Insider Buying Signals, May 25–June 1, 2026
Twenty-five qualifying open-market purchases totaling ~$90M–$100M across 20 US-listed companies for the May 25–June 1 window. Headline signal: a coordinated CEO+Director cluster at Brera Holdings (SLMT) — two first-time buyers each putting $5.71M in identical trades on the same day. Hamilton Lane's Exec Co-Chairman follows with $9.99M near a 52-week low, while serial accumulator COE CEO hits $76M+ of personal buying in 2026.
Twenty-five qualifying open-market purchases (>$1M) across 20 US-listed companies cleared the screen for the May 25–June 1 window, with aggregate insider buying of roughly $90M–$100M. 1 The headline number understates the week's signal quality: 8 of the 25 transactions involve first-time buyers — a category that, by definition, has no prior Form 4 history to dilute the conviction read. The single strongest structural signal is a coordinated CEO+Director cluster at Brera Holdings (SLMT), where two insiders executed identical trades on the same day at the same price. One entry that initially looked like a week-topper — GC Corp's reported $12.5M–$16.5M purchase of Artiva Biotherapeutics (ARTV) — is reclassified below as a structured capital raise (same day, same price, co-investor RA Capital in for $75M), not an open-market conviction buy.
This week at a glance
| Insider | Title | Ticker | Amount | Date(s) | Tier |
|---|---|---|---|---|---|
| Ron Sade + Keren Maimon | CEO + Director | SLMT | $11.42M (cluster) | May 21 | Conviction |
| Hartley R. Rogers | Exec Co-Chairman | HLNE | $9.99M | May 26–27 | Conviction |
| Jack Jiajia Huang | CEO / 10% owner | COE | $9.03M | May 15 + 22 | Serial |
| Bob R. Simpson | Dir / 10% owner | TXO | $6.12M | May 21 + 27 | Serial |
| Hilary Shane | 10% owner | FONR | $6.45M | May 27–28 | Conviction |
| Muneer A. Satter | Director | ANNX | $3.32M | May 28 | Serial |
| Saba Capital Mgmt | 10% owner | GF + MXF | $4.23M | May 26 | Speculative |
| John Chidsey | President & CEO | NCLH | $2.50M | May 22 | Conviction |
| Tether Global Investments | 10% owner | GOLD | $2.52M | May 22 | Speculative |
| Ernest S. Rady | Exec Chairman / Founder | AAT | $2.42M | May 27 | Serial |
| Richard A. Wurster | President & CEO | SCHW | $1.85M | May 28 | Speculative |
| David Nelms | Director | CDW | $2.01M | May 27 | Speculative |
| Haveli Investments | Dir / 10% owner | BLND | $1.54M | May 22 | Speculative |
| David Wells | Director | HIMS | $1.17M | May 22 | Speculative |
| Raja Bobbili | Dir / 10% owner | LOGC | $1.13M | May 26 | Speculative |
| John Barry | CEO | PSEC | $1.01M | May 22 | Speculative |
| John Hinshaw | Director | SYY | $1.00M | May 27 | Speculative |
| Dermot Durcan | Director | COR | $1.07M | May 28 | Speculative |
| Benjamin Wood | COO | CDNL | $1.03M | May 28 | Speculative |
| GC Corp | 10% owner | ARTV | $12.5M–$16.5M† | May 11 (late) | Reclassified |
† ARTV reclassified — see "Capital-raise note" below. All other transactions are Form 4 code-P open-market purchases. Data: OpenInsider. 1
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Conviction-tier signals
SLMT — Brera Holdings: CEO and Director buy the same block on the same day
Ron Sade (CEO) and Keren Kalima Maimon (Director) each purchased 1,149,000 shares of Brera Holdings (NASDAQ: SLMT) at $4.97 on May 21, each for $5,710,530, combining for $11,421,060. Both insiders filed on May 29. 2
Same day, same price, identical share count. That three-way coincidence is the structural tell: this was coordinated. Sade's ownership jumped from 191,646 to 1,340,646 shares (+600%); Maimon's from 187,868 to 1,336,868 (+612%). For both, their prior stake was effectively token-level; these purchases represent their first substantial equity commitment in the company as a public vehicle.
