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Noot Walter: insider trades

Officer at Usana Health Sciences Inc. No open-market purchases and 15 sales not made under a pre-set plan, reported from February 15, 2018 to May 29, 2025.

What happened after Noot Walter’s sales?

After their sales, the shares moved −27.1% against the index over 12 months on average (a negative figure means selling was the right call); 87% 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 15 −2.1% −2.9% 67% 8 −0.89 0.40 No reliable evidence
Sales, 12 months after the report 15 −27.1% −26.4% 87% 8 −3.97 0.005 Strong evidence: seller right
Sales, 12 months after the trade 15 −25.8% −26.0% 93% 8 −3.95 0.005 Strong evidence: seller right

“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
Usana Health Sciences Inc USNA CHIEF OPERATING OFFICER015February 15, 2018May 29, 2025

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 29, 2025May 27, 2025 USNA Sale $190,554 −2.9%−69.9%−67.1%
March 11, 2024March 8, 2024 USNA Sale $257,022 −7.4%−50.5%−43.7%
February 16, 2023February 15, 2023 USNA Sale $247,543 0.0%−44.8%−43.3%
February 16, 2022February 14, 2022 USNA Sale $349,625 −11.5%−23.5%−26.0%
December 20, 2021December 16, 2021 USNA Sale $633,234 −19.2%−31.5%−31.6%
October 29, 2021October 29, 2021 USNA Sale $33,945 −1.8%−30.4%−31.3%
February 25, 2021February 24, 2021 USNA Sale $337,495 −2.2%−26.4%−16.3%
February 22, 2021February 19, 2021 USNA Sale $289,616 +4.4%−17.7%−16.5%
February 16, 2021February 11, 2021 USNA Sale $182,748 +4.1%−19.2%−23.5%
October 27, 2020October 26, 2020 USNA Sale $29,744 −11.0%−24.7%−18.6%
May 1, 2020April 29, 2020 USNA Sale $849,618 −21.5%−42.8%−39.8%
February 10, 2020February 6, 2020 USNA Sale $165,367 +17.4%+4.9%−13.9%
October 25, 2019October 24, 2019 USNA Sale $89,352 −21.0%−0.7%−2.0%
November 9, 2018November 8, 2018 USNA Sale $43,378 −12.0%−53.9%−47.7%
February 15, 2018February 15, 2018 USNA Sale $236,775 +53.5%+25.1%+33.9%

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