Horizon Technology Finance Corporation
US ˙ NasdaqGS ˙ US44045A1025

Introduction

This page provides a comprehensive analysis of the known insider trading history of Michaud Gerald A.. 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

The average trade profitability is the average return of all the open market purchases made by the insider in the last three years. To calculate this, we examine every open-market, unplanned purchase made by the insider, excluding all trades that were marked as part of a 10b5-1 trading plan. We then calculate the average performance of those trades over 3, 6, and 12 months, averaging each of those durations to generate a final performance metric for each trade. Finally, we average all of the performance metrics to calculate a performance metric for the insider. This list only includes insiders that have made at least three trades in the last two years.

If this insiders trade profitability is "N/A", then the insider either has not made any open-market purchases in the last three years, or the trades they’ve made are too recent to calculate a reliable performance metric.

Update Frequency: Daily

See the list of most profitable insider traders.

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Companies with Reported Insider Positions

The SEC filings indicate Michaud Gerald A. has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:HRZN / Horizon Technology Finance Corporation President, Director 169,309
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Michaud Gerald A.. 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 HRZN / Horizon Technology Finance Corporation - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in HRZN / Horizon Technology Finance Corporation. 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 (%)
2024-11-25 HRZN Michaud Gerald A. 8,000 9.3149 8,000 9.3149 74,519 81 9.8600 4,361 5.85
2024-03-08 HRZN Michaud Gerald A. 3,650 11.7700 3,650 11.7700 42,960
2022-12-20 HRZN Michaud Gerald A. 18,250 11.0300 18,250 11.0300 201,298
2022-12-06 HRZN Michaud Gerald A. 4,000 12.9000 4,000 12.9000 51,600
2022-05-09 HRZN Michaud Gerald A. 3,050 12.0600 3,050 12.0600 36,783
2021-12-06 HRZN Michaud Gerald A. 3,450 15.8700 3,450 15.8700 54,752
2021-05-04 HRZN Michaud Gerald A. 2,500 16.1900 2,500 16.1900 40,475
2021-03-05 HRZN Michaud Gerald A. 11,300 13.3000 11,300 13.3000 150,290
2020-06-02 HRZN Michaud Gerald A. 14,900 11.3800 14,900 11.3800 169,562
2019-08-14 HRZN Michaud Gerald A. 3,500 12.0000 3,500 12.0000 42,000
2019-05-09 HRZN Michaud Gerald A. 900 11.6522 900 11.6522 10,487
2018-05-18 HRZN Michaud Gerald A. 15,000 10.0800 15,000 10.0800 151,200
2016-09-19 HRZN Michaud Gerald A. 225 13.4200 225 13.4200 3,020
2016-03-21 HRZN Michaud Gerald A. 260 11.4300 260 11.4300 2,972
2016-03-17 HRZN Michaud Gerald A. 1,700 11.7060 1,700 11.7060 19,900
2015-12-18 HRZN Michaud Gerald A. 4,400 11.5402 4,400 11.5402 50,777
2015-11-09 HRZN Michaud Gerald A. 4,500 10.8000 4,500 10.8000 48,600
2015-08-17 HRZN Michaud Gerald A. 1,000 11.0000 1,000 11.0000 11,000
2015-06-08 HRZN Michaud Gerald A. 550 13.5100 550 13.5100 7,430
2014-03-17 HRZN Michaud Gerald A. 1,900 12.8550 1,900 12.8550 24,424
2013-11-11 HRZN Michaud Gerald A. 7,200 13.8895 7,200 13.8895 100,004
2013-08-19 HRZN Michaud Gerald A. 1,100 13.6300 1,100 13.6300 14,993
2012-12-05 HRZN Michaud Gerald A. 1,090 13.8592 1,090 13.8592 15,107
2012-09-14 HRZN Michaud Gerald A. 620 16.2160 620 16.2160 10,054
2012-05-11 HRZN Michaud Gerald A. 1,500 16.8340 1,500 16.8340 25,251

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

HRZN / Horizon Technology Finance Corporation Insider Trades
Insider Sales HRZN / Horizon Technology Finance Corporation - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in HRZN / Horizon Technology Finance Corporation. 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.

