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Gusek Ron: insider trades

Officer at Liberty Energy Inc. No open-market purchases and 13 sales not made under a pre-set plan, reported from December 7, 2020 to April 30, 2024.

What happened after Gusek Ron’s sales?

After their sales, the shares moved −12.3% against the index over 12 months on average (a negative figure means selling was the right call); 54% 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 13 −13.1% −19.3% 54% 5 −1.33 0.25 No reliable evidence
Sales, 12 months after the report 13 −12.3% −8.7% 54% 5 −2.89 0.045 Some evidence: seller right
Sales, 12 months after the trade 13 −12.0% −8.5% 69% 5 −2.76 0.051 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
Liberty Energy Inc. LBRT President013December 7, 2020April 30, 2024

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
April 30, 2024April 29, 2024 LBRT Sale $2,111,912 0.0%−58.4%−58.6%
October 24, 2023October 23, 2023 LBRT Sale $1,586,298 −19.3%−50.6%−55.0%
August 25, 2022August 23, 2022 LBRT Sale $386,350 +4.9%−8.7%−1.3%
May 5, 2022May 3, 2022 LBRT Sale $1,663,000 −20.3%−26.2%−27.7%
June 3, 2021June 2, 2021 LBRT Sale $845,000 −47.3%+5.2%−1.3%
May 27, 2021May 27, 2021 LBRT Sale $297,600 −36.8%+9.7%+12.1%
May 18, 2021May 17, 2021 LBRT Sale $146,300 −36.1%+10.2%+5.6%
May 10, 2021May 7, 2021 LBRT Sale $407,700 −35.5%+5.0%+17.6%
May 6, 2021May 5, 2021 LBRT Sale $399,600 −35.6%+17.6%+25.9%
March 8, 2021March 5, 2021 LBRT Sale $320,000 +3.5%+0.8%−10.2%
March 2, 2021March 1, 2021 LBRT Sale $309,750 +30.4%−11.3%−15.1%
February 23, 2021February 22, 2021 LBRT Sale $565,000 +13.0%−15.2%−8.5%
December 7, 2020December 4, 2020 LBRT Sale $109,600 +9.1%−37.7%−39.8%

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