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Gruner Kjell: insider trades

Officer, Director at 2 companies we cover. No open-market purchases and 16 sales not made under a pre-set plan, reported from March 12, 2024 to August 3, 2026.

What happened after Gruner Kjell’s sales?

After their sales, the shares moved −69.2% 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 15 −6.5% −6.0% 100% 2 — — Not enough years
Sales, 12 months after the report 15 −69.2% −74.2% 100% 2 — — Not enough years
Sales, 12 months after the trade 15 −79.1% −95.6% 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
Livewire Group, Inc. LVWR —015May 13, 2024August 3, 2026
Rivian Automotive, Inc. / DE RIVN Chief Commercial Officer01March 12, 2024March 12, 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
August 3, 2026July 30, 2026 LVWR Sale $212,532 not yetnot yetnot yet
June 13, 2025June 12, 2025 LVWR Sale $123,109 −6.7%−101.9%−107.1%
May 31, 2024May 30, 2024 LVWR Sale $33,279 −12.4%−27.0%−53.8%
May 30, 2024May 29, 2024 LVWR Sale $33,973 −5.8%−26.9%−54.9%
May 29, 2024May 28, 2024 LVWR Sale $35,139 −5.6%−53.8%−45.1%
May 24, 2024May 23, 2024 LVWR Sale $38,700 −8.0%−45.1%−52.7%
May 24, 2024May 21, 2024 LVWR Sale $32,300 −8.0%−45.1%−95.0%
May 23, 2024May 22, 2024 LVWR Sale $38,880 −7.2%−69.6%−74.2%
May 21, 2024May 20, 2024 LVWR Sale $32,650 −8.2%−74.2%−95.9%
May 20, 2024May 17, 2024 LVWR Sale $32,950 −3.9%−95.0%−95.6%
May 17, 2024May 16, 2024 LVWR Sale $32,700 −4.8%−95.9%−95.8%
May 16, 2024May 15, 2024 LVWR Sale $33,150 −6.0%−95.6%−96.1%
May 15, 2024May 14, 2024 LVWR Sale $33,500 −4.0%−95.8%−98.1%
May 14, 2024May 10, 2024 LVWR Sale $67,000 −2.9%−96.1%−99.7%
May 13, 2024May 9, 2024 LVWR Sale $33,350 −9.2%−98.1%−97.9%
March 12, 2024March 8, 2024 RIVN Sale $255,367 −4.5%−17.2%−24.1%

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