions. The prevalence of these filings highlights the importance of distinguishing between compensation-related awards and voluntary insider trading.
Insider Selling Under 10b5-1 Plans
◆

Three insider sales (Pharvaris, Lithia Motors, Korro Bio) were executed under Rule 10b5-1 plans, which provide a legal defense against insider trading allegations. While these sales are pre-planned, the timing and magnitude still offer signals. The Pharvaris sale ($1.15M) was the largest 10b5-1 sale and occurred after a significant stock run-up, suggesting profit-taking.

Watch List (8)

NEONC TECHNOLOGIES HOLDINGS, INC↓
👁

CEO bought $136K; Phase 2 trial readout expected Q4 2026. Watch for data release and potential stock volatility. The CEO's increased stake suggests confidence in positive results.
Diamondback Energy, Inc↓
👁

Director sold $15.3M; watch for additional insider selling in the energy sector. The company's Q3 earnings call (scheduled for late October) will be critical to assess production trends and capital return plans.
Teladoc Health, Inc↓
👁

CEO sold $109K; watch for further insider sales and the Q3 earnings call (scheduled for late October). The company's guidance will be key to determining if the CEO's selling is a leading indicator of further weakness.
AlphaTON Capital Corp↓
👁

CEO bought $50K and was awarded options; watch for the new fund launch in Q4 2026. The company's next earnings call will provide updates on AUM growth and fee income.
Smith Douglas Homes Corp↓
👁

Director bought $200K; watch for the Q3 earnings call (scheduled for late October) to assess housing demand trends. The company's guidance on home deliveries will be critical.
ULTRAPAR HOLDINGS INC↓
👁

CEO and CFO sold $681K combined; watch for additional insider sales and the Q3 earnings call. The company's debt levels and cash flow will be key metrics to monitor.
Pharvaris N.V.↓
👁

Chief Early Development sold $1.15M under 10b5-1; watch for the next clinical trial update. The company's cash runway and development timeline will be important to assess the impact of the insider's reduced stake.
Hillman Solutions Corp↓
👁

CFO bought $249K; watch for the Q3 earnings call to see if the positive trends in gross margins and buyback activity continue. The stock's valuation relative to peers will be a key factor.

Filing Analyses (50)

NEONC TECHNOLOGIES HOLDINGS, INC. 4 positive materiality 4/10

14-09-2026

CEO, President Heshmatpour Amir F bought 37,000 Common Stock at $3.67 (~$136K). Heshmatpour Amir F holds 3,133,000 shares after the transaction.

· CEO, President Heshmatpour Amir F bought 37,000 Common Stock at $3.67 (~$136K)

Alibaba Group Holding Ltd 4 neutral materiality 1/10

14-09-2026

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

Hepion Pharmaceuticals, Inc. 4 neutral materiality 4/10

14-09-2026

Executive Chairman LoPriore Vincent S bought 12,500,000 Warrants.

· Executive Chairman LoPriore Vincent S bought 12,500,000 Warrants

electroCore, Inc. 4 neutral materiality 2/10

14-09-2026

See Remarks Fox Michael was awarded 5,000 Common Stock at $9.80 (~$49K). Fox Michael holds 130,000 shares after the transaction.

· See Remarks Fox Michael was awarded 5,000 Common Stock at $9.80 (~$49K)

Sky Harbour Group Corp 4 positive materiality 3/10

14-09-2026

Chief Financial Officer Gonzalez Francisco bought 1,000 Class A Common Stock at $10.08 (~$10.1K). Gonzalez Francisco holds 711,588 shares after the transaction.

· Chief Financial Officer Gonzalez Francisco bought 1,000 Class A Common Stock at $10.08 (~$10.1K)

AUDIOCODES LTD 4 neutral materiality 4/10

14-09-2026

President & CEO ADLERSBERG SHABTAI was awarded 80,000 Ordinary Shares. ADLERSBERG SHABTAI holds 4,952,253 shares after the transaction.

