Weekly Insider Trading Report

Period: March 15, 2026 - March 22, 2026

Executive Summary

• Trading Volume: A total of 1,130 transactions were recorded, with 187 buys and 943 sells, indicating a strong sell-side sentiment.
• Buy/Sell Ratio: The buy/sell ratio stands at 0.20, reflecting a significant imbalance toward selling activity.
• Total Transaction Values: Total buy value reached approximately $52.56 million, while total sell value soared to about $1.19 billion, highlighting considerable sell-side pressure.
• Top Insider Buys: Significant purchases were made primarily in the technology and consumer sectors, with notable non-10b5-1 transactions from key insiders.
• High-Value Sells: Large sell transactions from insiders raise potential red flags about future company performance and insider sentiment.

Top Conviction Buys

The following transactions highlight significant non-10b5-1 purchases which may indicate strong insider confidence:

1. Pale Fire Capital SE (PHR)

   • Total Value: $9,118,227.21
   • Shares Purchased: 780,009 shares
   • Price per Share: $11.6899
   • Trade Date: March 19, 2026
   • Transaction Type: Buy

2. Pale Fire Capital SE (PHR)

   • Total Value: $5,790,644.91
   • Shares Purchased: 519,196 shares
   • Price per Share: $11.1531
   • Trade Date: March 18, 2026
   • Transaction Type: Buy

3. Katz Robert A (MTN)

   • Total Value: $4,942,875.00
   • Shares Purchased: 37,500 shares
   • Price per Share: $131.8100
   • Trade Date: March 16, 2026
   • Transaction Type: Buy

4. Chernett Jorey (STIM)

   • Total Value: $819,990.00
   • Shares Purchased: 607,400 shares
   • Price per Share: $1.3500
   • Trade Date: March 18, 2026
   • Transaction Type: Buy

These transactions reflect a notable commitment to purchasing shares, indicating insider confidence in the respective companies.

Risk Radar

The following notable sell transactions indicate potential warning signs that may affect market sentiment and investor confidence:

1. Martin E. Franklin (APG)

   • Total Value: $122,640,000.00
   • Shares Sold: 3,000,000 shares
   • Price per Share: $40.8800
   • Trade Date: March 19, 2026

2. Keith D. Larson (VG)

   • Total Value: $49,853,842.83
   • Shares Sold: 3,206,138 shares
   • Price per Share: $15.5495
   • Trade Date: March 19, 2026

3. Eduardo S. Elsztain (IRS)

   • Total Value: $42,300,000.00
   • Shares Sold: 20,000 shares
   • Price per Share: $2,115.0000
   • Trade Date: March 19, 2026

4. Jonathan W. Thayer (VG)

   • Total Value: $40,636,556.40
   • Shares Sold: 2,520,800 shares
   • Price per Share: $16.1205
   • Trade Date: March 19, 2026

These high-value sells suggest a potential lack of confidence among insiders, which could be a signal for caution among investors.

Market Sentiment Analysis

The recent data reflects a bearish market sentiment, with a pronounced skew towards selling among insiders. The total sell value significantly surpasses the buy value, leading to concerns about future company performance and market conditions. Notably, the substantial sell transactions by high-profile insiders may indicate a lack of confidence in their companies' near-term outlooks. In contrast, while there are significant buys, these are overshadowed by the heavy sell activity, limiting bullish sentiment.

Investment Opportunities

Despite the prevailing bearish sentiment, several investment opportunities may arise from the current insider trading landscape:

• PHR (Pale Fire Capital SE): The significant insider purchases suggest potential undervaluation or upcoming positive developments. Analysts should monitor this stock for potential rebounds.
• MTN (Katz Robert A): The high-value buy from a director indicates confidence in the company, presenting a potential opportunity for long-term investors.
• Watchlist for Sells: Investors should keep an eye on companies with significant insider sells, as these may present short-term trading opportunities or signals to exit positions.

In summary, while the insider trading data reveals a predominantly bearish sentiment, tactical investment strategies focused on key buy signals may yield positive results in the current market environment.