form 144 filer cluster
What it checks
When 3 or more insiders file Form 144 (intent-to-sell notices) within a single month, the stock tends to underperform for 2-6 months. The clustering reflects coordinated information rather than coincident diversification.
Mechanism
When MULTIPLE distinct insiders file Form 144 (intent-to-sell notice) within a short window (3+ in 30 days), the underlying ticker subsequently underperforms over 60-180 days even controlling for Form 4 transactions. Clustered Form 144 filings reflect coordinated information about over-valuation rather than diversification.
Signal rule
Distinct-filer count >=3 or >=5 in trailing 30 days fires SHORT T+1, hold 60/90/180d.
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
- -3-5% over 90d
- Paper window
- T+1 to T+180d
Henderson-Jagolinzer-Muller 2015; -3-5% over 90d on >=3 distinct filers within 30d.
Related families
form 144 overhang shortInsider & FlowForm 144 notices reveal planned restricted/control-share sales. Large notices can create supply overhang before actual Form 4 execution appears.
form 144 cluster with insiderInsider & FlowConcurrent 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.
insider post runup sellInsider & FlowThe most informative insider SALES are those following a price run-up: insiders selling after a >=20% 90-day gain are signalling that they believe the run-up is unsustainable. Routine vesting / diversification / 10b5-1 scheduled sales are noise (per Cohen-Malloy-Pomorski 2012).
Explore form 144 filer cluster on alphactor.ai
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