Insider trades

What it is

When a company's officers, directors or owners of more than 10% buy or sell its stock, they must report the trade to the SEC on Form 4. This feed shows purchases and sales on the open market; stock grants, option exercises and shares withheld for tax are left out.

Who files it

The insider, usually through the company, within two business days of the trade.

How current

We collect new filings throughout the day on SEC business days.

Worth knowing

Sales are often routine: insiders sell to diversify, to pay taxes, or under a 10b5-1 plan set up months in advance. A purchase with their own money is less common, which is why many investors pay closer attention to it.

All of this comes from public filings.