Form 4
The SEC filing in which a company's officers, directors and 10% owners report a trade in its shares, due within two business days.
How to use it
The raw material of insider analysis. Only open-market purchases and sales say much about anyone's view.
Limitations
Reports what was done, not why: an open-market sale is often tax or diversification.
In Kereon
Whales · Insiders. Read from SEC EDGAR. Code P is an open-market purchase and S an open-market sale; A (awards), F (shares withheld for tax), M and X (option exercises) are not counted as buying or selling conviction.
Also called: section 16, insider filing, open market, open-market purchase, code p.