In January 2023, the aggregate reported value of Form 144s fell 70% from December. This significant month-over-month slide in value is reflected in a 51% decline in the total number of shares registered to sell, as well as a 21% decrease in forms filed.
While almost every volume metric decreased from the prior month, the number of filings pursuant to 10b5-1 did increase by
26%, implying a potential shift towards planned selling last month. Due to earnings-related blackout periods, the month-over-month decline of overall Form 144 activity was somewhat expected. However, when last month's numbers are compared to January 2022, brokers filed 132% more filings this year. Unsurprisingly, the total reported value of Form 144s also increased by 104%, along with an increase of 103% of overall number of registered shares year-over-year.
In January, Morgan Stanley claimed the top title by brokering nearly a third of the market’s reported value, due in part to their role in Her Majesty's Treasury's $360 million filing at NWG. JP Morgan took second place in overall value. Fidelity slid into third place for their total value brokered, due in part to their filing-volume first place finish. Bank of America took fourth place, and Goldman Sachs rounded out the Top 5 rankings for January.
|Filer||Company||Broker||Value (M)||Shares (M)|
|Commissioners of Her Majesty's Treasury||NatWest Group plc - [NWG]||Morgan Stanley||$359.8||48.36|
|AGK Giving Trust||CrowdStrike Holdings - [CRWD]||JP Morgan Chase||$271.7||2.59|
|Patrick W. Smith||Axon Enterprise - [AXON]||Morgan Stanley||$254.6||1.35|