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Mast Capital Management, LLC: insider trades

10% owner at Great Elm Capital Corp. No open-market purchases and 24 sales not made under a pre-set plan, reported from September 18, 2017 to June 4, 2019.

What happened after Mast Capital Management, LLC’s sales?

After their sales, the shares moved −27.8% 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

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 24 −2.2% −2.0% 67% 3 — — Not enough years
Sales, 12 months after the report 24 −27.8% −17.1% 100% 3 — — Not enough years
Sales, 12 months after the trade 24 −27.5% −17.5% 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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Great Elm Capital Corp. GECC —024September 18, 2017June 4, 2019

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
June 4, 2019May 31, 2019 GECC Sale $611,477 −4.4%−61.2%−63.8%
May 30, 2019May 28, 2019 GECC Sale $187,334 −7.2%−63.8%−59.5%
May 24, 2019May 22, 2019 GECC Sale $2,359,943 −7.8%−59.5%−64.5%
May 21, 2019May 17, 2019 GECC Sale $162,899 −4.4%−64.5%−66.1%
May 13, 2019May 9, 2019 GECC Sale $74,016 −6.2%−57.8%−60.4%
April 29, 2019April 25, 2019 GECC Sale $111,188 +1.3%−54.7%−51.0%
April 18, 2019April 16, 2019 GECC Sale $309,822 +5.4%−45.2%−50.7%
March 19, 2019March 15, 2019 GECC Sale $264,649 +6.2%−36.9%−30.9%
March 11, 2019March 7, 2019 GECC Sale $291,716 +5.9%−23.6%−22.9%
March 1, 2019February 27, 2019 GECC Sale $515,562 +6.8%−19.8%−8.3%
February 15, 2019February 13, 2019 GECC Sale $334,632 +6.8%−14.7%−15.4%
February 7, 2019February 5, 2019 GECC Sale $323,006 −0.2%−15.1%−13.7%
February 4, 2019January 31, 2019 GECC Sale $313,940 +1.5%−13.7%−10.5%
January 30, 2019January 28, 2019 GECC Sale $254,719 +2.5%−10.5%−12.0%
January 16, 2019January 14, 2019 GECC Sale $41,974 −2.0%−15.2%−16.9%
January 11, 2019January 9, 2019 GECC Sale $56,482 −5.0%−16.9%−16.7%
January 2, 2019December 28, 2018 GECC Sale $13,014 −10.8%−23.6%−21.0%
December 12, 2018December 10, 2018 GECC Sale $41,645 −0.1%−9.5%−7.3%
April 3, 2018March 29, 2018 GECC Sale $16,518 −2.1%−9.8%−6.9%
March 28, 2018March 26, 2018 GECC Sale $171,489 −0.4%−6.9%−2.6%
October 19, 2017October 17, 2017 GECC Sale $497,019 −6.6%−4.8%−4.6%
October 4, 2017September 18, 2017 GECC Sale $388,313 −5.0%−8.8%−17.7%
September 22, 2017September 20, 2017 GECC Sale $635,665 −13.9%−14.1%−17.3%
September 18, 2017September 14, 2017 GECC Sale $137,463 −13.9%−17.3%−20.1%

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 Mast Capital Management, LLC traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.