Here is a detailed look at the most consequential insider trading disclosed on Thursday for U.S. equities, drawn from regulatory filings and company reports. The activity includes concentrated purchases by controlling owners and notable sales by executive officers and directors across a range of sectors.
Top buys
Biglari Holdings Inc. (BH) - The company’s Chairman and Chief Executive Officer, Sardar Biglari, together with affiliated entities Biglari Capital Corp. and The Lion Fund, L.P., reported a series of purchases of Class B common stock executed over three consecutive days - May 12 through May 14, 2026. These transactions came as BH shares were trading at roughly $258, after the stock had fallen about 16% in the prior week. Collectively, the reporting parties acquired 52,674 shares for an aggregate outlay of $13,439,603. The filings show shares were purchased at weighted average prices that ranged from $249.84 to $260.36 per share.
Under Armour, Inc. (UA) - Fairfax Financial Holdings Ltd. and its CEO, Prem Watsa - both reported as significant 10% owners of Under Armour - disclosed purchases of Class A common shares across May 12 to May 14, 2026. The combined purchases totaled roughly $5.87 million and were made at prices between $4.9733 and $5.00 per share. The filings detail three tranches: on May 12 the owners acquired 438,723 shares at a weighted average price of $4.9934 per share; on May 13 they bought 739,521 shares at $4.9733 per share; and on May 14 a final 100-share acquisition was recorded at $5.00 per share. Those trades occurred while Under Armour’s shares were trading at $4.96, after a 20% drop over the previous week, and noticeably below InvestingPro’s cited Fair Value of $7.97 in the filing commentary.
American Assets Trust, Inc. (AAT) - Executive Chairman Ernest S. Rady made a sequence of purchases aggregating 170,640 shares in mid-May, for an approximate total of $3.59 million. Prices for those purchases ranged from $20.99 to $21.09 per share. The breakdown shows 14,640 shares bought on May 12 at $21.01 each, followed by two larger transactions of 78,000 shares on May 13 and May 14 at $20.99 and $21.09 per share, respectively. The filings indicate these shares are held indirectly by the Rady Foundation, which Mr. Rady controls, and that he disclaims beneficial ownership except to the extent of his pecuniary interest. At the time of the filings, AAT was trading near its 52-week high of $21.61, with shares at $20.85.
JOINT Corp (JYNT) - Ten percent owner Charles E. Jobson increased his position by purchasing a total of 148,051 shares of common stock across two transactions on May 12 and May 13, 2026. The SEC filing shows those acquisitions were executed at $8.57 per share, producing a combined cash outlay of $1,268,797.
Treace Medical Concepts, Inc. (TMCI) - The company’s Chief Executive Officer, Director and ten percent owner, John T. Treace, bought $375,505 worth of common stock over three consecutive trading days. Share-level prices in the filings range from $2.1739 to $2.6153 per share. Treace Medical’s stock was trading at $2.77 at the time of reporting, up approximately 44% over the past week, a sequence that the filing context notes may have followed the CEO’s purchases.
Top sells
Illumina, Inc. (ILMN) - Director Keith A. Meister reported sales of common stock totaling about $47.9 million during May 13 and May 14, 2026. The disposition involved shares held indirectly through investment funds managed by Corvex Management LP, which serves as investment adviser to certain private investment funds. According to the filing, Mr. Meister sold 329,460 shares at weighted average prices between $144.13 and $148.14 per share. Those sales were recorded as Illumina shares were trading near $165, close to a stated 52-week high of $165.33, following a year-to-date gain of approximately 106% over the past year.
The Cigna Group (CI) - Chairman and Chief Executive Officer David Cordani reported both sales and purchases of Cigna common stock on May 12 and May 13, 2026, conducted under a pre-arranged Rule 10b5-1 trading plan adopted on February 6, 2026. The filings show Mr. Cordani disposed of common stock valued at about $59.1 million while concurrently acquiring shares totaling roughly $36.2 million. The selling activity included 191,549 shares transacted at weighted average prices ranging from $286.832 to $298.5328 per share. At the time of the filing Cigna shares were trading at $294.93, reflecting a year-to-date return near 10% and remaining about 13% below a 52-week high of $338.89.
CoreWeave, Inc. (CRWV) - CEO and President Michael N. Intrator sold 306,693 shares of Class A common stock on May 12, 2026, in transactions that totaled $32,513,767. The sales were executed at prices from $101.6055 to $110.47 per share and were carried out under a Rule 10b5-1 plan adopted on November 20, 2025. The filing notes that the stock was trading at $114.19 following a 55% gain year-to-date, despite a 14% decline in the prior week. The reported sales included 199,000 shares held directly by Mr. Intrator; after these dispositions his direct ownership of Class A common stock stood at 4,466,501 shares.
Innodata Inc. (INOD) - Chief Executive Officer and director Jack Abuhoff sold 243,150 shares between May 12 and May 14, 2026, for approximately $22.8 million. Those sales were recorded at prices ranging from $90.20 to $97.66 per share. The filing states the transactions were part of long-term financial planning, including retirement funding and portfolio diversification. The timing of the disposals came as Innodata shares had advanced about 154.7% over the past year, with the stock trading at $90.15 at the time of reporting. The filing also notes that, prior to these sales, Mr. Abuhoff had obtained 243,150 shares by exercising stock options at exercise prices between $4.99 and $43.01 per share, for a total exercise cost of about $2.4 million.
MP Materials Corp. (MP) - Chairman and CEO James H. Litinsky sold a total of 290,000 shares of common stock across multiple transactions on May 12 and May 13, 2026. The filings show those sales generated proceeds of roughly $19.6 million and were executed at prices ranging from $64.10 to $67.46 per share, implemented through four separate transactions.
Context and considerations
These filings illustrate a mix of accumulation by insiders at companies with concentrated ownership and liquidity events from executives and directors who sold significant stakes. Reported purchases are concentrated at firms where insiders or major shareholders control meaningful ownership stakes, while notable sales reflect both ad hoc dispositions and transactions implemented under pre-established plans.
Investors and market observers often view insider purchases as one data point reflecting an owner's or manager’s confidence in the company’s prospects, while sales can reflect varied motivations including portfolio rebalancing, retirement planning and tax or liquidity needs. Several of the sales in this series were executed under Rule 10b5-1 plans, which are pre-arranged trading programs that permit planned transactions over time.
Market participants should weigh these disclosures alongside other fundamental and market data. Insider activity can be informative, but it is only one aspect of a broader investment assessment process.