About this page
WallStPal explains public SEC filings and congressional stock trade reports in plain English. Nothing is for sale; the site is free and supported by ads.
How to read it
- Form 4
- The form a company insider (officer, director or owner of more than 10%) must file with the SEC within two business days of buying or selling the company's shares.
- 13F
- A quarterly list of U.S. stocks held by an investment manager with more than $100 million, filed within 45 days after each quarter ends.
- STOCK Act
- A 2012 law that requires members of Congress to report stock trades by themselves, a spouse or a dependent child within 45 days.
A real example
In January 2016, when bank stocks were falling, JPMorgan Chase CEO Jamie Dimon bought 500,000 JPMorgan shares with his own money, worth about $26 million. His Form 4 made the purchase public within days, and investors read it as a strong sign of confidence.
Explain it like I'm 13
We read the long, boring forms that grown-ups file with the government and tell you what they say in normal words.
Data from public SEC filings and congressional reports. Information, not investment advice. Check every number against the filing linked on the page.
The WallStPal Score
Not every insider purchase means the same thing. The score rates each one from 0 to 100 using only facts in the filing, so you can see at a glance which purchases say the most.
Highest-scoring purchases, last 30 days
| Filed | Stock | Insider | Value | Score |
|---|---|---|---|---|
| Oct 16 | BORR | Harvey Edward SnowlingCOO | $1.47M | 67 |
| Oct 1 | GPUS | Milton C. Ault IIIExecutive Chair | $5.05M | 65 |
| Sep 30 | BBD | Di Marcello FrancescoExecutive Officer | $1.00M | 65 |
| Oct 2 | PORT | Jeb S. SpencerCEO | $5.00M | 64 |
| Oct 9 | BBD | Rubens Aguiar AlvarezDirector | $32.0M | 62 |
| Sep 29 | ADRX | Simeon GeorgeDirector | $27.2M | 62 |
| Sep 29 | BPRE | Ramin KamfarDirector | $1.94M | 62 |
| Sep 29 | BPRE | Ramin KamfarDirector | $1.34M | 62 |
| Oct 1 | XENE | Ian MortimerCEO | $1.12M | 61 |
| Oct 13 | HEI | Victor H. MendelsonCEO | $175K | 60 |
| Oct 20 | DX | Smriti Laxman PopenoeCEO | $157K | 60 |
| Oct 21 | RAPP | Troy A. IgnelziCFO | $144K | 60 |
| Sep 29 | BPRE | Ramin KamfarDirector | $812K | 59 |
| Sep 29 | ADRX | Sr One Capital Management, LLC10% owner | $27.2M | 58 |
| Oct 2 | NYAX | Yair NechmadCEO | $2.11M | 58 |
| Sep 30 | NYAX | Yair NechmadCEO | $1.09M | 58 |
| Sep 30 | NYAX | Yair NechmadCEO | $1.02M | 58 |
| Oct 1 | XENE | Thomas Patrick KellyCFO | $560K | 58 |
| Oct 5 | BBD | Denise Aguiar AlvarezDirector | $33.6M | 57 |
| Oct 5 | ACCV | Michael RubieraCEO | $3.60M | 57 |
| Sep 29 | BPRE | Ramin KamfarDirector | $1.43M | 57 |
| Oct 15 | BBD | De Oliveira Andre Luis DuarteExecutive Officer | $1.15M | 57 |
| Oct 2 | FGBI | Edgar R. Smith IIIDirector | $822K | 57 |
| Sep 28 | INR | Cary D. BaetzCFO | $296K | 57 |
| Oct 22 | RAPP | Steven M. PaulDirector | $974K | 56 |
| Oct 8 | FUL | R. Jeffrey BaillyDirector | $500K | 56 |
| Oct 5 | BBD | Denise Aguiar AlvarezDirector | $5.76M | 55 |
| Oct 1 | DKS | Matthew BarnesPresident | $500K | 55 |
| Oct 7 | AGMB | Pierre Thadee Victor KemulaCFO | $86K | 55 |
| Sep 28 | GPUS | Milton C. Ault IIIExecutive Chair | $84K | 55 |
How the score is built
| Part | Points | What it means |
|---|---|---|
| Size of the purchase | up to 20 | Bigger purchases with the insider's own money say more. $1 million or more scores 17; $5 million or more scores 20. |
| Size compared with what they already own | up to 20 | Buying a first stake, or raising a holding by half or more, scores 20. Adding 3% to a large holding scores 2. |
| First purchase in a long time | up to 15 | An insider who has not bought in three years or more scores 15. We only count years our records cover. |
| Other insiders buying too | up to 15 | Two or more other insiders buying $10,000 or more within 30 days scores 15; one scores 9. |
| Bought after the price fell | up to 15 | If the stock fell 30% or more in the 13 weeks before, 15 points. Buying into a falling price is a stronger statement. |
| Who bought | up to 15 | Chief executive, finance chief, president or operating chief: 15. Other officers 10, directors 7, 10% owners 3. |
| Made under a 10b5-1 plan | minus 20 | A purchase scheduled in advance under a trading plan says less about what the insider thinks today. |
The total is kept between 0 and 100. 65 or more is High, 40 to 64 Medium, below 40 Low. A purchase whose filed price looks mistyped gets no score.
Does a higher score mean anything?
For every scored purchase old enough to measure, the stock's change afterward minus the S&P 500's change over the same weeks.
Still being measured. A purchase can only be checked three months after it is made, and we show results only once every score group has at least 30 purchases, so a few lucky or unlucky trades cannot mislead. So far: High 12, Medium 143, Low 391 purchases measured at three months. This fills in as our history grows.
Only purchases reported within 30 days are counted. Weekly prices from SEC fails-to-deliver data; the S&P 500 is measured with SPY. Past results do not predict future ones, and the score is not a recommendation to buy anything.
Examples
A high score. In January 2016, with bank stocks falling, JPMorgan Chase CEO Jamie Dimon bought 500,000 JPMorgan shares worth about $26 million. A chief executive, a very large purchase, and buying after a price drop: that combination would score near the top.
A low score. A director buying $5,000 of stock each quarter under a 10b5-1 plan, adding a few percent to a large holding, scores low. It is a routine, scheduled purchase.
Explain it like I'm 13
Imagine the coach of your team spends their own allowance on tickets to the team's next game. If it's a huge amount, if they've never done it before, if two other coaches did it too, and if everyone else thinks the team is bad right now, that tells you the coach really believes in the team. The score adds up those clues into one number.