Greedy Insider
Form 4 Transaction Mix, Q3 2026
Form 4 transaction mix, Q3 2026: across 4,000 recent filings, open-market buys (P) were 8.0% of coded transactions, sales (S) 31.6%, and awards plus tax withholding (A and F) 32.6%.
Methodology
We parsed the transaction codes on a sample of 4,000 of the most recent SEC Form 4 filings in our database (codes are preserved in the raw filing even where our feed shows only open-market activity). Percentages are shares of all coded transaction lines in that sample.
How to read a code
Each line on a Form 4 carries one transaction code. P is an open-market purchase and S is an open-market sale. A is a grant or award, F is shares withheld to pay tax, M is an option exercise, and G is a gift. One filing often contains several of these lines, so a busy award can outweigh a single open-market purchase in the raw count. The percentages are shares of those lines. They are not shares of companies, filings, or dollars.
The breakdown
Open-market buys are the minority of Form 4 activity: most lines are awards, option exercises, and tax withholding. That is exactly why a single P is worth surfacing.
| Code | Meaning | Count | Share |
|---|---|---|---|
| P | Purchase | 751 | 8.0 |
| S | Sale | 2983 | 31.6 |
| M | Option exercise | 1574 | 16.7 |
| F | Tax withholding | 940 | 10.0 |
| A | Award | 2143 | 22.7 |
| G | Gift | 103 | 1.1 |
What it does not mean
These are structural counts of filing activity, not a market view. The score describes the filing, not future returns. This is not investment advice.
Key facts
- Filings scanned: 4,000
- Open-market buys (P): 8.0%
- Awards and tax withholding (A, F): 32.6%
Primary sources
Related
The score describes the filing, not future returns. This is not investment advice.