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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Key Insights
34 companies show cluster buys activity. Nomad Foods Ltd (NOMD) leads with $9.2M in total transaction value from 4 unique insiders. The average transaction value per company is $2.0M. Data sourced from SEC EDGAR Form 4 filings.
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.
34 companies have cluster buying activity (3+ insiders purchasing within 30 days), involving 150 total unique insiders. The average number of distinct buyers per company is 4.4. Combined transaction value across all clusters is $67.4M.
Cluster buying — when multiple insiders at the same company purchase shares within a short window — reduces the probability that personal motivations explain the concentrated activity. Research by Jaffe (1974) demonstrated that clustered insider purchases carry greater predictive value than isolated transactions. The number of distinct buyers and the dollar magnitude of their combined purchases are key dimensions of cluster significance. However, coordinated buying may also reflect management-encouraged purchasing programs rather than independent conviction.
Form 4 filings are required to be filed within 2 business days of a transaction. Some transactions may be part of pre-planned 10b5-1 trading plans. Insider trading data reflects SEC EDGAR public filings and may not capture the full context of each transaction.
- -Currently tracking 34 companies with cluster buys activity
- -Total transaction value: $67.4M
- -Most recent filing: 2 days ago
- -Average unique buyers per company: 4.4
This is a factual summary of SEC EDGAR filings and does not constitute investment advice.
34 Companies with Insider Activity
| # | Company | Top Insider | Transactions | Total Value | Insiders | Latest |
|---|---|---|---|---|---|---|
| 1 | NOMDNomad Foods Ltd | ASHKEN IAN G H | 4 | $9.2M | 4 | May 15 |
| 2 | MRPMillrose Properties, Inc. | Gorson Matthew B. | 4 | $6.6M | 4 | May 18 |
| 3 | ONONOn Holding AG | Allemann David Michael Executive Officer & Co-CEO | 3 | $6.6M | 3 | May 14 |
| 4 | GEHCGE HealthCare | CULP H LAWRENCE JR | 5 | $5.9M | 5 | May 22 |
| 5 | NCLHNorwegian Cruise Line Holdings | Byng-Thorne Zillah | 6 | $4.2M | 6 | May 22 |
| 6 | POOLPool Corporation | Hope James D | 4 | $4.0M | 4 | May 13 |
| 7 | SHAKShake Shack, Inc. | Balbale Sumaiya | 6 | $3.2M | 6 | May 15 |
| 8 | AMRZAmrize Ltd | Brouwer Roald Chief Technology Officer | 5 | $2.7M | 5 | May 22 |
| 9 | ADCAgree Realty | Agree Joey PRESIDENT & CEO | 3 | $2.6M | 3 | May 15 |
| 10 | PATKPatrick Industries, Inc. | Augsburger Blake | 5 | $2.4M | 5 | May 19 |
| 11 | PSNParsons Corporation | Ball George L. | 4 | $2.1M | 4 | May 13 |
| 12 | FCNFTI Consulting | Gunby Steven Henry CEO, Chairman and President | 3 | $2.1M | 3 | May 13 |
| 13 | OPCHOption Care Health | KRAEMER HARRY M JANSEN JR | 4 | $1.9M | 4 | May 7 |
| 14 | EVTCEVERTEC, Inc. | Castrillo-Salgado Joaquin A. Senior EVP & COO | 4 | $1.8M | 4 | May 11 |
| 15 | OLEDUniversal Display | ABRAMSON STEVEN V President and CEO | 3 | $1.5M | 3 | May 11 |
| 16 | FLUTFlutter Entertainment plc | Bishop James Philip Chief Operating Officer | 7 | $1.0M | 7 | May 12 |
| 17 | ZTSZoetis | Bisaro Paul | 3 | $886K | 3 | May 13 |
| 18 | RLIRLI Corp. | Duclos David B. | 4 | $859K | 4 | Jun 1 |
| 19 | IBPInstalled Building Products, Inc. | Hilsheimer Lawrence A. | 4 | $844K | 4 | May 11 |
| 20 | ROCKGibraltar Industries, Inc. | Bolanowski Katherine General Counsel, VP, Secretary | 3 | $823K | 3 | May 26 |
| 21 | GSHDGoosehead Insurance, Inc. | Jones Mark E. Jr. President & COO | 5 | $765K | 5 | May 29 |
| 22 | CELHCelsius Holdings | Fieldly John Chief Executive Officer | 3 | $716K | 3 | May 22 |
| 23 | MMSIMerit Medical Systems, Inc. | Aronson Martha Goldberg President and CEO | 5 | $573K | 5 | May 11 |
| 24 | BSXBoston Scientific | Habiger David C | 3 | $554K | 3 | May 20 |
| 25 | ADTADT Inc. | Ahmad Fawad EVP, Chief Oper and Cust. Off. | 5 | $477K | 5 | May 29 |
| 26 | HROWHARROW, INC. | BAUM MARK L CHIEF EXECUTIVE OFFICER | 4 | $469K | 4 | May 18 |
| 27 | FRPTFreshpet | Biegger David | 6 | $458K | 6 | May 20 |
| 28 | VVVValvoline | Freeland Richard Joseph | 3 | $451K | 3 | May 15 |
| 29 | VITLVital Farms, Inc. | Amoo-Gottfried Kofi Owusu | 11 | $422K | 11 | May 19 |
| 30 | MTDRMatador Resources | Calvert Christopher P EVP and CFO | 4 | $390K | 4 | May 29 |
| 31 | OIO-I Glass, Inc. | ABRAHAMS DARROW A SVP, GC & Corporate Secretary | 5 | $279K | 5 | May 15 |
| 32 | AEBIAebi Schmidt Holding AG | Meury Joel Michel Principal Accounting Officer | 6 | $253K | 6 | May 19 |
| 33 | DBDDIEBOLD NIXDORF, Inc | Marquez Octavio President and CEO | 3 | $249K | 3 | May 27 |
| 34 | OTFBlue Owl Technology Finance Corp. | Kaye Eric A. | 3 | $195K | 3 | May 22 |
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.