OpenInsider's two-year lookback shows zero prior Form 4 open-market purchases for either insider. The company recently rebranded to "Solmate Infrastructure" and filed a Schedule 13D/A. The combination of first-time buyers + coordinated cluster + each increasing ownership by more than 600% in a single transaction is structurally the highest-conviction signal type this screen identifies. The absolute price is micro-cap territory ($4.97/share), which means thinly traded execution risk is elevated.
HLNE — Hamilton Lane: Exec Co-Chairman's largest-ever purchase near a multi-year low
Hartley R. Rogers, Executive Co-Chairman and 10% owner of Hamilton Lane (NASDAQ: HLNE), purchased 110,932 Class A shares at a weighted average of $90.08 across May 26–27, totaling $9,992,338. Filing date: May 28. His post-purchase position: 6,621,854 shares. 3
Hamilton Lane (alternative asset management, market cap ~$4.5B) peaked above $200 in late 2024. By the time Rogers bought, HLNE was at ~$90, down roughly 55% from that high and near its 52-week low of $82.69. 3
HLNE insiders have been buying on each leg down: at $201.81 (November 2024), at $130.35 (November 2025), and as a four-insider cluster at $101–$107 (February 2026). All of those prior tranches are underwater. Rogers' May purchase is 2.5x larger than the entire February cluster combined — his conviction appears to be growing as the losses accumulate. Whether that reflects genuine business confidence or anchoring bias depends on the investor's view of alternative-asset-management fee flows.
FONR — Fonar Corp: new 10% owner escalates on Day 2
Hilary Shane, a 10% owner of Fonar Corp (NASDAQ: FONR, MRI manufacturer), made two open-market purchases in consecutive days: 71,414 shares at $18.99 ($1,356,152) on May 27, then 267,339 shares at $19.05 ($5,092,808) on May 28. Combined: 338,753 shares for $6,448,960, with ownership rising from 890,171 to 1,383,091 shares (+56%). 4
Shane has zero prior Form 4 open-market purchase history in the 730-day lookback. The day-two purchase being 3.75x larger than day one is consistent with a buyer who tested execution on a small-cap name and then committed in size after confirming fill quality. Fonar makes upright MRI systems, a niche segment within medical imaging.
NCLH — Norwegian Cruise Line: CEO leads fifth insider buy of May 2026
John Chidsey, President and CEO of Norwegian Cruise Line Holdings (NYSE: NCLH), purchased 153,000 shares at $16.37 on May 22, totaling $2,504,610, raising his stake from 986,940 to 1,139,940 shares (+16%). Filing date: May 26. 5
Chidsey's buy is the headline transaction in a broader May 2026 insider cluster: at least five NCLH insiders purchased between May 7 and May 22 — including director purchases from Cohen, Cil, Macdonald, Lansberry, and Byng-Thorne alongside Chidsey's CEO buy. NCLH has a documented pattern of multi-insider clusters at price troughs: insiders bought as a cluster in November 2024 (~$18.52) and again in November 2025 (~$17.94–$19.25). The May 2026 cluster at $16.37 continues that pattern at a slightly lower level. Prior cluster buys at $18–$19 are modestly underwater at current prices, meaning those insiders are buying again before being vindicated on the prior round — a pattern that could indicate disciplined accumulation or underestimated downside, depending on the business outlook for cruise capacity and pricing.
Serial accumulation signals
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COE — 51Talk: CEO has put $76M+ of his own money to work in 2026
Jack Jiajia Huang, CEO, founder, and 10% owner of 51Talk Online Education Group (NYSE: COE), filed two open-market purchases covering the week: 155,220 shares at $26.97 ($4,185,772) on May 15 (filed May 26) and 183,000 shares at $26.49 ($4,847,653) on May 22 (filed June 1). Combined: 338,220 shares for $9,033,425. 6
Huang has now filed 8 separate Form 4 purchase events in 2026, from a 1.74M-share block at $20.30 on March 26 through multiple tranches at the current $26–$27 range. His tracked accumulation stands at approximately 3.19 million shares for roughly $76M total, at a blended average of ~$23.84. His March 26 block is currently up approximately 31% on price. 6
Huang holds 76,358,160 shares, making him the controlling shareholder by a substantial margin. The sequence of his purchase prices ($20 → $24 → $27) is the reverse of the typical "catching a falling knife" pattern — he has been buying into appreciation, not into declines.
