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Lite-On Semiconductor Corp: insider trades

10% owner at Diodes Inc. No open-market purchases and 13 sales not made under a pre-set plan, reported from August 26, 2014 to November 30, 2017.

What happened after Lite-On Semiconductor Corp’s sales?

After their sales, the shares moved +7.8% against the index over 12 months on average (a negative figure means selling was the right call); 15% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
Purchases, 3 months after the report 0 — — — — — — Not enough years
Purchases, 6 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the trade 0 — — — — — — Not enough years
Sales, 3 months after the report 13 −0.1% −0.4% 54% 2 — — Not enough years
Sales, 12 months after the report 13 +7.8% +13.1% 15% 2 — — Not enough years
Sales, 12 months after the trade 13 +6.3% +6.1% 23% 2 — — Not enough years

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Diodes Inc DIOD —013August 26, 2014November 30, 2017

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
November 30, 2017November 28, 2017 DIOD Sale $220,039 +1.6%+13.1%+6.1%
November 27, 2017November 22, 2017 DIOD Sale $900,692 −6.2%+6.1%+3.5%
November 21, 2017November 17, 2017 DIOD Sale $815,766 −10.8%+3.5%+0.8%
November 16, 2017November 16, 2017 DIOD Sale $617,400 −10.9%+0.8%+0.9%
November 14, 2017November 10, 2017 DIOD Sale $44,128 −11.9%+6.0%−3.6%
September 1, 2017August 30, 2017 DIOD Sale $818,400 −6.1%+13.2%+16.3%
August 29, 2017August 25, 2017 DIOD Sale $31,980 −0.6%+16.3%+25.4%
August 25, 2017August 23, 2017 DIOD Sale $801,466 +8.0%+23.4%+19.9%
August 23, 2017August 21, 2017 DIOD Sale $561,807 +8.8%+20.5%+23.1%
August 21, 2017August 17, 2017 DIOD Sale $477,508 +12.5%+23.1%+18.9%
August 17, 2017August 11, 2017 DIOD Sale $3,131,548 +11.5%+19.8%+24.7%
August 27, 2014August 26, 2014 DIOD Sale $660,921 +2.8%−22.0%−22.7%
August 26, 2014August 12, 2014 DIOD Sale $7,060,295 −0.4%−22.1%−31.2%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Lite-On Semiconductor Corp traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.