undamentalytics Newsletter
Sign in

Wertheizer Gideon: insider trades

Chief executive at Ceva Inc. No open-market purchases and 20 sales not made under a pre-set plan, reported from March 5, 2010 to November 19, 2021.

What happened after Wertheizer Gideon’s sales?

After their sales, the shares moved −8.0% against the index over 12 months on average (a negative figure means selling was the right call); 55% 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 20 −6.7% −4.8% 70% 7 −1.18 0.28 No reliable evidence
Sales, 12 months after the report 20 −8.0% −27.1% 55% 7 −0.48 0.65 No reliable evidence
Sales, 12 months after the trade 20 −8.7% −28.8% 55% 7 −0.55 0.60 No reliable evidence

“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
Ceva Inc CEVA Chief Executive Officer020March 5, 2010November 19, 2021

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 19, 2021November 17, 2021 CEVA Sale $417,788 −8.5%−28.2%−27.9%
February 26, 2021February 25, 2021 CEVA Sale $1,087,298 −38.4%−50.2%−50.0%
February 24, 2021February 22, 2021 CEVA Sale $1,613,910 −39.8%−50.0%−53.9%
February 22, 2021February 19, 2021 CEVA Sale $2,825,200 −41.3%−53.4%−56.3%
August 20, 2020August 18, 2020 CEVA Sale $1,614,312 −14.3%−26.1%−29.7%
November 22, 2017November 21, 2017 CEVA Sale $1,015,316 −31.6%−52.2%−51.6%
May 30, 2017May 25, 2017 CEVA Sale $37,940 −3.7%−34.6%−34.6%
May 12, 2017May 10, 2017 CEVA Sale $1,289,184 −5.9%−39.7%−44.9%
August 10, 2016August 8, 2016 CEVA Sale $1,361,373 −1.8%+17.8%+22.1%
May 26, 2016May 24, 2016 CEVA Sale $238,298 +11.9%+37.8%+34.5%
November 12, 2015November 9, 2015 CEVA Sale $935,327 −21.7%+7.8%+7.3%
February 11, 2015February 9, 2015 CEVA Sale $1,068,142 −0.9%+1.3%+1.6%
November 2, 2011October 31, 2011 CEVA Sale $1,725,799 −22.0%−67.4%−64.5%
May 11, 2011May 9, 2011 CEVA Sale $3,917,407 −1.2%−48.9%−46.0%
May 3, 2011April 29, 2011 CEVA Sale $2,789,485 +1.6%−46.5%−32.4%
February 2, 2011February 2, 2011 CEVA Sale $27,220 +9.1%+6.0%+2.5%
November 12, 2010November 10, 2010 CEVA Sale $830,400 +2.2%+30.8%+39.9%
October 29, 2010October 28, 2010 CEVA Sale $1,947,900 +19.2%+56.6%+63.7%
August 11, 2010August 9, 2010 CEVA Sale $32,890 +60.5%+116.4%+77.1%
March 5, 2010March 3, 2010 CEVA Sale $16,200 −6.6%+62.6%+69.3%

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