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December 2020 144 Market Report

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.

[View the Full Market Report]

As shown on the chart below, the volume of Form 144 filings in December rose marginally from the prior month. However,
the number of filings in December was 22% lower than the count filed in December 2019. The value of 144 filings
dropped by about 31% from the prior month, a steeper slide than the average November-December decline of 17%.
While the overall value of 144 filings fell, the total number of shares on 144s rose by 10% in December.

Based on these metrics, The Washington Service is estimating that the filings released so far constitute only about 75%
of the expected filings for the month of December. Given the absence of a significant portion of the expected filings, we
do not have enough information about the market to provide our normal Broker Ranking assessment.

Top 144 Trades for December 2020 (Based on Partial Data):

Broker Company Insider Value ($M) Shares (M)
JP Morgan Chase Alteryx [AYX] Thomson Reuters US LLC $509 4.2
Citigroup Carvana Co [CVNA] Garcia Ernest C II $501 2.0
Goldman Sachs Walmart [WMT] Walton Alice L Foundation $371 2.5


About the author


The Washington Service Research Team

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