David L Warnock - Insider Trading Tracker

Introduction

This page provides a comprehensive analysis of the known insider trading history of David L Warnock. 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 David L Warnock 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 David L Warnock. 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 APEI / American Public Education, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in APEI / American Public Education, 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 (%)
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 Sales APEI / American Public Education, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in APEI / American Public Education, 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 Purchases ATRC / AtriCure, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in APEI / American Public Education, 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 (%)
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 Sales ATRC / AtriCure, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in APEI / American Public Education, 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 (%)
2013-09-13	ATRC	JOHNSTON RICHARD M	20,015	10.0000	20,015	10.0000	200,150	0	10.1100	2,202	1.10
2013-09-13	ATRC	JOHNSTON RICHARD M	1,187	10.0000	1,187	10.0000	11,870
2013-09-12	ATRC	JOHNSTON RICHARD M	53,249	10.0000	53,249	10.0000	532,490
2013-09-12	ATRC	JOHNSTON RICHARD M	3,159	10.0000	3,159	10.0000	31,590
2013-08-05	ATRC	JOHNSTON RICHARD M	7,030	10.0000	7,030	10.0000	70,300
2013-08-05	ATRC	JOHNSTON RICHARD M	417	10.0000	417	10.0000	4,170
2013-08-02	ATRC	JOHNSTON RICHARD M	11,894	10.0000	11,894	10.0000	118,940
2013-08-02	ATRC	JOHNSTON RICHARD M	706	10.0000	706	10.0000	7,060
2013-07-11	ATRC	JOHNSTON RICHARD M	2,212	10.0000	2,212	10.0000	22,120
2013-07-11	ATRC	JOHNSTON RICHARD M	131	10.0000	131	10.0000	1,310
2013-06-19	ATRC	JOHNSTON RICHARD M	27,705	8.9600	27,705	8.9600	248,237
2013-06-19	ATRC	JOHNSTON RICHARD M	1,643	8.9600	1,643	8.9600	14,721
2013-06-18	ATRC	JOHNSTON RICHARD M	18,493	9.1600	18,493	9.1600	169,396
2013-06-18	ATRC	JOHNSTON RICHARD M	1,097	9.1600	1,097	9.1600	10,049
2013-06-17	ATRC	JOHNSTON RICHARD M	18,967	9.2000	18,967	9.2000	174,496
2013-06-17	ATRC	JOHNSTON RICHARD M	1,125	9.2000	1,125	9.2000	10,350
2013-06-14	ATRC	JOHNSTON RICHARD M	40,165	9.0300	40,165	9.0300	362,690
2013-06-14	ATRC	JOHNSTON RICHARD M	2,383	9.0300	2,383	9.0300	21,518
2013-06-13	ATRC	JOHNSTON RICHARD M	50,079	8.9200	50,079	8.9200	446,705
2013-06-13	ATRC	JOHNSTON RICHARD M	2,971	8.9200	2,971	8.9200	26,501
2013-06-12	ATRC	JOHNSTON RICHARD M	23,139	9.0100	23,139	9.0100	208,482
2013-06-12	ATRC	JOHNSTON RICHARD M	1,373	9.0100	1,373	9.0100	12,371
2013-06-11	ATRC	JOHNSTON RICHARD M	10,252	9.0100	10,252	9.0100	92,371
2013-06-11	ATRC	JOHNSTON RICHARD M	608	9.0100	608	9.0100	5,478

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

Insider Purchases NAUH / National American University Holdings, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in APEI / American Public Education, 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 (%)
2013-05-16	NAUH	WARNOCK DAVID L	200,000	3.1500	200,000	3.1500	630,000	306	3.97	164,000	26.03

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

Insider Sales NAUH / National American University Holdings, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in APEI / American Public Education, 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 David L Warnock as disclosed to the Securities Exchange Commission (SEC).