Overview
Insider transaction filings disclosed on March 23 and March 24, 2026, reveal concentrated buying activity in a handful of U.S.-listed companies and significant sales from several large shareholders and executives. The filings, lodged via Form 4 disclosures, include purchases by investment funds and corporate entities as well as insider purchases by company directors and chief executives. At the same time, several large pre-arranged and ad hoc sales were recorded, offering a mixed picture of insider sentiment across industries.
Top insider buys
Surrozen, Inc. registered notable insider buying that involved multiple investment vehicles connected to TCG. TCG Crossover Fund II, L.P., TCG Crossover GP II, LLC, TCG Crossover Fund III, L.P. and TCG Crossover GP III, LLC collectively purchased shares totaling $3,012,767. The transactions took place on March 23 and March 24, 2026, with shares acquired at prices between $24.6931 and $24.8999. At the time of reporting, the company’s shares traded at $26.14. According to InvestingPro data cited in the filings, Surrozen has recorded significant upward momentum, with shares up 145% over the past year and up 126% over the past six months. Analyst price targets referenced in the filing range from $36 to $42, although InvestingPro’s Fair Value analysis indicates the stock may be overvalued at current market levels.
MGM Resorts International was the recipient of a large disclosed purchase by IAC Inc. The filing shows that IAC acquired shares amounting to $37.2 million across two transactions on March 23 and March 24, 2026. Specifically, on March 23 IAC bought 550,000 shares at a weighted average price of $37.30, with per-share prices paid ranging from $36.26 to $37.94. Following these purchases, IAC reported directly holding 66,372,350 shares of MGM Resorts International.
FRP Holdings, Inc. also featured among the buyers. Director John D. Baker II purchased 478,468 shares of class common stock on March 23, 2026, at a price of $20.90 per share, representing a total transaction value of $9,999,981. The filing notes the stock trading near its 52-week low of $20.53, with a decline of 27% over the past year. InvestingPro analysis included in the disclosure characterizes FRPH as appearing undervalued at current levels, and lists the company’s market capitalization at $396 million. The filing also details Baker’s existing holdings: he directly and indirectly owns 3,050,243 shares held by the Trust FBO John D. Baker II U/A Cynthia L. Baker Trust dated 4/30/1965, for which Baker is a co-trustee and the sole income beneficiary. Baker disclaims beneficial ownership of the trust shares except to the extent of his pecuniary interest.
Grocery Outlet Holding Corp.’s president and chief executive officer, Jason J. N. Potter, disclosed purchases of common stock in two separate transactions. On March 23, 2026, Potter purchased 110,252 shares at a weighted average price of $6.35, with per-share prices ranging from $6.32 to $6.36, for a total value of $700,100.70. On March 24, 2026, he added 2,556 shares purchased at $6.68, with the per-share prices ranging from $6.675 to $6.6797, amounting to $17,073.
Tempest Therapeutics’ chief executive officer and president Angel Matthew reported an indirect purchase of 231,482 shares on March 24, 2026. The shares were acquired at $2.16 each for a total consideration of $500,001. The disclosure states the transaction was made indirectly through Factor Bioscience Inc., where Mr. Angel serves as chief executive officer and chairman of the board. The filing shows Tempest’s shares trading near a 52-week low of $1.65 and notes a recent one-week decline of 19%, with the current quoted price at $1.74. InvestingPro’s Fair Value analysis cited in the filing suggests the stock appears undervalued with a Fair Value of $2.34. After the transaction, Mr. Angel directly holds 4,837,070 shares of Tempest Therapeutics.
Top insider sells
Large single-day sales were reported by several owners and executives across a range of companies. Flowco Holdings Inc. disclosed that director and ten percent owner Jonathan B. Fairbanks indirectly sold 7,904,090 shares of Class A Common Stock on March 23, 2026, at a per-share price of $21.175, producing proceeds of $165,165,000. The filing notes the stock later traded at $22.54, above Fairbanks’ sale price, and had delivered a strong 44.9% return over the previous six months. The same filing records that on the same day Fairbanks also reported acquiring 7,621,511 Class A Common Stock shares indirectly through conversion of LLC interests at a price of $0. The disclosure cites InvestingPro analysis indicating FLOC appears undervalued at current levels.
