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Open Market Insider Buys
The impact of OMIBs (Open Market Insider Buys) are indicated by a P transaction code in SEC Form 4 and can range from none to very impactful. There are many factors to consider:
- position of the seller: Owners of more than 10% of shares are considered insiders, but they have very different motivations and knowledge than management.
- percentage change in holding: share and dollar amounts
often seem large, but can still be meaningless to C-suite
types. Calculating the percentage change in holdings can be
- short position in the broader market: OMIBs often have an outsized effect on stocks with high shorted float. Unfortunately public data on that always weeks behind. Rebate rate can sometimes be a better indicator.