TXO — TXO Partners: founder accelerates as stock sits 35% below his 2024 entries
Bob R. Simpson, founder, Director, and 10% owner of TXO Partners LP (NYSE: TXO), bought 384,408 shares at $13.68 ($5,258,330) on May 21 (filed May 26) and 65,592 shares at $13.20 ($866,051) on May 27 (filed May 27). Combined this week: 450,000 shares for $6,124,381. Post-purchase position: 8,400,000 shares. 7
Simpson bought 100,000 shares at $20.00 in June 2024, then 2.25M shares at $15.00 in May 2025 alongside two other board members (Luther King Jr., 500K shares; Keith Hutton, 700K shares — a combined ~$51M cluster). He has continued into the $12–$14 range throughout 2026, with May alone totaling $15M+ across multiple tranches. His tracked open-market purchases since June 2024 total roughly $52M+ at an average around $13.90. TXO currently trades near $13. 7
The early $20 entry is down ~35%; the May 2025 $15 block is down ~13%. The broad multi-director alignment across two years is a structural positive for the conviction read. TXO is an oil and gas master limited partnership (MLP); the distribution yield sustainability relative to commodity prices is the key variable.
ANNX — Annexon: Director's third large block as stock nearly doubles from his first entry
Muneer A. Satter, Director of Annexon Inc. (NASDAQ: ANNX), purchased 613,497 shares at $5.41 on May 28, totaling $3,319,019. Post-purchase ownership: 10,342,134 shares (+6%). Filing: May 29. 8
Satter's Form 4 history at ANNX: $5.06M at $3.37 (November 17, 2025) → $3.60M at $4.38 (November 20, 2025) → $3.32M at $5.41 (this week). His November 2025 entries are now up 23–60% on price. The current buy at $5.41 continues a pattern of stepping up in price with each purchase — Satter has not averaged down, which distinguishes this from the underwater accumulator profile seen at TXO or BLND.
A secondary signal at ANNX: Director William Carson has been buying in small monthly increments since June 2024 — 15 separate Form 4 filings at prices from $2.09 to $6.24, totaling ~$350K. The Satter large-block + Carson systematic-monthly combination is an unusually persistent two-channel insider alignment for a clinical-stage neurodegeneration biotech.
AAT — American Assets Trust: founder buys at 52-week high rather than waiting for a dip
Ernest S. Rady, founder and Executive Chairman of American Assets Trust (NYSE: AAT), purchased 106,337 shares at $22.72 on May 27, totaling $2,415,798. Post-purchase position: 13,499,443 shares. Filing: May 29. 9
This is Rady's 9th Form 4 purchase in 2026. His sequence: February purchases in the $18.81–$19.78 range (~$4.76M across 3 filings), then a continuous series in May at $20.94, $21.04, $21.56, $22.67, and now $22.72. AAT's 52-week range is $17.72–$23.66 — Rady has been buying at progressively higher prices as the stock approaches its upper bound. 9
Buying near a 52-week high runs counter to the typical insider pattern of accumulating on dips. The more plausible read is that Rady — as the REIT's founder with full visibility into NAV and FFO (funds from operations, the standard REIT earnings metric) — believes the market price still substantially undervalues the portfolio. AAT owns and operates West Coast office, retail, and multifamily properties.
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Speculative-tier and structural-caveat entries
These transactions cleared the >$1M threshold and are confirmed open-market Form 4 code-P purchases, but each carries a caveat that reduces signal quality for the typical value-focused reader.
