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Schwartz Jeffrey Nathan: insider trades

Director at Tucows Inc. No open-market purchases and 7 sales not made under a pre-set plan, reported from September 27, 2016 to August 20, 2020.

What happened after Schwartz Jeffrey Nathan’s sales?

After their sales, the shares moved −6.7% against the index over 12 months on average (a negative figure means selling was the right call); 86% 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 7 −12.5% −11.9% 71% 5 −1.55 0.20 No reliable evidence
Sales, 12 months after the report 7 −6.7% −13.7% 86% 5 −0.10 0.93 No reliable evidence
Sales, 12 months after the trade 7 −4.5% −8.1% 86% 5 0.04 0.97 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
Tucows Inc TCX —07September 27, 2016August 20, 2020

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
August 20, 2020August 20, 2020 TCX Sale $123,552 +5.5%−16.6%−20.4%
April 1, 2019March 28, 2019 TCX Sale $318,000 −28.4%−30.7%−33.8%
March 26, 2019March 22, 2019 TCX Sale $241,500 −28.8%−30.9%−22.7%
June 1, 2018May 30, 2018 TCX Sale $936,650 −13.8%−13.7%−8.1%
May 18, 2017May 18, 2017 TCX Sale $283,082 −11.9%−8.1%−7.5%
May 18, 2017May 17, 2017 TCX Sale $411,654 −11.9%−8.1%−6.3%
September 27, 2016September 26, 2016 TCX Sale $402,281 +1.7%+61.5%+67.2%

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