HRZN / Horizon Technology Finance Corporation Insider Trades
Insider Trading History

This table shows the complete list of insider trades made by Michaud Gerald A. as disclosed to the Securities Exchange Commission (SEC).

File Date Tran Date Form Ticker Security Code 10b5-1 Shares Remaining Shares Percent
Change		 Share
Price		 Tran
Value		 Remaining
Value
2024-12-02 2024-11-25 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 8,000 169,309 4.96 9.31 74,519 1,577,096
2024-03-11 2024-03-08 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 3,650 156,244 2.39 11.77 42,960 1,838,992
2022-12-21 2022-12-20 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 18,250 144,585 14.45 11.03 201,298 1,594,773
2022-12-07 2022-12-06 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 4,000 126,335 3.27 12.90 51,600 1,629,722
2022-05-11 2022-05-09 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 3,050 121,899 2.57 12.06 36,783 1,470,102
2021-12-06 2021-12-06 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 3,450 116,301 3.06 15.87 54,752 1,845,696
2021-05-05 2021-05-04 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 2,500 112,078 2.28 16.19 40,475 1,814,543
2021-03-08 2021-03-05 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 11,300 109,578 11.50 13.30 150,290 1,457,387
2020-06-03 2020-06-02 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 14,900 95,844 18.41 11.38 169,562 1,090,705
2019-08-15 2019-08-14 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 3,500 77,128 4.75 12.00 42,000 925,536
2019-05-13 2019-05-09 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 900 73,842 1.23 11.65 10,487 860,422
2018-05-18 2018-05-18 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 15,000 70,034 27.26 10.08 151,200 705,943
2016-09-21 2016-09-19 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 225 485 86.54 13.42 3,020 6,509
2016-03-21 2016-03-21 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 260 260 11.43 2,972 2,972
2016-03-21 2016-03-17 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 1,700 49,171 3.58 11.71 19,900 575,595
2015-12-21 2015-12-18 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 4,400 46,832 10.37 11.54 50,777 540,451
2015-11-10 2015-11-09 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 4,500 42,432 11.86 10.80 48,600 458,266
2015-08-18 2015-08-17 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 1,000 37,274 2.76 11.00 11,000 410,016
2015-06-09 2015-06-08 4/A HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 550 35,933 1.55 13.51 7,430 485,453
2014-03-18 2014-03-17 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 1,900 16,013 13.46 12.86 24,424 205,847
2013-11-12 2013-11-11 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 7,200 13,836 108.50 13.89 100,004 192,171
2013-08-19 2013-08-19 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 1,100 6,532 20.25 13.63 14,993 89,035
2012-12-05 2012-12-05 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 1,090 5,101 27.18 13.86 15,107 70,691
2012-09-14 2012-09-14 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 620 3,886 18.98 16.22 10,054 63,018
2012-05-11 2012-05-11 4 HRZN Horizon Technology Finance Corp
Common Stock 		P - Purchase 1,500 3,094 94.10 16.83 25,251 52,084
2010-10-28 3 HRZN Horizon Technology Finance Corp
Common Stock 		46,875
P
Open market or private purchase of non-derivative or derivative security
S
Open market or private sale of non-derivative or derivative security
A
Grant, award, or other acquisition of securities from the company (such as an option)
C
Conversion of derivative
D
Sale or transfer of securities back to the company
F
Payment of exercise price or tax liability using portion of securities received from the company
G
Gift of securities by or to the insider
K
Equity swaps and similar hedging transactions
M
Exercise or conversion of derivative security received from the company (such as an option)
V
A transaction voluntarily reported on Form 4
J
Other (accompanied by a footnote describing the transaction)