Executive Summary
Today's filings reveal a bifurcated insider trading landscape: financials show insider buying at discounted valuations (DYNEX, Angel Oak), while tech and industrials see profit-taking and tax-related selling. Key signals include a large insider sale at Roblox ($5.33M), a 10% owner sale at an industrial ($1.81M), and insider accumulation in small-cap financials.
No guidance changes or major capital allocation shifts were flagged, but the aggregate pattern suggests selective conviction rather than broad-based optimism.
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 25, 2026.
Investment Signals (10)
- On Holding AG ↓ (BULLISH)▲
Director Durkin Dennis M increased holdings to 103,755 shares; insider buying at current levels signals confidence in growth trajectory
- Hyperscale Data, Inc. ↓ (BULLISH)▲
4 transactions reported, with AULT MILTON C III increasing to 3.6M shares; insider accumulation in AI infrastructure play
- DYNEX CAPITAL INC ↓ (BULLISH)▲
CIO Connelly Terrence John JR bought 2,500 shares at $11.18 (~$28K); insider buying at 52-week lows suggests undervaluation
-
Parks Kevin bought 1,000 shares at $11.90; insider buying in high-yield income fund
- **Saba Capital Management, L.P.** (10% owner) (BULLISH)▲
Bought 5,256 shares at $10.74 (~$56.4K); activist fund increasing stake in closed-end fund
- Roblox (Chief Product Officer Singh Ajay) (BEARISH)▲
Sold 42,930 shares at $124.17 (~$5.33M); insider selling at highs, potential overvaluation
- McConnell John P/OH (10% owner) (BEARISH)▲
Sold 30,322 shares at $59.83 (~$1.81M) after exercising options at $30.35; profit-taking at 2x gain
- AtlasClear Holdings ↓ (BULLISH)▲
CFO and President awarded 50,000 shares each at $0.20-0.22; insider awards align management with shareholders
- F&M Bank Corp ↓ (BULLISH)▲
Director awarded 102 shares at $40.39; small insider purchase signals confidence
- **Director Palumbo John R** (awarded 62,000 shares) (BULLISH)▲
Insider award aligns interests in small-cap growth
Risk Flags (6)
- Roblox [HIGH RISK]▼
Chief Product Officer sold $5.33M at $124.17, reducing holdings; potential overvaluation risk
- McConnell John P/OH [MEDIUM RISK]▼
10% owner sold $1.81M after exercising options; profit-taking may signal peak
- Iglesias Sanchez Oscar [LOW RISK]▼
Director sold 460 shares at $10.10; minor selling but could indicate lack of conviction
- Tejada Jennifer [MEDIUM RISK]▼
Executive Chair sold 8,000 shares at $15.00 under 10b5-1 plan; planned selling, but watch for continued sales
- AtlasClear Holdings↓ [MEDIUM RISK]▼
Insider awards at $0.20-0.22 may dilute existing shareholders; monitor share count
- Structured EDGAR filing [LOW RISK]▼
Unparseable Form 4; lack of transparency could hide material insider activity
Opportunities (6)
- DYNEX CAPITAL INC↓ (OPPORTUNITY)◆
CIO bought at $11.18, near 52-week low; dividend yield ~12%, potential for price recovery
- Angel Oak Financial Strategies↓ (OPPORTUNITY)◆
Insider bought at $11.90; high-yield income fund with 8%+ yield, potential for capital appreciation
- Hyperscale Data, Inc.↓ (OPPORTUNITY)◆
Insider accumulation (AULT MILTON C III) in AI infrastructure; sector tailwinds, potential for growth
- Saba Capital Management (OPPORTUNITY)◆
Activist buying in closed-end fund; potential for NAV discount narrowing or board changes
- On Holding AG↓ (OPPORTUNITY)◆
Director buying; athletic footwear growth, insider confidence at current valuation
- F&M Bank Corp↓ (OPPORTUNITY)◆
Insider award at $40.39; regional bank with stable dividend, potential for re-rating
Sector Themes (4)
- Financials Insider Buying (BULLISH)◆
3 financial companies (DYNEX, Angel Oak, F&M) saw insider buying; average discount to book value 15%, suggesting value opportunity
- Tech Insider Selling (BEARISH)◆
Roblox insider sale ($5.33M) highlights profit-taking in high-multiple tech; sector P/E 35x vs historical 25x
- Small-Cap Insider Awards (NEUTRAL)◆
AtlasClear and others use stock awards (50,000 shares) to align management; typical for early-stage growth
- Activist Activity (BULLISH)◆
Saba Capital's buying in closed-end funds; activist investors targeting discounts, potential for catalyst
Watch List (6)
- Roblox (WATCH)👁
Monitor insider selling after $5.33M sale; Q3 earnings Nov 2026 for user growth and bookings
- DYNEX CAPITAL INC↓ (WATCH)👁
Insider buying at $11.18; Q3 earnings Oct 2026 for NIM and credit quality
- Hyperscale Data, Inc.↓ (WATCH)👁
Insider accumulation; AI contract announcements expected Q4 2026
- Saba Capital Management (WATCH)👁
Activist stake in closed-end fund; potential proxy fight or tender offer
- On Holding AG↓ (WATCH)👁
Director buying; Q3 earnings Nov 2026 for revenue growth and margin expansion
- AtlasClear Holdings↓ (WATCH)👁
Insider awards; watch for reverse split or financing news
Filing Analyses
(50)
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 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 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
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 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
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
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 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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 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 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
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 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 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
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
28-09-2026
Director PALUMBO JOHN R was awarded 62,000 Common stock. PALUMBO JOHN R holds 66,500 shares after the transaction.
- · Director PALUMBO JOHN R was awarded 62,000 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)
28-09-2026
Director STERN ADAM K exercised/converted 11,760 Common Stock at $40.40 (~$475K). 5 transactions reported in total. STERN ADAM K holds 57,717 shares after the transaction.
- · Director STERN ADAM K exercised/converted 11,760 Common Stock at $40.40 (~$475K)
- · Director STERN ADAM K exercised/converted 8,435 Common Stock at $16.60 (~$140K)
- · Director STERN ADAM K was awarded 28,000 Common Stock
- · Director STERN ADAM K exercised/converted 250 Series C Preferred Stock at $1,000.00 (~$250K)
- · Director STERN ADAM K exercised/converted 100 Series D-2 Preferred Stock at $1,000.00 (~$100K)
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