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January 2024 144 Market Report

Aggregate 144 Market Volume:

In January 2024, the aggregate reported value of Form 144s fell over 50% from December. This significant month-over-month slide in value is reflected in a 35% decline in the total number of shares registered to sell, as well as a 36% decrease in forms filed. While almost every volume metric decreased from the prior month, the number of shares and value sold pursuant to Rule 10b5-1 fell the most steeply, dropping 63% and 65% respectively. However, due to earnings-related blackout periods, the month-over-month decline of overall Form 144 activity was somewhat expected. Alternatively, when last month's numbers are compared to January 2023, brokers filed 46% more unplanned filings this year. The total reported value of discretionary Form 144s increased by 126%, along with an increase of 44% in the number of unplanned shares registered year-over-year.

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Top 5 Brokers for January 2024

In January, Morgan Stanley claimed top place for value brokered, due in part to their role in brokering two of last month’s largest filings. Bank of America took second place in overall value and shares brokered, while JP Morgan slid into third place for their total value brokered. Fidelity took fourth place, but took second for number of filings, and Goldman Sachs rounded out the Top 5 broker rankings for January. 

Top 144 Filings for January 2024

Filer Company Broker Value(M) Shares(M)
Buddy Chester Sub LLC Chewy - [CHWY] Morgan Stanley $255.0 12.33
HM Treasury NatWest Group plc - [NWG] Morgan Stanley $241.7 44.02
Apollo Management Holdings GP LLC TD SYNNEX Corp - [SNX] JP Morgan Chase $234.8 2.55

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