This is a routine insider sale cluster with no material signal. Two co-founders selling an aggregate 0.07% of market cap in a 2-day window is consistent with diversification, tax planning, or a shared 10b5-1 plan window. No bearish read-through. Continue to monitor for any sudden acceleration in selling or dollar values exceeding 0.5% of cap, which would warrant a more serious assessment.
Price Chart
Executive Summary
Two co-founders (CEO and Chief Underwriting Officer) sold a combined $2.05M in open-market shares at ~$13.11 per share over two days. This represents 0.07% of the $2.9B market cap — well below the 0.1% materiality threshold — and is a modest, routine sale. The cluster does not indicate a material bearish signal given the small dollar size relative to market cap and the common timing pattern (likely post-IPO lockup expiry or a routine 10b5-1 plan window).
Key Financial Metrics
Key Facts
- CEO Jeffrey Radke sold 80,000 shares for $1.05M on June 23, 2026
- Chief UW Officer Francis O'Neill sold 147,000 shares for $1.93M across June 22-23, 2026
- Total cluster value of $2.05M represents only ~0.07% of ARX's $2.9B market cap
- Both sellers are co-founders, but open-market sales by insiders at this size relative to cap are routine and not predictive
- Stock traded at ~$13.11 — no premium to current price (no urgency signal)
Financial Impact
Insider sales total $2.05M, or 0.07% of market cap — economically trivial
Risk Factors
- Insider sales below the 0.1%-of-cap threshold are almost always noise — no elevated risk
- Historical calibration shows this cluster type has net negative alpha at T+20 (~ -0.07% avg net); consistent with no edge
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-ARX-1782437083185 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 7w ago | DEFA14A / 8-K | $19.58 $19.83 | ▲ +1.28% | ▲ +3.27% | $19.73 (+0.77%) |
Aug 14, 2026 7w ago | Insider Cluster | $19.58 $19.83 | ▼ −1.28% | ▼ −3.27% | $19.73 (−0.77%) |
Aug 13, 2026 7w ago | DEFA14A | $19.51 $19.84 | ▲ +1.69% | ▲ +3.44% | $19.73 (+1.13%) |
Aug 13, 2026 7w ago | 8-K | $19.51 $19.84 | ▲ +1.69% | ▲ +3.44% | $19.73 (+1.13%) |
Aug 12, 2026 7w ago | Insider Cluster | $13.61 $19.84 | ▲ +45.78% | ▲ +47.67% | $19.73 (+44.97%) |
Aug 5, 2026 8w ago | Insider Cluster | $12.26 $19.70 | ▼ −60.69% | ▼ −61.29% | $19.73 (−60.93%) |
Jul 29, 2026 9w ago | Insider Cluster | $11.20 $19.69 | ▲ +75.80% | ▲ +71.84% | $19.73 (+76.16%) |
Jul 29, 2026 9w ago | Insider Cluster | $12.40 $19.67 | ▲ +58.63% | ▲ +53.61% | $19.73 (+59.11%) |
Jul 28, 2026 9w ago | Insider Cluster | $14.72 $19.67 | ▼ −33.63% | ▼ −30.25% | $19.73 (−34.04%) |
Jul 24, 2026 10w ago | 144 | $14.23 $19.59 | ▼ −37.67% | ▼ −34.04% | $19.73 (−38.65%) |
US Market Status
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