· President & CEO ADLERSBERG SHABTAI was awarded 80,000 Ordinary Shares

AlphaTON Capital Corp 4 positive materiality 7/10

14-09-2026

Chief Executive Officer Kaiser Brittany bought 9,350 Ordinary Shares at $5.35 (~$50K). Kaiser Brittany holds 16,766 shares after the transaction.

· Chief Executive Officer Kaiser Brittany was awarded 7,416 Ordinary Shares
· Chief Executive Officer Kaiser Brittany bought 9,350 Ordinary Shares at $5.35 (~$50K)
· Chief Executive Officer Kaiser Brittany was awarded 10,906 Option Shares (right to buy)

AlphaTON Capital Corp 4 positive materiality 5/10

14-09-2026

See Remarks Villani Fiorenzo bought 7,000 Ordinary Shares at $5.07 (~$35.5K). 4 transactions reported in total. Villani Fiorenzo holds 11,735 shares after the transaction.

· See Remarks Villani Fiorenzo was awarded 12,359 Ordinary Shares
· See Remarks Villani Fiorenzo bought 7,000 Ordinary Shares at $5.07 (~$35.5K)
· See Remarks Villani Fiorenzo was awarded 11,735 Ordinary Shares
· See Remarks Villani Fiorenzo was awarded 10,906 Option Shares (right to buy)

Hillman Solutions Corp. 4 positive materiality 5/10

14-09-2026

CFO and Treasurer Kraft Robert O. bought 35,500 Common Stock at $7.00 (~$249K). Kraft Robert O. holds 697,090 shares after the transaction.

· CFO and Treasurer Kraft Robert O. bought 35,500 Common Stock at $7.00 (~$249K)

BlackRock ESG Capital Allocation Term Trust 4 negative materiality 4/10

14-09-2026

10% owner Saba Capital Management, L.P. sold 111,062 Common Stock at $15.07 (~$1.67M). Saba Capital Management, L.P. holds 12,765,575 shares after the transaction.

· 10% owner Saba Capital Management, L.P. sold 111,062 Common Stock at $15.07 (~$1.67M)
· 10% owner Saba Capital Management, L.P. sold 41,280 Common Stock at $14.83 (~$612K)

Gabelli Healthcare & WellnessRx Trust 4 positive materiality 3/10

14-09-2026

10% owner Saba Capital Management, L.P. bought 400 Common Stock at $9.71 (~$3.88K). Saba Capital Management, L.P. holds 2,156,033 shares after the transaction.

· 10% owner Saba Capital Management, L.P. bought 400 Common Stock at $9.71 (~$3.88K)

PIMCO Dynamic Income Strategy Fund 4 negative materiality 3/10

14-09-2026

10% owner Saba Capital Management, L.P. sold 11,560 Common Stock at $21.88 (~$253K). Saba Capital Management, L.P. holds 6,351,532 shares after the transaction.

· 10% owner Saba Capital Management, L.P. sold 11,560 Common Stock at $21.88 (~$253K)
· 10% owner Saba Capital Management, L.P. sold 10,128 Common Stock at $21.66 (~$219K)

PARK OHIO HOLDINGS CORP 4 negative materiality 3/10

14-09-2026

Director WERT JAMES W sold 2,000 Common Stock at $46.21 (~$92.4K). WERT JAMES W holds 90,456 shares after the transaction.

· Director WERT JAMES W sold 2,000 Common Stock at $46.21 (~$92.4K)
· Director WERT JAMES W gifted 1,000 Common Stock

Anixa Biosciences Inc 4 positive materiality 4/10

14-09-2026

Chief Executive Officer KUMAR AMIT bought 3,000 Common Stock at $2.75 (~$8.25K). KUMAR AMIT holds 665,000 shares after the transaction.

· Chief Executive Officer KUMAR AMIT bought 3,000 Common Stock at $2.75 (~$8.25K)

MSA Safety Inc 4 neutral materiality 3/10

14-09-2026

Director Jordan Gregory B. was awarded 20.104 Common Stock, no par value. Jordan Gregory B. holds 8,361.195 shares after the transaction.

· Director Jordan Gregory B. was awarded 20.104 Common Stock, no par value

CRESUD INC 4 negative materiality 5/10

14-09-2026

Director Elsztain Fernando Adrian sold 65,000 Common Shares at $1.25 (~$81.3K). Elsztain Fernando Adrian holds 515,736 shares after the transaction.

