May 2020 144 Market Report - Ongoing Filings Disruption
Due to a continued disruption in the dissemination of Form 144 filings from the SEC, we were not be able to
release the normal 144 Market Data Report this month. Form 144’s are normally received by the SEC on paper
and disseminated via the Public Reference Room. Due to social distancing requirements, no filings have been
released from the Public Reference Room since April 3. In April, the SEC started accepting Form 144 filings
digitally via email, but the number of filings received and disseminated has been lower than in previous periods.
As shown on the chart below, the volume of Form 144 filings in May has risen from last month, which may be
due to brokers’ increased usage of digital filings. However, the number of disseminated filings still fell by 47%
year-over-year. Based on that, The Washington Service is estimating that the filings released so far constitute
only about half of the expected filings for the month of May.
Given the absence of the majority of the expected filings, we did not have enough information about the market
to provide our normal assessment.
Top 144 Trades for May 2020 (Based on Partial Data):
| Broker | Company | Insider | Value ($M) | Shares (M) |
| Barclays Bank PLC | Enphase Energy [ENPH] | South Lake One LLC | $820 | 13.5 |
| Goldman Sachs | Alibaba Group [BABA] | JC Properties Ltd | $705 | 3.2 |
| JP Morgan Chase | Ingersoll-Rand [IR] | KKR Renaissance Agg. LP | $419 | 13.8 |
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The Washington Service Research Team