Companies where two or more distinct corporate insiders have made open-market purchases (Form 4 code P) in the last 14 days. Cluster buys, meaning multiple insiders putting personal capital into the same stock at the same time, have historically outperformed isolated insider purchases in the academic literature. Read the cluster buying guide
| # | Company | Distinct insiders buying (14d) |
|---|---|---|
| 1 |  $EDAP EDAP TMS SA | 8 insiders buying |
| 2 |
 $CDNL Cardinal Infrastructure Group Inc. |
| 7 insiders buying |
| 3 |  $ACON Aclarion, Inc. | 6 insiders buying |
| 4 |  $BMRA BIOMERICA INC | 5 insiders buying |
| 5 |  $LIEN Chicago Atlantic BDC, Inc. | 5 insiders buying |
| 6 |  $DKL Delek Logistics Partners, LP | 5 insiders buying |
| 7 |  $INV Innventure, Inc. | 4 insiders buying |
| 8 |  $AMRZ Amrize Ltd | 4 insiders buying |
| 9 |  $DKS DICK'S SPORTING GOODS, INC. | 4 insiders buying |
| 10 |  $VRCA Verrica Pharmaceuticals Inc. | 4 insiders buying |
| 11 |  $TISI TEAM INC | 4 insiders buying |
| 12 |  $AIAI AIAI Holdings Corp | 4 insiders buying |
| 13 |  $HKHC Horizon Kinetics Holding Corp | 4 insiders buying |
| 14 |  $AMRC Ameresco, Inc. | 4 insiders buying |
| 15 |  $BIVI BIOVIE INC. | 4 insiders buying |
| 16 |  $GABC GERMAN AMERICAN BANCORP, INC. | 4 insiders buying |
| 17 |  $REZI RESIDEO TECHNOLOGIES, INC. | 3 insiders buying |
| 18 |  $BRLT Brilliant Earth Group, Inc. | 3 insiders buying |
| 19 |  $MXF MEXICO FUND INC | 3 insiders buying |
| 20 |  $AFCG Advanced Flower Capital Inc. | 3 insiders buying |
| 21 |  $ACCS ACCESS Newswire Inc. | 3 insiders buying |
| 22 |  $ODYS Odysight.ai Inc. | 3 insiders buying |
| 23 |  $HGBL Heritage Global Inc. | 3 insiders buying |
| 24 |  $IDAI T Stamp Inc | 3 insiders buying |
| 25 |  $REFI Chicago Atlantic Real Estate Finance, Inc. | 3 insiders buying |
| 26 |  $APLM Apollomics Inc. | 3 insiders buying |
| 27 |  $RVSB RIVERVIEW BANCORP INC | 3 insiders buying |
| 28 |  $CODI Compass Diversified Holdings | 3 insiders buying |
| 29 |  $ANGX Angel Studios, Inc. | 3 insiders buying |
| 30 |  $KWY KINGSWAY Corp | 3 insiders buying |
| 31 |  $LFT Lument Finance Trust, Inc. | 3 insiders buying |
| 32 |  $UMH UMH PROPERTIES, INC. | 3 insiders buying |
| 33 |  $KEEL Keel Infrastructure Corp. | 2 insiders buying |
| 34 |  $LBGJ Li Bang International Corp Inc. | 2 insiders buying |
| 35 |  $LCNB LCNB CORP | 2 insiders buying |
| 36 |  $LWAY Lifeway Foods, Inc. | 2 insiders buying |
| 37 |  $MAIR Madison Air Solutions Corp | 2 insiders buying |
| 38 |  $MATW MATTHEWS INTERNATIONAL CORP | 2 insiders buying |
| 39 |  $MLAB MESA LABORATORIES INC /CO/ | 2 insiders buying |
| 40 |  $MLCI Mount Logan Capital Inc. | 2 insiders buying |
| 41 |  $NBBK NB Bancorp, Inc. | 2 insiders buying |
| 42 |  $NGL NGL Energy Partners LP | 2 insiders buying |
| 43 |  $NOMD Nomad Foods Ltd | 2 insiders buying |
| 44 |  $NRDE Stark Novus Financial Inc. | 2 insiders buying |
| 45 |  $NTHI NEONC TECHNOLOGIES HOLDINGS, INC. | 2 insiders buying |
| 46 |  $NVRI Enviri Corp | 2 insiders buying |
| 47 |  $ONON On Holding AG | 2 insiders buying |
| 48 |  $OVLY Oak Valley Bancorp | 2 insiders buying |
| 49 |  $PHIO Phio Pharmaceuticals Corp. | 2 insiders buying |
| 50 |  $PRE Prenetics Global Ltd | 2 insiders buying |
A cluster requires three things: at least two distinct insiders, not the same person filing twice; open-market purchases only, with option exercises, awards and gifts excluded; and all qualifying buys falling inside the same trailing 14-day window. Form 4 amendments are deduplicated before anyone is counted, since roughly three in five SEC filings are duplicates of an earlier one.
The reason to separate this from a plain activity ranking is that filings and purchases are very different events. A company can top an activity list because eight executives had options vest on the same day. A cluster means eight people each decided, separately, to spend their own money. The second is the signal; the first is a calendar.
The academic case for insider trading data rests on an asymmetry that has held up across decades of study: the buy side carries information and the sell side largely does not. Jeng, Metrick and Zeckhauser, in their 2003 study of insider transactions, found that a portfolio built from insider purchases earned meaningful abnormal returns while one built from insider sales did not. The reason is structural rather than mysterious. Executives are paid in stock, so they sell for a dozen reasons that have nothing to do with the business: a house, a tax bill, a divorce, a diversification rule their own board wrote. They buy for one.
Lakonishok and Lee, examining two decades of filings in "Are Insider Trades Informative?", found that the predictive content sits mostly in smaller companies and in aggregate rather than in any single trade, which is the finding this page is built on. One director buying is one person's opinion, and people are wrong all the time. Several insiders independently buying the same stock inside a fortnight is much harder to explain as coincidence, because it requires several people with different portfolios, different tax positions and different personal circumstances to reach the same conclusion at the same time.
Later work sharpened the point further. Cohen, Malloy and Pomorski, in "Decoding Inside Information", showed that insiders divide into routine traders, who transact on roughly the same schedule every year, and opportunistic ones, whose trades break their own pattern. Almost all of the predictive power lives with the opportunistic group. A cluster is a crude but effective filter for exactly that: routine buyers rarely synchronise, so a burst of simultaneous purchases is disproportionately made of people doing something they do not normally do.
It is not a mechanical buy signal, and the failure modes are worth knowing. Several insiders can buy in the same fortnight because a blackout window just closed and it is the first legal opportunity any of them had, which synchronises the timing without synchronising the conviction. Newly public companies produce clusters when a lockup expires. A board that has just adopted a share ownership requirement can generate half a dozen purchases in a week from executives who are simply complying. And a cluster of small, round-numbered purchases from directors reads very differently from one large purchase by an operator who runs the business day to day.
So read a cluster as a reason to look, not as a conclusion. The questions worth asking next are all on the company page: how large were the purchases relative to what these people are paid, were any of them pre-scheduled under a 10b5-1 plan, did the buying follow a specific event such as an earnings miss or a guidance cut, and have these particular insiders been right before. A cluster tells you where to spend that effort. It does not do the work for you.