ARTV — Artiva Biotherapeutics: reclassified as capital raise (not open-market insider buy)
GC Corp (10% owner) reported purchasing Artiva Biotherapeutics (NASDAQ: ARTV) shares at $11.52 on May 11 (filed May 28, 17 days late). OpenInsider reports 1,432,291 shares ($16,499,992); Finviz reports 1,085,069 shares ($12,499,995) — a 347,222-share discrepancy likely reflecting the two platforms capturing different Form 4 line items. 110
The decisive context: RA Capital Management — a biotech crossover fund — filed a Form 4 on the same trade date (May 11) at the exact same price ($11.52) for 6,510,416 shares ($74,999,992). GC Corp is a South Korean biopharmaceutical company and was Artiva's founding institutional backer at its July 2024 IPO (where both GC Corp and RA Capital participated at $12.00). A same-day, same-price, multi-party transaction in a biotech at a round dollar threshold is the signature of a registered direct offering or PIPE — structured capital raise negotiated before execution, not an open-market discretionary buy. GC Corp's prior Form 4 purchases are all at offering prices ($12.00 at IPO), consistent with this pattern. Reclassify accordingly.
SCHW — Charles Schwab: new CEO's second open-market purchase
Richard A. Wurster, President and CEO of Charles Schwab (NYSE: SCHW), purchased 21,959 shares at $84.23 on May 28, totaling $1,849,512, raising his stake to 223,004 shares (+11%). Same-day filing. 11
Wurster's prior open-market buy: 10,000 shares at $62.05 in July 2024 ($620,454). That entry is up ~35.7% at the current price. His May 2026 purchase is roughly 3x larger in dollar terms and is his first buy since being elevated to CEO. Co-Chairman and former CEO Walt Bettinger also bought 25,000 shares at $66.26 in the same July 2024 window. Two data points is a thin track record, but the first one was well-placed; SCHW has been recovering from its 2023 banking-crisis low near $45.
CDW — CDW Corp: director buys near 2-year low after CEO's prior purchase
David Nelms, Director of CDW Corp (NASDAQ: CDW), purchased 18,000 shares at $111.43 on May 27, totaling $2,005,740, raising his stake from 33,025 to 51,025 shares (+55%). Filing: May 29. 12
Nelms' purchase follows CEO Leahy's $499K buy at $103.40 approximately nine days earlier — two insiders buying within 10 days near the same price point, with CDW having declined from ~$216 in mid-2024 to the current $111. First-time buyers for both, and all prior NCLH-era insider buys at $216 area are deeply underwater. CDW is an IT solutions reseller; the stock's decline reflects enterprise IT spending headwinds. The two-insider timing adds confirmation but neither has a prior track record.
GOLD — Gold.com Inc.: Tether Global continues, CEO is selling
Tether Global Investments Fund (10% owner, affiliated with Tether Holdings — issuer of the USDT stablecoin) purchased 58,536 shares of Gold.com Inc. (NYSE: GOLD) at $43.11 on May 22, totaling $2,523,528. Post-purchase position: 3,570,787 shares (+2%). Filing: May 27. 13
Important clarification: NYSE ticker GOLD is Gold.com Inc. (a physical gold/precious metals retailer), not Barrick Gold Corporation. Tether's three May purchases combined total roughly $31.8M at an average of ~$43.61/share. The stock was at $42.31 as of filing — Tether's initial May 5 tranche at $44.50 is slightly underwater. Per the Gold.com Q3 FY2026 earnings call transcript, the May 5 purchase followed receipt of regulatory clearance for the acquisition. 14
One offset: the company's CEO filed a Form 4 sale of $1.66M on May 13 — CEO selling while a major institutional buyer accumulates is a conflicting signal.
GF + MXF — Saba Capital: closed-end fund activist accumulation, not traditional insider
Saba Capital Management (10% owner) purchased 244,493 shares of New Germany Fund (GF) at $11.93 ($2,916,482) and 59,010 shares of Mexico Fund (MXF) at $22.20 ($1,310,120) on May 26, totaling $4,226,602. Filing: May 28. 1
Saba Capital is a well-known closed-end fund (CEF) activist: it acquires large positions in CEFs trading at discounts to net asset value, then campaigns for structural changes (tender offers, open-ending, liquidation) to close those discounts. This is activist arbitrage, not the traditional insider signal of a company executive backing their employer's stock with personal capital. Readers who specifically track insider conviction signals should weight this entry lower; CEF activists have a different return profile and rationale.
