SEC Form 4 purchases by corporate officers, directors, and 10% shareholders.
Insider buying data populates after the experiment begins on June 1, 2026.
Fin45 processes Form 4 filings within minutes of appearing on EDGAR.
Corporate insiders — CEOs, CFOs, board members, and large shareholders — must file SEC Form 4 within two business days of any stock transaction. Open-market purchases with personal funds are among the strongest predictive signals in equity markets.
Fin45 scores insider buys by: insider role (C-suite > director), purchase size relative to compensation, cluster activity (multiple insiders buying together), and the insider's historical track record.
Directly from SEC EDGAR. Every Form 4 filing is processed within minutes of publication. Fin45 does not use third-party aggregators as a primary source.
Open-market purchases by CEOs and CFOs using personal funds. Automatic sales plans (10b5-1), option exercises, and gift transactions carry lower signal weight.
Academic research (Lakonishok & Lee, 2001; Jeng et al., 2003) shows that insider purchases outperform the market by 7-13% annually on average, with CEO purchases showing the highest predictive power.