undamentalytics Newsletter
Sign in

Green David: insider trades

Officer, Director at Harvard Bioscience Inc. No open-market purchases and 18 sales not made under a pre-set plan, reported from December 19, 2012 to July 17, 2015.

What happened after Green David’s sales?

After their sales, the shares moved −44.4% against the index over 12 months on average (a negative figure means selling was the right call); 100% 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 10 −9.8% −17.2% 70% 2 — — Not enough years
Sales, 12 months after the report 10 −44.4% −44.4% 100% 2 — — Not enough years
Sales, 12 months after the trade 9 −46.7% −50.3% 100% 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
Harvard Bioscience Inc HBIO President018December 19, 2012July 17, 2015

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
July 17, 2015July 15, 2015 HBIO Sale $89,958 −21.3%−42.5%−46.3%
July 14, 2015July 10, 2015 HBIO Sale $272,391 −20.8%−46.3%−53.4%
April 27, 2015April 23, 2015 HBIO Sale $714,555 −13.7%−47.4%−50.3%
April 23, 2015April 20, 2015 HBIO Sale $772,337 −21.1%−51.1%−55.5%
April 17, 2015April 15, 2015 HBIO Sale $278,603 −22.3%−55.5%−57.7%
April 14, 2015April 10, 2015 HBIO Sale $529,694 −22.3%−57.7%−55.7%
February 10, 2015February 9, 2015 HBIO Sale $255,738 −2.9%−40.2%−38.1%
December 30, 2014December 30, 2014 HBIO Sale $84,908 +8.8%−40.0%−33.0%
December 29, 2014December 23, 2014 HBIO Sale $525,877 +11.5%−33.0%−30.0%
December 22, 2014December 18, 2014 HBIO Sale $402,819 +5.5%−30.0%not yet
November 21, 2014November 19, 2014 HBIO Sale $49,500 not yetnot yetnot yet
October 31, 2014October 29, 2014 HBIO Sale $584,917 not yetnot yetnot yet
April 10, 2014April 9, 2014 HBIO Sale $123,104 not yetnot yetnot yet
April 8, 2014April 4, 2014 HBIO Sale $295,948 not yetnot yetnot yet
April 4, 2014April 2, 2014 HBIO Sale $294,003 not yetnot yetnot yet
April 3, 2014April 1, 2014 HBIO Sale $203,199 not yetnot yetnot yet
December 21, 2012December 19, 2012 HBIO Sale $551,054 not yetnot yetnot yet
December 19, 2012December 17, 2012 HBIO Sale $131,767 not yetnot yetnot yet

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 Green David traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.