Weekly Insider Trading Report: May 10 - May 17, 2026

Executive Summary

• Total Transactions: 1,304 transactions were reported, comprising 366 buys and 938 sells, indicating a sell-to-buy ratio of approximately 2.57.
• Aggregate Transaction Values: Total insider buying reached $242.15 million, while total selling amounted to $1.45 billion, highlighting a significant disparity in market sentiment.
• Top Buys: The highest buy value was $74.99 million by RA Capital Management for ARTV, indicating strong conviction in the stock.
• Top Sells: The largest sell transaction was worth $289.75 million by Warburg Pincus for SHC, suggesting potential downside risks in the stock.
• Market Sentiment: A generally bearish sentiment is indicated by the high volume of sells compared to buys, alongside significant insider selling activity.

Top Conviction Buys

The following notable non-10b5-1 insider purchases reflect strong conviction from company insiders:

1. ARTV (RA Capital Management, L.P.)

   • Total Value: $74,999,92.32
   • Shares: 6,510,416
   • Price: $11.52
   • Trade Date: May 11, 2026

2. PLSE (Duggan Robert W)

   • Total Value: $12,999,987.77 (three separate transactions)
   • Shares: 660,233 each
   • Price: $19.69
   • Trade Date: May 11, 2026

3. FOUR (Isaacman Jared)

   • Total Value: $8,094,833.90 (two separate transactions)
   • Shares: 195,500 each
   • Price: $41.41
   • Trade Date: May 11, 2026

These purchases demonstrate significant confidence in the future performance of the respective companies, especially in the face of broader market sentiment.

Risk Radar

The following notable sell transactions signal potential risks and bearish sentiment:

1. SHC (Warburg Pincus & Co.)

   • Total Value: $289,753,575.94
   • Shares: 19,102,952
   • Price: $15.168
   • Trade Date: May 13, 2026

2. FLNC (SPT Holding Sarl)

   • Total Value: $206,638,313.38
   • Shares: 10,066,414
   • Price: $20.5275
   • Trade Date: May 15, 2026

3. NBIS (Korolenko Andrey)

   • Total Value: $101,620,000.00
   • Shares: 500,000
   • Price: $203.240
   • Trade Date: May 13, 2026

The high volume of sells, particularly by prominent insiders, raises warnings about possible declines or corrections in the affected stocks.

Market Sentiment Analysis

The current market sentiment is largely bearish, as indicated by the substantial volume of insider selling compared to buying. The sell-to-buy ratio of 2.57 illustrates a preference among insiders to liquidate positions rather than accumulate. Additionally, the aggregate sell value of $1.45 billion vastly eclipses the $242.15 million in buys, suggesting a cautious outlook among insiders.

Investment Opportunities

Given the current market dynamics, several investment opportunities emerge despite the bearish sentiment:

• ARTV: With a significant investment from RA Capital Management, there could be potential upside as the company navigates through market challenges.
• PLSE: Strong buying activity from a key director indicates confidence that may translate into positive performance as market conditions stabilize.
• FOUR: Despite the overall selling pressure in the market, insider buying by Jared Isaacman suggests potential resilience in this stock.

Investors may consider these stocks for potential entry points, especially if broader market conditions improve, as insider confidence could indicate the potential for upward price movement.

This report aims to provide insights into insider trading behavior and its implications for market sentiment and investment opportunities.