Other qualifiers (each cleared >$1M)
| Ticker | Insider | Amount | Note |
|---|---|---|---|
| BLND | Haveli Investments (Dir/10%) | $1.54M at $1.48 | 15-month accumulation continues; early tranches ~40% underwater. Mortgage SaaS. 15 |
| HIMS | David Wells (Director) | $1.17M at $24.24 | First open-market purchase; only one prior insider buy at HIMS in the 2-year window. 16 |
| LOGC | Raja Bobbili (Dir/10%) | $1.13M at $8.72 | Accumulating since Feb 2026 alongside Abrams Capital; blended average cost ~$7.37 vs. current ~$8.98. 17 |
| PSEC | John Barry (CEO) | $1.01M at $2.32 | CEO of Prospect Capital, a business development company (BDC). Serial small-lot buyer in his own BDC near book value. 1 |
| SYY | John Hinshaw (Director) | $1.00M at $75.17 | First-time buyer, +49% ownership increase. Food distribution. 1 |
| COR | Dermot Durcan (Director) | $1.07M at $266.26 | First-time buyer; only Form 4 in the 2-year window. Cencora (drug distribution, formerly AmerisourceBergen). 18 |
| CDNL | Benjamin Wood (COO) | $1.03M at $51.30 | New position (0 → 20,000 shares). Cardinal Infrastructure Group, COO-level buying from zero. 1 |
Notable pauses and data note
Three high-profile serial buyers from the prior week stepped back entirely: Casdin Capital / Keith Meister (WGS/GeneDx, $96M+ over the prior two weeks), Cascade Investment / Bill Gates (RSG/Republic Services, $101M over two weeks), and Cosan CEO Martins Marcelo Eduardo (CSAN, $36.4M over six weeks) all showed no new qualifying purchases in the May 25–June 1 window. 1
Data-source divergence note: This week's data skew reversed versus last week. Last week, Finviz caught $25.5M in qualifying buys (RSG $12.95M, CSAN $12.55M) that OpenInsider missed. This week, OpenInsider captured 25+ qualifying open-market purchases while Finviz showed only 3 Buy entries — two of which were the Liberty Latin America (LILA/LILAK) zero-net share-class exchange by John Malone, which OpenInsider and SEC EDGAR data confirm was an internal restructuring with no net ownership change, and therefore excluded from this week's list. 1 OpenInsider served as the primary source this run.
Cover: AI-generated illustration.
References
- 1OpenInsider: Top Insider Purchases of the Week
openinsider.com
- 2OpenInsider: SLMT — Brera Holdings Plc insider screener
openinsider.com
- 3OpenInsider: HLNE — Hamilton Lane Inc insider screener
openinsider.com
- 4OpenInsider: FONR — Fonar Corp insider screener
openinsider.com
- 5
- 6
- 7OpenInsider: TXO — TXO Partners LP insider screener
openinsider.com
- 8OpenInsider: ANNX — Annexon Inc insider screener
openinsider.com
- 9OpenInsider: AAT — American Assets Trust insider screener
openinsider.com
- 10OpenInsider: ARTV — Artiva Biotherapeutics insider screener
openinsider.com
- 11OpenInsider: SCHW — Charles Schwab Corp insider screener
openinsider.com
- 12OpenInsider: CDW — CDW Corp insider screener
openinsider.com
- 13OpenInsider: GOLD — Gold.com Inc insider screener
openinsider.com
- 14
- 15OpenInsider: BLND — Blend Labs insider screener
openinsider.com
- 16OpenInsider: HIMS — Hims & Hers Health insider screener
openinsider.com
- 17OpenInsider: LOGC — ContextLogic Holdings insider screener
openinsider.com
- 18OpenInsider: COR — Cencora Inc insider screener
openinsider.com
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