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USA Insider Trading Pulse — September 28, 2026

USA Insider Trading Pulse

By Gunpowder Editorial ·

50 high priority 50 total filings analysed

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)

  • ▲

    Director Durkin Dennis M increased holdings to 103,755 shares; insider buying at current levels signals confidence in growth trajectory

  • 4 transactions reported, with AULT MILTON C III increasing to 3.6M shares; insider accumulation in AI infrastructure play

  • 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

  • CFO and President awarded 50,000 shares each at $0.20-0.22; insider awards align management with shareholders

  • ▲

    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

  • 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

  • 👁

    Insider buying at $11.18; Q3 earnings Oct 2026 for NIM and credit quality

  • Insider accumulation; AI contract announcements expected Q4 2026

  • Saba Capital Management (WATCH)
    👁

    Activist stake in closed-end fund; potential proxy fight or tender offer

  • 👁

    Director buying; Q3 earnings Nov 2026 for revenue growth and margin expansion

  • 👁

    Insider awards; watch for reverse split or financing news

Filing Analyses (50)
On Holding AG 4 neutral materiality 3/10

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)
On Holding AG 4 neutral materiality 3/10

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)
VinFast Auto Ltd. 4 neutral materiality 4/10

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
Hyperscale Data, Inc. 4 positive materiality 5/10

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)
On Holding AG 4 neutral materiality 5/10

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)
Galecto, Inc. 4 positive materiality 4/10

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)
Vontier Corp 4 neutral materiality 3/10

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)
DYNEX CAPITAL INC 4 positive materiality 3/10

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)
Angel Oak Financial Strategies Income Term Trust 4 positive materiality 3/10

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)
TRIO-TECH INTERNATIONAL 4 neutral materiality 5/10

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)
Scorpio Tankers Inc. 4 neutral materiality 8/10

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)
CAMPBELL'S Co 4 neutral materiality 3/10

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
AtlasClear Holdings, Inc. 4 neutral materiality 4/10

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)
AtlasClear Holdings, Inc. 4 neutral materiality 3/10

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)
AtlasClear Holdings, Inc. 4 neutral materiality 5/10

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)
AtlasClear Holdings, Inc. 4 neutral materiality 4/10

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)
AtlasClear Holdings, Inc. 4 neutral materiality 3/10

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)
Scorpio Tankers Inc. 4 neutral materiality 8/10

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)
CTT PHARMACEUTICAL HOLDINGS, INC. 4 positive materiality 4/10

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)
NEW GERMANY FUND INC 4 positive materiality 3/10

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)
MEXICO FUND INC 4 positive materiality 3/10

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)
WORTHINGTON ENTERPRISES, INC. 4 negative materiality 6/10

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)
Scorpio Tankers Inc. 4 neutral materiality 7/10

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)
KROGER CO 4 neutral materiality 3/10

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)
KROGER CO 4 neutral materiality 3/10

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)
CAMPBELL'S Co 4 neutral materiality 3/10

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
CAMPBELL'S Co 4 neutral materiality 3/10

28-09-2026

Director Schmidt Kurt was awarded 3,691.28 Phantom Stock.

  • · Director Schmidt Kurt was awarded 3,691.28 Phantom Stock
RENN Fund, Inc. 4 positive materiality 2/10

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)
Scorpio Tankers Inc. 4 neutral materiality 6/10

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)
ATHENA GOLD CORP 4 neutral materiality 6/10

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)
Dell Technologies Inc. 4 neutral materiality 3/10

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
ACUITY INC. (DE) 4 neutral materiality 5/10

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)
HANOVER INSURANCE GROUP, INC. 4 neutral materiality 3/10

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
PagerDuty, Inc. 4 negative materiality 3/10

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)
Dell Technologies Inc. 4 neutral materiality 3/10

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
Legend Biotech Corp 4 neutral materiality 4/10

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
Legend Biotech Corp 4 neutral materiality 4/10

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
Legend Biotech Corp 4 neutral materiality 4/10

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
Codere Online Luxembourg, S.A. 4 negative materiality 3/10

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)
Legend Biotech Corp 4 neutral materiality 4/10

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
Legend Biotech Corp 4 neutral materiality 4/10

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
Dell Technologies Inc. 4 neutral materiality 3/10

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
Legend Biotech Corp 4 neutral materiality 4/10

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
CDW Corp 4 neutral materiality 2/10

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)
Pure Storage, Inc. 4 negative materiality 7/10

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)
Ascendis Pharma A/S 4 neutral materiality 1/10

28-09-2026

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

DarioHealth Corp. 4 neutral materiality 4/10

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
Dell Technologies Inc. 4 neutral materiality 3/10

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
F&M BANK CORP 4 neutral materiality 5/10

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)
DarioHealth Corp. 4 neutral materiality 5/10

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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