Insider Cluster (3 insiders) ·Filed Jun 17, 2026
Insider cluster: 3 insiders, $1.4M total
Actionable Insight • Neutral
Insider sales are too small to be actionable. Monitor upcoming quarterly results for any fundamental changes. The CEO's large equity grant suggests management is aligned with shareholders.
Final — all horizons settled through T+60d ⚠ clustered
MIAX ▲ +10.94% at T+60d
NEUTRAL call +10.94% · α vs SPY +9.05% · entry $37.65 → $41.77
T+1d
-2.66%
call -2.66% · α -2.34%
$36.65
settled 4mo ago
T+5d
-2.42%
call -2.42% · α -0.75%
$36.74
settled 4mo ago
T+20d
+13.92%
call +13.92% · α +13.38%
$42.89
settled 3mo ago
T+60d
+10.94%
call +10.94% · α +9.05%
$41.77
settled 6w ago
Price Chart
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Executive Summary
Three MIAX insiders sold shares totaling $1.41M over a one-week window, but this represents just ~0.04% of the company's $3.6B market cap. The trades are small and likely routine, with no C-suite selling and the CEO receiving large equity grants on the same day. No material signal.
Key Financial Metrics
Direction
selling
Total Value
$1.4M
Insiders
3
Key Facts
- Three insiders sold: EVP and CSO Shelly Brown ($209K), EVP CISO Harish Jayabalan ($392K), Director Cynthia Schwarzkopf ($814K)
- Total insider sales of $1.41M represent ~0.04% of MIAX's $3.6B market cap
- CEO Thomas Gallagher received 472,637 shares in non-cash grants on the same day, offsetting sales
- No CEO, CFO, or other top C-suite executives sold shares
Financial Impact
1.41M in insider sales, immaterial relative to $3.6B market cap
insider ownershipliquidity
Risk Factors
- If insider selling escalates in size or includes C-suite, sentiment could turn negative
- No direct risk from this filing alone
Market Snapshot
Exchange
NYSE
Sector
Security Brokers, Dealers & Flotation Companies
Analyst Consensus
67% bullish (12 analysts)
Investment Themes
Traditional Finance
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-MIAX-1781813662814 |
42 reports for MIAX
67% Hit rate @ T+1 Went positive at some point 9 of 9 best @ T+5▲ +10.93%
Filters
Rows
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Insider Cluster | $33.16 | awaiting T+1 | — | $32.59 (−1.72%) |
Oct 1, 2026 26d ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $32.59 (−3.44%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.59 (−25.01%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.59 (−25.01%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $32.59 (−21.13%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $32.59 (+21.13%) |
Aug 6, 2026 11w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $32.59 (+26.32%) |
Jul 16, 2026 14w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $32.59 (−23.01%) |
Jul 14, 2026 14w ago | Insider Cluster | $42.43 $42.89 | ▲ +1.08% | ▲ +1.63% | $32.59 (−23.19%) |
Jul 7, 2026 15w ago | Insider Cluster | $41.86 $42.99 | ▲ +2.70% | ▲ +1.85% | $32.59 (−22.15%) |
Showing 10 of 42
US Market Status
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