Highland Multi-Strategy Onshore Master SubFund, L.L.C. - Insider Trading Tracker

Introduction

This page provides a comprehensive analysis of the known insider trading history of Highland Multi-Strategy Onshore Master SubFund, L.L.C.. Insiders are officers, directors, or significant investors in a company. It is illegal for insiders to make trades in their companies based on specific, non-public information. This does not mean it is illegal for them to make any trades in their own companies. However, they must report all trades to the SEC via a Form 4. Despite these restrictions, academic research suggests that insiders - in general - tend to outperform the market in their own companies.

Average Trade Profitability

Companies with Reported Insider Positions

The SEC filings indicate Highland Multi-Strategy Onshore Master SubFund, L.L.C. has reported holdings or trades in the following companies:

How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Highland Multi-Strategy Onshore Master SubFund, L.L.C.. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The stock performance is charted as cumulative percent change in share price. For example, if an insider trade was made on January 1, 2019, the chart will show the daily percent change of the security to the present day. If the share price were to go from $10 to $15 during this time, the cumulative percent change in share price would be 50%. A change in price from $10 to $20 would be 100%, and a change in price of $10 to $5 would be -50%.

Ultimately, we are trying to determine how closely the insider’s trades correlate to excess returns (positive or negative) in the share price in order to see if the insider is timing their trades to profit from insider information. Consider the situation where an insider was doing this. In this situation, we would expect either (a) positive returns after purchases, or (b) negative returns after sales. In the case of (a), the PURCHASE chart would show a series of upwardly sloping curves, indicating positive returns after each purchase transaction. In the case of (b), the SALE chart would show a series of downward sloping curves, indicating negative returns after each sale transaction.

However, this alone is not enough to draw conclusions. If, for example, the share price of the company was in a non-cyclical climb over many years, then we would expect all the post-purchase plots to be upwardly sloping. Likewise, non-cyclical declines over many years would result in downward sloping post-trade plots. Neither of these charts would suggest insider trading activity.

The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals in the PURCHASE chart and negative plots on the SALE chart. This situation would be highly suggestive of an insider that was timing trades to their financial advantage.

Insider Purchases GTN / Gray Media, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in GTN / Gray Media, Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date	Ticker	Insider	Reported Shares	Reported Price	Adjusted Shares	Adjusted Price	Cost Basis	Days to Max	Price at Max	Max Profit ($)	Max Return (%)
2007-07-10	GTN	HIGHLAND CAPITAL MANAGEMENT LP	75,000	9.2108	75,000	9.2108	690,810	100	9.79	43,440	6.29
2007-07-09	GTN	HIGHLAND CAPITAL MANAGEMENT LP	10,400	9.2600	10,400	9.2600	96,304
2007-06-27	GTN	HIGHLAND CAPITAL MANAGEMENT LP	44,700	9.3970	44,700	9.3970	420,046
2007-06-13	GTN	HIGHLAND CAPITAL MANAGEMENT LP	3,372	9.4000	3,372	9.4000	31,697
2007-06-12	GTN	HIGHLAND CAPITAL MANAGEMENT LP	100,000	9.4000	100,000	9.4000	940,000
2007-06-12	GTN	HIGHLAND CAPITAL MANAGEMENT LP	55,300	9.4394	55,300	9.4394	521,999
2007-06-11	GTN	HIGHLAND CAPITAL MANAGEMENT LP	46,000	9.6320	46,000	9.6320	443,072
2007-06-11	GTN	HIGHLAND CAPITAL MANAGEMENT LP	27,600	9.7000	27,600	9.7000	267,720
2007-05-21	GTN	HIGHLAND CAPITAL MANAGEMENT LP	328,000	10.3520	328,000	10.3520	3,395,456
2007-05-18	GTN	HIGHLAND CAPITAL MANAGEMENT LP	56,000	10.0427	56,000	10.0427	562,391
2007-05-18	GTN	HIGHLAND CAPITAL MANAGEMENT LP	104,500	10.2141	104,500	10.2141	1,067,373
2007-05-17	GTN	HIGHLAND CAPITAL MANAGEMENT LP	35,300	9.7179	35,300	9.7179	343,042
2007-05-16	GTN	HIGHLAND CAPITAL MANAGEMENT LP	41,292	9.4052	41,292	9.4052	388,360
2007-05-15	GTN	HIGHLAND CAPITAL MANAGEMENT LP	20,500	9.3082	20,500	9.3082	190,818
2007-05-14	GTN	HIGHLAND CAPITAL MANAGEMENT LP	63,100	9.2813	63,100	9.2813	585,650
2007-03-16	GTN	HIGHLAND CAPITAL MANAGEMENT LP	50,000	8.5413	50,000	8.5413	427,065
2007-03-15	GTN	HIGHLAND CAPITAL MANAGEMENT LP	31,100	8.3137	31,100	8.3137	258,556
2006-12-19	GTN	HIGHLAND CAPITAL MANAGEMENT LP	3,700	6.7457	3,700	6.7457	24,959
2006-12-18	GTN	HIGHLAND CAPITAL MANAGEMENT LP	12,000	6.7200	12,000	6.7200	80,640
2006-12-15	GTN	HIGHLAND CAPITAL MANAGEMENT LP	50,000	6.6854	50,000	6.6854	334,270
2006-12-14	GTN	HIGHLAND CAPITAL MANAGEMENT LP	126,000	6.6740	126,000	6.6740	840,924
2006-12-06	GTN	HIGHLAND CAPITAL MANAGEMENT LP	1,400	6.2821	1,400	6.2821	8,795

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

Insider Sales GTN / Gray Media, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in GTN / Gray Media, Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date	Ticker	Insider	Reported Shares	Reported Price	Adjusted Shares	Adjusted Price	Cost Basis	Days to Min	Price at Min	Max Loss Avoided ($)	Max Loss Avoided (%)
There are no known unplanned open-market trades for this insider and security combination

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

Insider Trading History

This table shows the complete list of insider trades made by Highland Multi-Strategy Onshore Master SubFund, L.L.C. as disclosed to the Securities Exchange Commission (SEC).