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Acg Shack LLC: insider trades

10% owner at Shake Shack Inc. No open-market purchases and 16 sales not made under a pre-set plan, reported from August 20, 2015 to March 30, 2016.

What happened after Acg Shack LLC’s sales?

After their sales, the shares moved −24.1% 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 16 −5.3% −4.0% 75% 2 — — Not enough years
Sales, 12 months after the report 16 −24.1% −23.3% 100% 2 — — Not enough years
Sales, 12 months after the trade 16 −25.1% −23.5% 100% 2 — — 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
Shake Shack Inc. SHAK —016August 20, 2015March 30, 2016

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
March 30, 2016March 28, 2016 SHAK Sale $3,960,849 −2.4%−27.7%−19.1%
March 24, 2016March 22, 2016 SHAK Sale $4,965,000 +7.6%−19.1%−22.1%
March 21, 2016March 17, 2016 SHAK Sale $5,141,500 +6.1%−22.1%−24.2%
March 16, 2016March 14, 2016 SHAK Sale $5,094,000 +4.7%−24.2%−32.4%
March 11, 2016March 9, 2016 SHAK Sale $5,301,500 −8.5%−32.4%−34.7%
December 16, 2015December 16, 2015 SHAK Sale $2,008,500 −13.5%−13.4%−16.7%
December 15, 2015December 11, 2015 SHAK Sale $6,144,500 −12.6%−16.7%−23.1%
December 10, 2015December 8, 2015 SHAK Sale $6,540,000 −18.0%−23.1%−28.5%
December 7, 2015December 3, 2015 SHAK Sale $6,629,000 −17.1%−28.5%−28.9%
December 2, 2015November 30, 2015 SHAK Sale $6,806,500 −3.5%−28.9%−28.1%
November 25, 2015November 24, 2015 SHAK Sale $4,353,000 −1.5%−23.5%−21.3%
November 23, 2015November 19, 2015 SHAK Sale $6,423,000 −1.1%−21.3%−21.6%
November 18, 2015November 17, 2015 SHAK Sale $4,240,000 +3.7%−21.6%−23.9%
November 16, 2015November 13, 2015 SHAK Sale $4,114,500 −4.5%−23.9%−15.7%
November 13, 2015November 12, 2015 SHAK Sale $2,153,000 −8.3%−20.9%−19.1%
August 20, 2015August 18, 2015 SHAK Sale $16,816,973 −15.1%−37.7%−41.7%

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