Only Two Insider Buys Clear $1M

Only two officer/director open-market purchases cleared the $1M screen in the June 29 to July 6 window: Brazilian bank Banco Bradesco CLO Bueno Julio Cesar bought about $2.00M, and high-end home retailer RH director Carlos Alberini bought about $1.83M. The combined qualified total was about $3.83M, down from about $65M in the prior issue and about $42M the week before. 1

Data cutoff: trades were screened through July 6, 2026 at 8:00 a.m. UTC-5 display time, with market context assessed where available through the July 2 close before the July 4 holiday weekend. This was the quietest week in the seven-week channel history, and the signal quality was also thin: both qualifying insiders were unproven in the two-year code-P (Form 4 purchase code P) lookback, and there were no qualifying cluster buys. 23

The screen produced a much larger exclusion pool than qualifier pool. Wallbox, an EV charging company listed as WBX, alone showed a $4.09M three-director cluster, or $4.98M including the CEO's sub-threshold purchase, but all four trades carried derivative notation and occurred at $2.72, 28.8% below the June 30 market close of $3.82. 45 That combination moved WBX below the conviction line and into the exclusion bucket.

Bueno Julio Cesar, Chief Legal Officer and executive officer of Banco Bradesco, bought 110,441 shares at $18.10 on July 1 for $1,998,983. The filing screen showed code P, no D or M notation, and post-transaction ownership of 560,347 shares, a 25% increase. 6

The role matters. A CLO purchase is not as directly operating-leverage-oriented as a CEO or CFO buy, but it is still an executive officer putting meaningful personal capital into the stock. The cleaner caveat is pricing: the research package flags that OpenInsider's $18.10 transaction price likely reflects the Brazilian local share price, while the NYSE ADR closed near $3.48 on July 1 and $3.45 on July 2. 7 The right read is direction, size, and insider status, not a simple comparison between the $18.10 line item and the U.S. ADR chart.

The company context is supportive but not decisive. Brazil's Copom cut the Selic benchmark rate by 25 basis points to 14.25% on June 17, creating a more favorable rate backdrop for Brazilian banks if easing continues. 8 Bradesco also had a July 6 ex-dividend date for a $0.004-per-share cash dividend. 7

Track record: unproven. The two-year OpenInsider screen did not show a prior Bueno code-P purchase to test against 6- or 12-month forward returns. 2 For now, BBD is a legitimate qualified buy with no historical timing record attached.

Carlos Alberini, a director at RH, bought 11,388 shares at $160.90 on June 29 for $1,832,322. The weekly screen classified the trade as a qualifying code-P purchase, while the research package's track-record unit noted an M-style flag tied to multiple transactions or weighted-average pricing rather than a disqualifying option exercise. Post-transaction ownership was 35,364 shares, a 47% increase. 9

The purchase came after RH reported Q1 FY2026 revenue of $800.3M on June 11, a 1.7% year-over-year decline that beat the company's guidance range for a 2% to 4% decline. RH raised full-year FY2026 revenue growth guidance to 4.5% to 8.0%, with adjusted EBITDA margin guidance of 14.2% to 16.0%. 10

The near-term mark is positive. RH closed at $163.20 on the purchase date and $169.08 on July 2, a 5.08% move from the trade-date close. 11 The research package also flags a wider turnaround setup: RH had recovered roughly 48% from a five-year low of $113.40, and RH pointed to new product introductions, gallery transformations, and international expansion as part of its longer-term plan. 10

Track record: unproven, with a sales-heavy backdrop. Alberini had no prior code-P purchase in the two-year OpenInsider window, while six other RH insiders logged 16 sales in that same lookback period. 3 That does not invalidate the buy, but it keeps RH below the stronger repeat-buyer tier.

WBX was the most important non-qualifier. Three Wallbox directors, Marc Sabe Richer, Pedro Alonso Aguera, and Francisco Jose Riberas Mera, each bought 501,361 shares at $2.72 on June 30 for $1,364,504 apiece. CEO Enric Asuncion Escorsa bought 325,885 shares at the same $2.72 price for $886,929, below the individual $1M threshold. 4

The trade pattern does not look like a clean open-market cluster. The $2.72 purchase price was 28.8% below the June 30 close of $3.82, all four trades carried D notation, and Wallbox announced the completion of a court-approved financial restructuring two days later. The July 2 announcement included about EUR11.8M of equity raise proceeds and a separate EUR4M investment from FOCUS, for about EUR15.8M of new equity. 12

The watch item is the pattern, not the bullish read. Director cluster purchases at a materially below-market price, with D notation, immediately before an equity-raise or restructuring announcement should be treated like IPO-participation noise unless the filing later proves otherwise. WBX now joins the exclusion family that already filters out option exercises, gifts, auto-plan trades, IPO allocations, and related-party or structured purchases.

Other high-dollar exclusions were larger than the two qualifiers:

None of the 27 paused tracker entities had a $1M+ code-P buy inside the June 29 to July 6 trade-date window. AVO was the only tracker with any in-window code-P purchase: director Jay A. Pack bought 40,000 shares at $12.10 on June 30 for $484,000, below the channel threshold. 15 This was the third consecutive week of full $1M+ tracker silence.

Several familiar names stayed close to the boundary. COE CEO Jack Jiajia Huang bought $16.5M on June 23, his fourth consecutive weekly buy, but the trade date was six days before the window. 13 LILA's six-insider cluster expanded to about $33.1M through June 26, led by John Malone's $31.3M across June 22 and June 25, but those trades also missed the strict window. 16 TXO director Bob R. Simpson bought $1.26M on June 22, and ARTV's RA Capital added $292,126 on June 25; both remained outside or below this week's qualification line. 1718

For next week's screen, the practical list is narrow: LILA for any Malone or board follow-through, COE for a fifth Huang buy, TXO for another Simpson accumulation print, AVO for a Taylor or Pack follow-on above $1M, and WBX for filing clarification on whether the below-market director cluster was equity-raise participation rather than open-market buying.