form 144 cluster with insider
What it checks
When 2+ insiders file paperwork to sell within 14 days of each other, the coordinated planned-exit signal tends to mark short-term tops.
Mechanism
Concurrent Form 144 filings by >=2 distinct insiders within 14d are a stronger negative-drift signal than a single filer; multi-insider coordination strips idiosyncratic-liquidity noise and corroborates the planned-exit signal.
Signal rule
trailing-14d distinct Form 144 filer_name count >= 2 (or >=3) -> SHORT on T+1, hold 10/20/40d.
Data dependencies
daily_pricesAdjusted-close OHLCV for every US-listed ticker; primary price feed.
sec_form_144_filingsSEC Form 144 planned-sale notices, parsed from EDGAR structured filings.
Expected edge
- Paper alpha
- -1.5-3% over 20-40d (internal)
- Paper window
- T+1 to T+40d
Stronger than baseline #266 form_144_overhang_short; internal target -1.5-3% over 20-40d on cluster events.
Related families
form 144 overhang shortInsider / SEC filingsForm 144 notices reveal planned restricted/control-share sales. Large notices can create supply overhang before actual Form 4 execution appears.
form 144 vs form 4 divergenceInsiderForm 144 declares intent to sell, but execution shows up on Form 4. When 90d aggregate Form 144 market value materially exceeds 90d Form 4 sale dollar-value, the overhang is unrealized — typically resolving with a price drift UP as traders who shorted on the headline cover.
form4 cluster anomalyInsiderAnomaly-tail Form 4 insider PURCHASE clusters (>=4 distinct insiders within 30 days, or >=3 insiders with aggregate dollar value >= $2M) strip routine-liquidity noise that dominates single-insider buys. Long the issuer 60-180d post-cluster.
Explore form 144 cluster with insider on alphactor.ai
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