Discretionary Insider Buys
A trade executed under a Rule 10b5-1 plan was scheduled months in advance and says little about what the insider thinks today. This page excludes them entirely, leaving only discretionary purchases.
How to read this: This is the strictest cut on the site: code P, common stock, no trading plan. If you only look at one screen, this is the one with the least noise in it.
Common questions
- What is a Rule 10b5-1 plan?
- A pre-arranged schedule an insider adopts in advance — for example, sell 5,000 shares on the first trading day of each quarter — so they can trade without being accused of acting on inside information. Since March 2023 filers must tick a box on Form 4 declaring the trade was made under such a plan.
- How do you detect plans on older filings?
- Filings made before March 2023 have no checkbox, so we search the footnotes for references to Rule 10b5-1. Those are labelled with a question mark, because it is our inference from prose rather than the filer's own declaration.