Insider Cluster Buys
Companies where 3 or more unique insiders have purchased shares within the last 30 days. Research has associated cluster buying with higher subsequent attention from analysts and investors.
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Why This Matters
When multiple insiders at the same company purchase shares independently within a short window, it reduces the likelihood that any single personal motivation explains the activity. Research by Jaffe (1974) demonstrated that clustered insider purchases carry significantly greater predictive value than isolated transactions. The number of distinct buyers per company and the concentration of purchase timing are key dimensions of cluster strength.
This is a factual summary of SEC EDGAR filings and does not constitute investment advice.
0 Companies with Insider Activity
No companies currently meet this screening criteria.
What Are Cluster Buys?
A "cluster buy" occurs when multiple insiders at the same company purchase shares within a short period. Research by Jaffe (1974) and later studies found that concurrent insider purchases may be more meaningful than isolated transactions. When 3+ insiders buy independently, it suggests broad internal confidence rather than a single executive's opinion.
All insider trading data is sourced from SEC EDGAR Form 4 filings, which are public domain documents. Transaction classification (purchase vs. sale) follows SEC reporting standards. Some transactions may be delayed due to SEC filing timelines.
Related Screeners
Frequently Asked Questions
What is an insider trading screener?
An insider trading screener filters stocks based on corporate insider buying and selling activity. Corporate insiders (officers, directors, and 10%+ shareholders) must report their transactions to the SEC via Form 4 filings. This screener aggregates that data to help you identify patterns like cluster buying, CEO purchases, and large transactions.
Where does Billiver get insider trading data?
All insider trading data comes from SEC EDGAR Form 4 filings, which are public domain documents. When a corporate insider buys or sells company stock, they must file a Form 4 with the SEC within two business days. Billiver processes these filings daily to provide up-to-date screener results.
What is the difference between insider buying and insider selling?
Insider buying is generally considered a stronger signal than insider selling. Insiders buy for one reason: they expect the stock to go up. However, insiders sell for many non-negative reasons including diversification, tax planning, home purchases, or exercising expiring options. Academic research consistently finds insider purchases are more predictive of future returns than sales.
What are insider cluster buys?
A cluster buy occurs when 3 or more unique insiders at the same company purchase shares within a 30-day period. Research by Jaffe (1974) and subsequent studies found that cluster buying is more predictive of abnormal returns (approximately 2.1%) than individual insider purchases. The screener excludes pre-planned 10b5-1 transactions to focus on discretionary buying decisions.
Are 10b5-1 plan transactions included?
For purchase-related screeners (latest purchases, CEO buys, cluster buys, etc.), pre-planned 10b5-1 transactions are excluded. These are automated trading plans set up in advance and do not reflect real-time insider sentiment. Sale screeners include all transactions since most insider sales are routine.