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March 2024 144 Market Report

Aggregated 144 Market Volume

In March 2024, the total reported value of Form 144s fell 22% from February. This month-over-month decrease in total value is accompanied by a 32% drop in the value reported pursuant to Rule 10b5-1. By contrast, the number of shares registered for sale last month increased 45% from February. This increase was primarily driven by a 72% rise in the number of unplanned shares. When last month's numbers are compared to March 2023, Form 144 value, shares, and number of filings increased across the board. The reported value of Form 144s filed pursuant to Rule 10b5-1 nearly tripled from last year, with the number of planned shares rising by 56% and number of planned filings increasing by 31%.

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Top 5 Brokers for March 2024

In March, Morgan Stanley claimed the top spot for value, shares, and filings brokered. Royal Bank of Canada secured second place in value, due to their role in brokering last month’s largest filing on behalf of Deutsche Telekom AG (see next page). Goldman Sachs came in third place, boosted by their role in brokering one of last month’s largest filings. JP Morgan placed fourth, and Bank of America rounded out the Top 5 rankings for March, although Bank of America secured second place for total number of shares brokered.

Top 144 Filings for March 2024

Filer Company Broker Value(M) Shares(M)
Deutsche Telekom AG T-Mobile US - [TMUS] Royal Bank of Canada $3,310.4 20.09
SVF Investments (UK) Ltd. Coupang - [CPNG] BTIG $903.1 46.61
Michael Saul Dell Dell Technologies - [DELL] Goldman Sachs $852.5 7.00


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