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Conway Daniel R: insider trades

Officer at KVH Industries Inc \de\. No open-market purchases and 14 sales not made under a pre-set plan, reported from February 19, 2010 to June 10, 2022.

What happened after Conway Daniel R’s sales?

After their sales, the shares moved −14.8% against the index over 12 months on average (a negative figure means selling was the right call); 71% 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 14 −9.3% −9.9% 64% 9 −1.96 0.085 No reliable evidence
Sales, 12 months after the report 14 −14.8% −12.5% 71% 9 −2.63 0.030 Some evidence: seller right
Sales, 12 months after the trade 14 −15.6% −21.0% 71% 9 −2.72 0.026 Some evidence: seller right

“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
KVH Industries Inc \de\ KVHI EVP Inertial Navigation014February 19, 2010June 10, 2022

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
June 10, 2022June 8, 2022 KVHI Sale $11,154 +13.7%−0.9%+8.3%
June 10, 2021June 8, 2021 KVHI Sale $19,963 −32.5%−33.3%−39.1%
March 25, 2021March 23, 2021 KVHI Sale $12,932 −9.9%−40.9%−42.3%
June 11, 2020June 9, 2020 KVHI Sale $13,937 −14.0%+12.3%+10.8%
February 20, 2020February 19, 2020 KVHI Sale $19,470 −10.0%+9.9%+14.2%
March 12, 2019March 11, 2019 KVHI Sale $12,366 −13.5%−15.0%−19.4%
February 21, 2019February 20, 2019 KVHI Sale $19,924 −16.3%−21.5%−25.7%
March 19, 2018March 15, 2018 KVHI Sale $11,716 +2.0%−9.9%−4.0%
March 15, 2018March 13, 2018 KVHI Sale $12,089 +1.2%−5.5%−2.1%
February 26, 2018February 22, 2018 KVHI Sale $18,031 +9.3%+6.3%+6.2%
December 7, 2016December 6, 2016 KVHI Sale $286,125 −35.2%−33.3%−31.6%
September 20, 2013September 16, 2013 KVHI Sale $78,000 −9.3%−33.6%−29.0%
February 18, 2011February 17, 2011 KVHI Sale $205,813 −21.2%−42.8%−41.7%
February 19, 2010February 17, 2010 KVHI Sale $149,280 +5.0%+0.7%−22.6%

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