Planned insider sales

What it is

Before an executive, director or large owner sells restricted or control shares, they file a short notice with the SEC, called Form 144, saying how many shares they plan to sell, through which broker and roughly when. This feed lists those notices, and for each one shows whether a sale was reported afterwards on a Form 4 and how many days later.

Who files it

The person selling, or their broker, on the day the sale is placed. Electronic notices start in April 2023.

How current

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

Terms

Form 144The notice an insider or other affiliate of a company files with the SEC before selling restricted or control shares, so the shares can be sold under Rule 144. The notice says how many shares, through which broker, and roughly when.10b5-1 planA Rule 10b5-1 trading plan lets an insider set up future sales in advance, on a schedule or at set prices, at a time when they do not hold inside information. A notice that gives a plan adoption date says the sale is made under such a plan.

Worth knowing

A notice is a plan, not a sale: the person may sell fewer shares, later, or not at all. The value is the one the filer typed, at a price they chose, not what the shares sell for. Many sales are routine, made to diversify or pay taxes, or under a 10b5-1 plan set up months earlier. A blank in the last column does not mean no sale: the person may not have to file a Form 4 (an ordinary affiliate does not), the sale may be recent, or the Form 4 may name a different spelling of the person. We match by the filer's number first and by name second. Information, not investment advice.

All of this comes from public filings.