The director buying cluster post-record earnings is a modest bullish signal, but the 10% owner's $221K sale creates uncertainty. Monitor for any follow-up filings (13D amendments or additional insider activity) to gauge conviction.
Price Chart
Executive Summary
Butler National Corp (BUKS) insider cluster shows a mixed picture: Director Daly Joseph Patrick made multiple open-market purchases totaling ~$131K, while 10% owner Zeff Capital, LP sold ~$221K in open-market sales. The buying follows the company's record FY2026 earnings (revenue $97.967M, operating income $28.453M) filed 8 days prior, suggesting insiders see value post-results. However, the large sell by Zeff Capital, a 10% owner, creates a bearish overhang that partially offsets the bullish director buying. The net direction is mixed, with total open-market sales ($221K) exceeding purchases ($131K), but the buying cluster by a director is a stronger signal per academic literature than the 10% owner's sale, which may be liquidity-driven.
Key Financial Metrics
Key Facts
- Director Daly Joseph Patrick purchased 30,000 shares total (~$131K) across multiple open-market buys at $4.32-$4.45
- 10% owner Zeff Capital, LP sold 52,000 shares (~$221K) in open-market sales at $4.41-$4.65
- Director Loh Michael Anthony purchased 3,658 shares (~$16K) at $4.34
- Director Bowen Julie Marie received a non-cash grant of 2,874 shares
- Cluster follows record FY2026 earnings (revenue $97.967M, operating income $28.453M) filed 8 days prior
- Aerospace segment revenue grew 33% with record backlog of $47.1M
Financial Impact
Total open-market purchases of ~$147K (0.045% of ~$326M market cap) vs. total open-market sales of ~$221K (0.068% of market cap) — both below 0.1% threshold, making the cluster modest in scale
Risk Factors
- 10% owner Zeff Capital selling $221K may signal reduced conviction or portfolio rebalancing
- Director buying is modest relative to market cap (<0.1%) — may not be a strong signal
- OTC-traded stock with lower liquidity could amplify price moves on small volume
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-BUKS-1784242986283 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 19d ago | 8-K | $4.40 $4.32 | ▼ −1.82% | ▼ −1.39% | $5.05 (+14.77%) |
Sep 30, 2026 27d ago | 8-K | $4.03 $4.14 | ▲ +2.73% | ▲ +2.55% | $5.05 (+25.31%) |
Sep 21, 2026 5w ago | Insider Cluster | $4.09 $4.11 | ▲ +0.49% | ▲ +1.21% | $5.05 (+23.47%) |
Sep 21, 2026 5w ago | Insider Cluster | $4.09 $4.11 | ▲ +0.49% | ▲ +1.21% | $5.05 (+23.47%) |
Sep 11, 2026 6w ago | 8-K | $4.25 $4.02 | ▼ −5.41% | ▼ −4.97% | $5.05 (+18.82%) |
Aug 20, 2026 9w ago | 8-K | $4.25 $4.11 | ▼ −3.29% | ▼ −3.70% | $5.05 (+18.82%) |
Jul 16, 2026 14w ago | Insider Cluster | $4.86 $4.78 | ▼ −1.65% | ▼ −1.48% | $5.05 (+3.91%) |
Jul 14, 2026 14w ago | Insider Cluster | $4.78 $4.80 | ▲ +0.42% | ▲ +0.96% | $5.05 (+5.65%) |
Jul 14, 2026 14w ago | Insider Cluster | $4.78 $4.80 | ▲ +0.42% | ▲ +0.96% | $5.05 (+5.65%) |
Jul 8, 2026 15w ago | 8-K | $4.25 $4.37 | ▲ +2.82% | ▲ +1.98% | $5.05 (+18.82%) |
US Market Status
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