Weekly Insider Trading Report: January 25, 2026 - February 1, 2026

Executive Summary

• Overall Activity: The week saw a total of 543 insider transactions (124 buys and 419 sells), with a buy/sell ratio of 0.3, indicating a strong selling sentiment among insiders.
• Total Values: Insiders purchased shares worth approximately $482.07 million while selling shares valued at about $395.69 million.
• Top Buyer: Goldblatt Ariel led the buy transactions with a significant purchase of $384.10 million, which is a noteworthy non-10b5-1 transaction.
• Significant Sells: The highest sell transaction was executed by PEP TG Investments GP LLC, unloading $147 million in shares of CALY, signaling potential underlying concerns with the company.
• Market Sentiment: The prevailing sentiment among insiders leans towards caution, as indicated by the substantial volume of sell transactions relative to buys.

Top Conviction Buys

Notable Non-10b5-1 Purchases

1. Goldblatt Ariel

   • Total Value: $384,099,800.00
   • Shares: 3,840.998
   • Price per Share: $100,000.00
   • Trade Date: January 30, 2026
   • Insider Title: Other
   • Comment: This transaction represents an exceptionally large and atypical investment, raising questions about its strategic intent given the high price per share.

2. PAULSON & CO. INC.

   • Symbol: THM
   • Total Value: $39,999,999.96
   • Shares: 18,018,018
   • Price per Share: $2.22
   • Trade Date: January 27, 2026
   • Insider Title: Other

3. Abu Dhabi Investment Authority

   • Total Value: $24,999,998.37
   • Shares: 13,985.607
   • Price per Share: $1,787.55
   • Trade Date: January 28, 2026
   • Insider Title: Other

4. WATSA V PREM ET AL (multiple transactions)

   • Total Value: $6,337,646.73 (Jan 28), $5,219,928.03 (Jan 27), $4,323,196.59 (Jan 27)
   • Comment: The aggregate investment across these transactions indicates a strong belief in the potential of UA.

Risk Radar

Notable Sells and Warning Signs

1. PEP TG Investments GP LLC

   • Symbol: CALY
   • Total Value: $147,000,000.00
   • Shares: 10,000,000
   • Price per Share: $14.70
   • Trade Date: January 27, 2026

2. GUTHART GARY S

   • Symbol: ISRG
   • Total Value: $12,987,403.45
   • Shares: 24,500
   • Price per Share: $530.10
   • Trade Date: January 27, 2026

3. Duato Joaquin (multiple transactions)

   • Symbol: JNJ
   • Total Values: $11,318,460.95 (Jan 26), $10,804,432.49 (Jan 26)
   • Comment: Multiple substantial sells from a director at Johnson & Johnson could indicate a lack of confidence in the stock’s future performance.

4. NNE (multiple insiders)

   • Total Values: Ranging from $6,930,078.62 to $6,763,263.80 across various transactions on January 28, 2026.
   • Comment: The concentration of sell transactions on a single day raises red flags about the company's outlook.

Market Sentiment Analysis

The current market sentiment reflects a cautious outlook among insiders, as evidenced by the significant disparity between the number of sells and buys (419 vs. 124). The overall buy/sell ratio of 0.3 suggests that for every buy transaction, there are approximately 3.4 sells. Large-scale sell-offs by key insiders, particularly in companies like CALY and JNJ, may indicate anticipated challenges or a bearish outlook on future performance.

Investment Opportunities

Despite the prevailing selling sentiment, the substantial purchases by key insiders such as Goldblatt Ariel and PAULSON & CO. INC. suggest potential opportunities for discerning investors. Specifically:

• THM: The recent purchase by PAULSON & CO. INC. at a low price could present a rebound opportunity if the company’s fundamentals align positively in the future.
• UA: Multiple acquisitions by WATSA V PREM ET AL could indicate a bullish sentiment toward the company’s growth trajectory, meriting further investigation.

Investors should maintain a vigilant approach, weighing the implications of insider trading activities while considering broader market conditions and company fundamentals.