The insider cluster buys, while modest in dollar terms, are amplified by the strong Q1 earnings and accelerated margin guidance. The cross-filing context (earnings + insider cluster) is an amplifier per actuarial data. Monitor for continued insider buying in the coming weeks and the Q2 2026 earnings report for confirmation of the margin expansion trajectory.
Price Chart
Executive Summary
Two insiders at Starz Entertainment, including CEO Jeffrey Hirsch, made open-market purchases totaling $310K (0.09% of market cap) in the week following a strong Q1 2026 earnings report. The earnings showed positive operating cash flow, sequential OTT revenue growth, and accelerated margin expansion guidance, while the company reiterated its 2026 outlook. The insider buys, while modest relative to market cap, are a bullish signal when combined with the earnings beat and amplified by the cross-filing context.
Key Financial Metrics
Key Facts
- CEO Jeffrey Hirsch purchased 10,000 shares at $20.72 ($207K) on 2026-05-12
- Scott D. MacDonald purchased 5,000 shares at $20.59 ($103K) on 2026-05-12
- Total insider purchases of $310K represent 0.09% of $330M market cap
- Q1 2026 revenue was $306.9M, operating loss $(152.8)M, Adjusted OIBDA $58.0M
- Net cash from operations was $73.2M, up $136.7M YoY
- Unlevered free cash flow was $80.7M; equity free cash flow $68.7M
- Management accelerated 20% Adjusted OIBDA margin target to H2 2027, one year ahead of prior guidance
- 2026 outlook reiterated: positive OTT revenue growth, low-single-digit Adjusted OIBDA growth, unlevered FCF $80-120M
Financial Impact
Insider purchases of $310K are small relative to $330M market cap (0.09%), but cluster buys by CEO and another insider post-strong earnings is a notable signal. The earnings report showed a $136.7M YoY improvement in operating cash flow and $80.7M in unlevered FCF.
Risk Factors
- Insider purchases are only 0.09% of market cap, which is below the 0.1% materiality threshold for standalone significance
- The company still reported a large operating loss of $(152.8)M, though this is partly due to non-cash amortization and restructuring
- Total debt of $625.1M with net debt of $523.0M and 3.1x leverage ratio remains elevated
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-STRZ-1778798318642 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $20.91 | awaiting T+20 | — | $21.57 (+3.16%) |
Oct 6, 2026 21d ago | 8-K | $23.53 | awaiting T+20 | — | $21.57 (−8.33%) |
Oct 1, 2026 26d ago | Press Release | $23.25 | awaiting T+20 | — | $21.57 (−7.23%) |
Aug 14, 2026 10w ago | Insider Cluster | $25.43 $27.21 | ▲ +7.00% | ▲ +8.98% | $21.57 (−15.18%) |
Aug 12, 2026 10w ago | Insider Cluster | $28.00 $25.87 | ▼ −7.61% | ▼ −5.86% | $21.57 (−22.96%) |
Aug 7, 2026 11w ago | 8-K | $26.22 $26.89 | ▲ +2.56% | ▲ +2.95% | $21.57 (−17.73%) |
May 15, 2026 23w ago | Insider Cluster | $21.27 $27.89 | ▲ +31.12% | ▲ +29.54% | $21.57 (+1.41%) |
May 14, 2026 23w ago | Insider Cluster | $23.12 $28.06 | ▲ +21.35% | ▲ +19.23% | $21.57 (−6.70%) |
May 12, 2026 24w ago | Insider Cluster | $20.35 $27.46 | ▲ +34.94% | ▲ +36.67% | $21.57 (+6.00%) |
Apr 15, 2026 27w ago | 8-K | $17.20 $19.64 | ▲ +14.19% | ▲ +8.37% | $21.57 (+25.41%) |
US Market Status
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