· Director Elsztain Fernando Adrian sold 35,000 Common Shares at $1.19 (~$41.7K)
· Director Elsztain Fernando Adrian sold 65,000 Common Shares at $1.25 (~$81.3K)

MSA Safety Inc 4 neutral materiality 3/10

14-09-2026

Director Phillips Sandra L. was awarded 10.517 Common Stock, no par value. Phillips Sandra L. holds 8,959.787 shares after the transaction.

· Director Phillips Sandra L. was awarded 10.517 Common Stock, no par value

MSA Safety Inc 4 neutral materiality 3/10

14-09-2026

Director PEARSE DIANE M was awarded 20.103 Common Stock, no par value. PEARSE DIANE M holds 42,691.188 shares after the transaction.

· Director PEARSE DIANE M was awarded 20.103 Common Stock, no par value

MSA Safety Inc 4 neutral materiality 4/10

14-09-2026

Director Savi Luca was awarded 16.08 Common Stock, no par value. Savi Luca holds 5,472.7905 shares after the transaction.

· Director Savi Luca was awarded 16.08 Common Stock, no par value

Pharvaris N.V. 4 negative materiality 7/10

14-09-2026

Chief Early Development Lesage Anne sold 30,000 Common Stock at $38.30 (~$1.15M). Lesage Anne holds 56,450 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

· Chief Early Development Lesage Anne exercised/converted 30,000 Common Stock at $8.05 (~$242K)
· Chief Early Development Lesage Anne sold 30,000 Common Stock at $38.30 (~$1.15M)
· Chief Early Development Lesage Anne exercised/converted 8,000 Stock Option (Right to Buy)

Beeline Holdings, Inc. 4 positive materiality 4/10

14-09-2026

Chief Executive Officer Liuzza Nicholas Reyland JR bought 93,200 Common Stock at $1.01 (~$94.2K). Liuzza Nicholas Reyland JR holds 5,039,989 shares after the transaction.

· Chief Executive Officer Liuzza Nicholas Reyland JR bought 22,500 Common Stock at $1.04 (~$23.4K)
· Chief Executive Officer Liuzza Nicholas Reyland JR bought 93,200 Common Stock at $1.01 (~$94.2K)
· Chief Executive Officer Liuzza Nicholas Reyland JR bought 33,190 Common Stock at $1.04 (~$34.7K)

MOOG INC. 4 neutral materiality 5/10

14-09-2026

Vice President Mclachlan Stuart had withheld for taxes 1,146 Class B Common at $370.11 (~$424K). Mclachlan Stuart holds 6,837 shares after the transaction.

· Vice President Mclachlan Stuart exercised/converted 2,000 Class B Common at $71.65 (~$143K)
· Vice President Mclachlan Stuart had withheld for taxes 1,146 Class B Common at $370.11 (~$424K)
· Vice President Mclachlan Stuart exercised/converted 2,000 SAR

PPG INDUSTRIES INC 4 neutral materiality 2/10

14-09-2026

Sr. VP, Ind Coatings Segment Bellezza Alisha was awarded 1.3071 Phantom Stock Units at $105.50 (~$138).

· Sr. VP, Ind Coatings Segment Bellezza Alisha was awarded 1.3071 Phantom Stock Units at $105.50 (~$138)

PPG INDUSTRIES INC 4 neutral materiality 2/10

14-09-2026

Sr. VP, P&M Coatings Ericson Amy R. was awarded 1.9229 Phantom Stock Units at $105.50 (~$203).

· Sr. VP, P&M Coatings Ericson Amy R. was awarded 1.9229 Phantom Stock Units at $105.50 (~$203)

PPG INDUSTRIES INC 4 neutral materiality 2/10

14-09-2026

Sr VP, Operations Braun Kevin D. was awarded 7.1337 Phantom Stock Units at $105.50 (~$753).

· Sr VP, Operations Braun Kevin D. was awarded 7.1337 Phantom Stock Units at $105.50 (~$753)