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Polar Asset Management Partners Inc.: insider trades

10% owner at 14 companies we cover. No open-market purchases and 24 sales not made under a pre-set plan, reported from March 17, 2016 to April 1, 2025.

What happened after Polar Asset Management Partners Inc.’s sales?

After their sales, the shares moved −30.9% against the index over 12 months on average (a negative figure means selling was the right call); 91% 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 23 +2.0% −3.3% 70% 10 −0.04 0.97 No reliable evidence
Sales, 12 months after the report 23 −30.9% −29.5% 91% 10 −3.99 0.003 Strong evidence: seller right
Sales, 12 months after the trade 23 −29.0% −28.5% 91% 10 −3.48 0.007 Strong 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
Hurco Companies Inc HURC —07February 25, 2021April 1, 2025
Nextdecade Corp NEXT —02March 17, 2016June 12, 2017
Rimini Street, Inc. RMNI —02December 12, 2016October 10, 2017
Concrete Pumping Holdings, Inc. BBCP —02October 19, 2018October 24, 2018
GEN Restaurant Group, Inc. GENK —02November 14, 2023November 17, 2023
North American Construction Group Ltd. NOA —01May 18, 2016May 18, 2016
Inspired Entertainment, Inc. INSE —01December 21, 2016December 21, 2016
Forum Markets Inc FRMM —01June 29, 2017June 29, 2017
Kaixin Holdings KXIN —01January 7, 2019January 7, 2019
Repay Holdings Corp RPAY —01March 14, 2019March 14, 2019
NRX Pharmaceuticals, Inc. NRXP —01March 17, 2020March 17, 2020
Microvast Holdings, Inc. MVST —01May 11, 2020May 11, 2020
Hyliion Holdings Corp. HYLN —01June 23, 2020June 23, 2020
Calidi Biotherapeutics, Inc. CLDI —01October 21, 2022October 21, 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
April 1, 2025March 28, 2025 HURC Sale $46,530 +21.0%−18.2%−24.2%
March 28, 2025March 26, 2025 HURC Sale $93,030 +16.9%−21.0%−17.3%
March 26, 2025March 24, 2025 HURC Sale $94,020 +8.9%−18.6%−21.5%
February 20, 2025February 18, 2025 HURC Sale $76,795 −24.1%−31.9%−35.1%
February 18, 2025February 13, 2025 HURC Sale $171,963 −23.8%−29.5%−34.1%
October 9, 2024October 7, 2024 HURC Sale $983,536 −15.8%−35.5%−37.7%
November 17, 2023November 15, 2023 GENK Sale $36,928 +8.5%−22.0%−20.1%
November 14, 2023November 10, 2023 GENK Sale $36,762 +8.6%−20.1%−21.2%
October 21, 2022October 19, 2022 CLDI Sale $358,380 −3.3%−85.6%−89.8%
February 25, 2021February 23, 2021 HURC Sale $55,582 −0.2%−6.7%−5.0%
June 23, 2020June 19, 2020 HYLN Sale $21,446,000 +170.2%−67.5%−56.6%
May 11, 2020May 7, 2020 MVST Sale $9,538,000 −15.3%−38.5%−28.5%
March 17, 2020March 13, 2020 NRXP Sale $312,318 −26.2%+101.9%+117.6%
March 14, 2019March 12, 2019 RPAY Sale $12,389,990 −1.0%+45.7%+70.3%
January 7, 2019January 3, 2019 KXIN Sale $2,026,000 −10.4%−116.4%−121.5%
October 24, 2018October 22, 2018 BBCP Sale $6,387,500 −13.9%−82.0%−78.3%
October 19, 2018October 18, 2018 BBCP Sale $2,044,000 −21.4%−78.3%−76.1%
October 10, 2017October 5, 2017 RMNI Sale $5,000,001 −25.0%−43.8%−50.6%
June 29, 2017June 27, 2017 FRMM Sale $121,250 −4.2%−12.3%−11.2%
June 12, 2017June 9, 2017 NEXT Sale $2,565,000 −1.9%−56.4%−55.7%
December 21, 2016December 20, 2016 INSE Sale $13,047,915 +4.2%−17.9%−12.2%
December 12, 2016December 9, 2016 RMNI Sale $912,640 −4.8%−39.1%−39.3%
May 18, 2016May 17, 2016 NOA Sale $1,740,087 not yetnot yetnot yet
March 17, 2016March 15, 2016 NEXT Sale $316,800 −1.4%−15.8%−17.8%

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 Polar Asset Management Partners Inc. traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.