Entities tied to Cantor Fitzgerald & Co., including Cantor Fitzgerald, L.P., Cantor Fitzgerald & Co., Cantor Fitzgerald Securities, CF Group Management Inc., and CEO Brandon Lutnick, reported selling 7,779,865 shares of M3-Brigade Acquisition V Corp. on March 24, 2026. The shares were sold at $10.80 per share for a total of $84,022,542. The filing records "See Remarks" under the otherText section for all involved entities and Mr. Lutnick, indicating there may be additional information relevant to their reporting status contained in the filing remarks.
Workday Inc. ten percent owner David A. Duffield disclosed the sale of 107,500 shares of Class A Common Stock on March 23, 2026, for aggregate proceeds of roughly $14.7 million. The sales were executed in multiple tranches with prices ranging from $134.6624 to $137.554: specifically, 2,500 shares at a weighted average of $134.6624; 21,592 shares at a weighted average of $135.7603; 48,797 shares at a weighted average of $136.8891; and 34,611 shares at a weighted average of $137.554. The filing states these sales were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on December 2, 2025. The disclosure notes that Workday shares have declined 47% over the past six months, trading at $127.07, and that InvestingPro analysis characterizes the stock as appearing undervalued. The filing also references company fundamentals such as gross profit margins of 76% and a balance sheet position with more cash than debt.
CoreWeave, Inc. chief development officer Brannin McBee reported the sale of 105,969 shares of Class A Common Stock on March 23, 2026, executed under a pre-arranged Rule 10b5-1 plan and generating proceeds of $11.8 million. The transactions were completed at prices between $81.0558 and $84.7348 per share. The filing breaks down the sales across multiple blocks: 13,478 shares at $81.0558; 46,498 shares at $81.8777; 11,800 shares at $82.9811; 18,978 shares at $83.8089; and 9,246 shares at $84.7347. The disclosure notes that CoreWeave shares have since risen to $87.57 but remain down roughly 31% over the past six months despite a strong 119% return over the past year.
Airbnb director and ten percent owner Joseph Gebbia disclosed selling 60,000 shares of Class A Common Stock on March 23, 2026, in multiple tranches generating total proceeds of $7,685,662. The sale prices ranged from $130.4267 to $133.2693 per share. The filing itemizes the blocks sold: 4,076 shares at a weighted average of $130.4267; 6,962 shares at a weighted average of $131.6605; 30,959 shares at a weighted average of $132.5855; and 16,003 shares at a weighted average of $133.2693.
Context and interpretation
The Form 4 disclosures recorded on March 23 and March 24, 2026, highlight a pattern of concentrated purchases and large disposals by insiders and institutional investors. Purchases include both strategic investments by corporate entities and direct insider buys by company executives and directors. Sales include planned dispositions under Rule 10b5-1 trading plans as well as large indirect sales tied to ownership conversions.
Two analytical observations are underlined by the filings themselves. First, InvestingPro commentary appended to several filings provides valuation context - in some cases suggesting undervaluation (for example, FRP Holdings and Tempest Therapeutics) and in others flagging potential overvaluation (as noted for Surrozen by Fair Value analysis). Second, several large sales are explicitly identified as having been executed under pre-arranged 10b5-1 plans, emphasizing that insider sales are not necessarily an indication of negative company prospects but may reflect pre-planned liquidity or portfolio management decisions.
Investors tracking these filings should note both the reported purchase prices and the stated market context provided in the filings. For firms such as Surrozen and MGM Resorts, the disclosed purchases come alongside published analyst targets or reported stake levels, which may be of interest to market participants watching momentum and ownership changes. For companies where insiders reduced holdings, the filings frequently include procedural details such as plan adoption dates or conversions that materially affect reported volumes and timing.
Takeaway
The March 23-24 Form 4 activity paints a mixed picture: targeted buying at select small- and mid-cap companies sits alongside substantial sales by large shareholders and executives in other names. The filings reinforce that insider transactions can signal a variety of motives, including confidence, rebalancing, or execution of pre-existing trading plans. For market participants, these disclosures provide granular data points on pricing, timing, and insider intent that can be incorporated into broader investment analysis.