Joel R Zullinger - Insider Trading Tracker

Introduction

This page provides a comprehensive analysis of the known insider trading history of Joel R Zullinger. 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 Joel R Zullinger 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 Joel R Zullinger. 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 ORRF / Orrstown Financial Services, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in ORRF / Orrstown Financial Services, 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 (%)
2018-10-26	ORRF	ZULLINGER JOEL R	300	20.6900	300	20.6900	6,207	325	23.2800	777	12.52
2012-05-03	ORRF	ZULLINGER JOEL R	1,200	7.5600	1,200	7.5600	9,072

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

Insider Sales ORRF / Orrstown Financial Services, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in ORRF / Orrstown Financial Services, 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 (%)
2022-11-17	ORRF	ZULLINGER JOEL R	250	26.7800	250	26.7800	6,695	175	15.6600	-2,780	-41.52
2022-08-10	ORRF	ZULLINGER JOEL R	550	26.3700	550	26.3700	14,504
2022-06-22	ORRF	ZULLINGER JOEL R	350	24.9200	350	24.9200	8,722
2022-01-26	ORRF	ZULLINGER JOEL R	825	25.0000	825	25.0000	20,625
2021-11-12	ORRF	ZULLINGER JOEL R	600	24.5100	600	24.5100	14,706
2021-08-25	ORRF	ZULLINGER JOEL R	200	23.6200	200	23.6200	4,724
2021-07-27	ORRF	ZULLINGER JOEL R	110	23.3300	110	23.3300	2,566
2021-06-10	ORRF	ZULLINGER JOEL R	250	24.7500	250	24.7500	6,188
2021-04-28	ORRF	ZULLINGER JOEL R	600	23.6250	600	23.6250	14,175
2020-12-16	ORRF	ZULLINGER JOEL R	1,000	17.9064	1,000	17.9064	17,906
2020-09-02	ORRF	ZULLINGER JOEL R	1,000	14.2600	1,000	14.2600	14,260
2019-11-27	ORRF	ZULLINGER JOEL R	500	21.8300	500	21.8300	10,915
2018-06-13	ORRF	ZULLINGER JOEL R	307	25.8900	307	25.8900	7,948
2018-06-12	ORRF	ZULLINGER JOEL R	500	25.7490	500	25.7490	12,874
2018-06-12	ORRF	ZULLINGER JOEL R	500	25.8000	500	25.8000	12,900
2017-06-07	ORRF	ZULLINGER JOEL R	617	21.5000	617	21.5000	13,266
2017-06-06	ORRF	ZULLINGER JOEL R	41	21.9500	41	21.9500	900
2017-06-05	ORRF	ZULLINGER JOEL R	500	22.2000	500	22.2000	11,100
2017-06-02	ORRF	ZULLINGER JOEL R	100	21.9500	100	21.9500	2,195
2016-11-28	ORRF	ZULLINGER JOEL R	1,667	22.3000	1,667	22.3000	37,174
2016-11-28	ORRF	ZULLINGER JOEL R	314	22.3500	314	22.3500	7,018
2016-11-28	ORRF	ZULLINGER JOEL R	17	22.4500	17	22.4500	382
2016-03-02	ORRF	ZULLINGER JOEL R	329	17.3300	329	17.3300	5,702

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 Joel R Zullinger as disclosed to the Securities Exchange Commission (SEC).