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Honig Barry C: insider trades

Director, 10% owner at 2 companies we cover. 12 open-market purchases and no sales not made under a pre-set plan, reported from February 14, 2012 to January 4, 2017.

Would copying Honig Barry C’s purchases have beaten the S&P 500?

Too few purchases to judge. None of their purchases has 12 months of prices after the report; we judge insiders once they have 20. The figures below can swing a long way on a handful of trades. None of their purchases could be priced, so there is no copy portfolio. None of these trades can be measured yet: either the window after the report has not finished or the share price was under $5 when it was reported.

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 0 — — — — — — Not enough years
Sales, 12 months after the report 0 — — — — — — Not enough years
Sales, 12 months after the trade 0 — — — — — — 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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Niagen Bioscience, Inc. NAGE —90February 14, 2012April 30, 2013
Riot Platforms, Inc. RIOT —30November 8, 2016January 4, 2017

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
January 4, 2017January 4, 2017 RIOT Purchase $16,880 not yetnot yetnot yet
December 2, 2016December 1, 2016 RIOT Purchase $150,257 not yetnot yetnot yet
November 8, 2016September 30, 2016 RIOT Purchase $159,667 not yetnot yetnot yet
April 30, 2013April 25, 2013 NAGE Purchase $69,713 not yetnot yetnot yet
December 17, 2012December 14, 2012 NAGE Purchase $18,207 not yetnot yetnot yet
November 19, 2012November 16, 2012 NAGE Purchase $15,500 not yetnot yetnot yet
August 16, 2012August 15, 2012 NAGE Purchase $11,100 not yetnot yetnot yet
August 14, 2012August 13, 2012 NAGE Purchase $19,800 not yetnot yetnot yet
June 21, 2012June 20, 2012 NAGE Purchase $48,612 not yetnot yetnot yet
June 13, 2012June 13, 2012 NAGE Purchase $21,125 not yetnot yetnot yet
May 18, 2012May 16, 2012 NAGE Purchase $12,300 not yetnot yetnot yet
February 14, 2012February 10, 2012 NAGE Purchase $250,000 not yetnot yetnot yet

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