Gilhuly Edward A: insider trades

Director at Gopro, Inc. No open-market purchases and 15 sales not made under a pre-set plan, reported from December 4, 2014 to August 19, 2016.

What happened after Gilhuly Edward A’s sales?

After their sales, the shares moved −75.2% 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

Gilhuly Edward A: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
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	15	−13.0%	−12.3%	60%	3	—	—	Not enough years
Sales, 12 months after the report	15	−75.2%	−80.6%	100%	3	—	—	Not enough years
Sales, 12 months after the trade	15	−75.3%	−79.9%	100%	3	—	—	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

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Gopro, Inc. GPRO	—	0	15	December 4, 2014	August 19, 2016

Trades and what followed

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

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
August 19, 2016	August 17, 2016	GPRO	Sale	$10,587,000	−34.6%	−55.0%	−53.1%
December 2, 2015	November 30, 2015	GPRO	Sale	$130,052	−24.8%	−57.9%	−59.9%
August 12, 2015	August 10, 2015	GPRO	Sale	$6,523,000	−57.9%	−82.9%	−83.4%
August 7, 2015	August 5, 2015	GPRO	Sale	$6,137,252	−61.5%	−83.4%	−83.7%
August 4, 2015	July 31, 2015	GPRO	Sale	$9,633,000	−61.0%	−83.7%	−84.5%
July 27, 2015	July 23, 2015	GPRO	Sale	$16,332,388	−53.3%	−87.1%	−88.3%
May 29, 2015	May 28, 2015	GPRO	Sale	$39,768,383	−12.3%	−83.7%	−83.1%
May 20, 2015	May 18, 2015	GPRO	Sale	$13,479,501	−1.4%	−81.2%	−80.6%
May 15, 2015	May 13, 2015	GPRO	Sale	$18,855,721	+15.2%	−80.6%	−82.8%
May 12, 2015	May 8, 2015	GPRO	Sale	$5,022,000	+14.2%	−82.8%	−79.9%
May 4, 2015	April 30, 2015	GPRO	Sale	$13,442,227	+29.3%	−76.4%	−75.9%
March 2, 2015	February 26, 2015	GPRO	Sale	$14,411,145	+44.4%	−63.9%	−66.7%
February 26, 2015	February 24, 2015	GPRO	Sale	$11,050,639	+31.4%	−65.5%	−66.3%
February 20, 2015	February 18, 2015	GPRO	Sale	$46,193,596	+22.6%	−65.4%	−65.9%
December 4, 2014	December 3, 2014	GPRO	Sale	$9,111,194	−45.4%	−77.9%	−75.2%

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