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Richardson Stephen: insider trades

Chief executive, Officer at Alexandria Real Estate Equities. No open-market purchases and 40 sales not made under a pre-set plan, reported from November 7, 2011 to May 11, 2022.

What happened after Richardson Stephen’s sales?

After their sales, the shares moved −4.1% against the index over 12 months on average (a negative figure means selling was the right call); 55% 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 40 −0.6% −1.4% 63% 12 −0.27 0.79 No reliable evidence
Sales, 12 months after the report 40 −4.1% −3.5% 55% 12 −1.07 0.31 No reliable evidence
Sales, 12 months after the trade 40 −4.1% −3.9% 55% 12 −1.11 0.29 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
Alexandria Real Estate Equities ARE Co-Chief Executive Officer040November 7, 2011May 11, 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
May 11, 2022May 9, 2022 ARE Sale $857,350 −3.4%−29.8%−29.7%
August 3, 2021July 30, 2021 ARE Sale $3,027,450 −4.5%−15.5%−11.3%
May 3, 2021April 29, 2021 ARE Sale $1,799,300 +7.5%+0.6%+5.2%
March 17, 2021March 15, 2021 ARE Sale $1,664,100 +1.1%+3.5%+9.4%
August 4, 2020July 31, 2020 ARE Sale $1,749,700 −11.8%−13.3%−18.7%
May 6, 2020May 4, 2020 ARE Sale $1,476,300 −0.9%−28.4%−24.8%
February 18, 2020February 13, 2020 ARE Sale $1,740,700 −0.3%−15.5%−16.3%
August 8, 2019August 6, 2019 ARE Sale $1,450,825 +0.4%+6.3%+6.6%
February 21, 2019February 19, 2019 ARE Sale $1,353,700 +4.6%+7.6%+4.0%
December 6, 2018December 4, 2018 ARE Sale $938,175 +5.4%+11.0%+16.5%
August 7, 2018August 3, 2018 ARE Sale $949,950 +1.1%+13.9%+13.2%
May 9, 2018May 7, 2018 ARE Sale $1,290,100 −6.8%+8.5%+1.2%
March 30, 2018March 28, 2018 ARE Sale $462,450 −1.5%+8.0%+8.1%
February 28, 2018February 26, 2018 ARE Sale $400,302 +1.0%+8.9%+10.4%
December 12, 2017December 8, 2017 ARE Sale $643,900 −5.3%−3.2%−2.6%
August 10, 2017August 8, 2017 ARE Sale $904,200 0.0%−10.8%−9.3%
May 19, 2017May 17, 2017 ARE Sale $881,325 +1.5%−7.9%−10.0%
February 10, 2017February 8, 2017 ARE Sale $683,640 −1.5%−8.1%−11.6%
August 11, 2016August 9, 2016 ARE Sale $1,117,900 −4.9%−3.7%−5.2%
May 9, 2016May 5, 2016 ARE Sale $712,050 +13.1%+5.5%+4.4%
December 11, 2015December 9, 2015 ARE Sale $445,800 −1.3%+12.2%+16.1%
August 5, 2015August 3, 2015 ARE Sale $469,550 −1.8%+18.0%+15.3%
March 11, 2015March 9, 2015 ARE Sale $284,850 −7.6%−9.3%−7.1%
December 11, 2014December 9, 2014 ARE Sale $450,050 +7.9%+1.3%+0.8%
November 24, 2014November 20, 2014 ARE Sale $408,900 +12.9%+9.5%+11.6%
August 14, 2014August 12, 2014 ARE Sale $389,350 +2.9%+15.9%+12.5%
December 30, 2013December 26, 2013 ARE Sale $288,405 +12.2%+31.3%+30.4%
December 24, 2013December 20, 2013 ARE Sale $286,200 +13.6%+30.4%+29.2%
September 24, 2013September 20, 2013 ARE Sale $135,120 −9.4%−0.6%−1.4%
August 14, 2013August 12, 2013 ARE Sale $134,840 −7.4%+6.9%+3.6%
March 28, 2013March 26, 2013 ARE Sale $178,125 −9.6%−15.6%−17.7%
December 26, 2012December 20, 2012 ARE Sale $173,572 −6.2%−35.8%−33.9%
December 20, 2012December 18, 2012 ARE Sale $172,900 −5.3%−34.5%−32.3%
December 13, 2012December 11, 2012 ARE Sale $335,062 −6.7%−36.5%−35.9%
August 10, 2012August 8, 2012 ARE Sale $327,420 −8.4%−31.4%−27.5%
May 17, 2012May 15, 2012 ARE Sale $103,446 −1.7%−18.4%−18.8%
March 27, 2012March 23, 2012 ARE Sale $107,835 +1.3%−13.5%−12.8%
December 7, 2011December 5, 2011 ARE Sale $170,000 −3.5%−9.7%−9.6%
November 14, 2011November 9, 2011 ARE Sale $204,030 −0.6%−9.8%−13.4%
November 7, 2011November 3, 2011 ARE Sale $205,260 −1.8%−10.8%−11.8%

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