Ghaffarian Kamal Seyed's SEC Form 4 filings reveal a one-sided pattern: persistent selling of Intuitive Machines stock (LUNR) with no open-market purchases. Across 65 reported transactions, the insider has disposed of approximately $37.6 million in shares while recording zero buy value. The most recent activity, spanning June and July 2026, shows 13 open-market sales clustered around monthly option exercises, with the largest single dispositions occurring on June 15 ($3.17 million), June 1 ($3.25 million), and July 13 ($1.74 million). Smaller sales on June 29, July 27, and June 1 rounded out the period, with individual transactions ranging from roughly $21,000 to over $3.2 million.
The transaction structure is consistent with a compensation-driven liquidation pattern. Each sale date is paired with a code "M" (option exercise) and code "D" (sale back to issuer) at zero value, indicating the shares sold were acquired through exercised options rather than purchased on the open market. The code "A" grant on June 4, 2026, and a code "J" transaction involving XE (likely a related entity) on June 12 further suggest these are scheduled dispositions tied to equity awards. Notably, there are no code "P" purchases in the entire filing history, meaning Seyed has not used personal capital to acquire LUNR shares during this window.
The selling cadence—roughly biweekly to monthly intervals from June 1 through July 27—follows a mechanical rhythm rather than opportunistic timing. The absence of any buy-side activity, combined with the consistent pairing of option exercises with immediate sales, points to a systematic unwinding of equity compensation. While the dollar figures are substantial, the pattern itself is typical of an executive monetizing vested awards, with no indication of discretionary trading based on market conditions.
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