The broad C-suite selling (CIO, GC, CSO, CRO) on the same day at identical prices suggests coordinated unwinding of option positions post-earnings. While the dollar amount is modest relative to market cap, the cross-filing amplifier signals (earnings + press + offering context) elevate the signal. Watch for any upcoming secondary offering or earnings miss — insiders may be de-risking ahead of company-specific news.
Price Chart
Executive Summary
Six MIAX insiders, including the CIO, GC, and Chief Strategy Officer, collectively sold $5.28M in open-market shares on May 4, 2026, all at ~$47.25-47.30. The sales follow option exercises at $12 strike, representing routine cashless exercises, but the concentrated timing and broad C-suite participation warrant attention. At 0.12% of market cap, the cluster is modest in size but amplified by the cross-filing context of recent earnings and press activity.
Key Financial Metrics
Key Facts
- Six insiders sold a total of $5.28M in open-market shares on May 4, 2026
- All sales were at ~$47.25-47.30 per share
- CIO Schafer sold $2.27M (largest), GC Comly sold $1.32M, CSO Brown sold $756K
- All sales were preceded by same-day option exercises at $12 strike (cashless exercise pattern)
- Total sales represent 0.12% of MIAX's $4.5B market cap
- Cross-filing context includes recent earnings, press releases, and offering activity (amplifier signals)
Financial Impact
$5.28M in insider sales, 0.12% of market cap
Risk Factors
- Insiders may be selling ahead of negative earnings or operational news
- Cross-filing context shows amplifier signals for insider trades + earnings/press/offering — elevated risk of material adverse development
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-MIAX-1777983441849 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Insider Cluster | $33.16 | awaiting T+1 | — | $32.31 (−2.56%) |
Oct 1, 2026 26d ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $32.31 (−4.27%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.31 (−25.66%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.31 (−25.66%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $32.31 (−21.81%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $32.31 (+21.81%) |
Aug 6, 2026 11w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $32.31 (+26.95%) |
Jul 16, 2026 14w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $32.31 (−23.67%) |
Jul 14, 2026 14w ago | Insider Cluster | $42.43 $42.89 | ▲ +1.08% | ▲ +1.63% | $32.31 (−23.85%) |
Jul 7, 2026 15w ago | Insider Cluster | $41.86 $42.99 | ▲ +2.70% | ▲ +1.85% | $32.31 (−22.81%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers