The insider selling is too small to warrant a bearish read-through. Monitor for any upcoming corporate events (earnings, M&A, or regulatory filings) that could explain the derivative exercise pattern. The EVP/CIO's sale after exercising options is typical for tax or diversification purposes.
Price Chart
Executive Summary
Two insiders at MIAX (Director Teekell Judson Gray and EVP/CIO Schafer Douglas M. Jr.) sold a combined $2.17M in open-market shares over a 7-day window. This represents only 0.05% of the company's $4.2B market cap, making the activity routine and non-informative. The sales are likely liquidity-driven or related to derivative exercise settlements, not a bearish signal.
Key Financial Metrics
Key Facts
- Director Teekell sold 8,545 shares for ~$353K at ~$41.20 average price.
- EVP/CIO Schafer sold 48,000 shares for ~$1.94M at $40.48, after exercising 91,000 derivative shares (non-cash).
- Total open-market sales of $2.17M equal 0.05% of MIAX's $4.2B market cap.
- No C-suite cluster buying detected; the selling is small and lacks conviction.
Financial Impact
Open-market sales of $2.17M represent 0.05% of market cap, trivial relative to company size.
Risk Factors
- No material risk identified from this cluster; the dollar amount is insignificant.
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-1788555666354 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 25d ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $33.39 (−1.07%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $33.39 (−23.17%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $33.39 (−23.17%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $33.39 (−19.19%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $33.39 (+19.19%) |
Aug 6, 2026 11w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $33.39 (+24.51%) |
Jul 16, 2026 14w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $33.39 (−21.12%) |
Jul 14, 2026 14w ago | Insider Cluster | $42.43 $42.89 | ▲ +1.08% | ▲ +1.63% | $33.39 (−21.31%) |
Jul 7, 2026 15w ago | Insider Cluster | $41.86 $42.99 | ▲ +2.70% | ▲ +1.85% | $33.39 (−20.23%) |
Jul 7, 2026 15w ago | Insider Cluster | $41.86 $42.99 | ▲ +2.70% | ▲ +1.85% | $33.39 (−20.23%) |
US Market Status
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