Kalish Matthew

Kalish Matthew’s SEC Form 4 activity over the past year paints a picture of a single-issuer insider whose transactions are dominated by mechanical events rather than discretionary market timing. Across 41 filings, all tied to DraftKings (DKNG), the insider recorded zero open-market purchases and zero acquisitions, while open-market sales totaled roughly $18 million. That figure, however, is dwarfed by the volume of non-discretionary transactions: the largest single line item was a December 10, 2025, tax-withholding event valued at $46.3 million, paired with an option exercise of the same date. Similar “F” code withholdings—shares surrendered to cover tax liabilities—appear repeatedly, including a $3.9 million event on the same December date and smaller ones in February and March 2026. The recent trade sequence reinforces this pattern. Between November 2025 and March 2026, nearly every filing was either an “M” code option exercise (valued at zero in the raw data) or an “F” code tax withholding, with dollar values ranging from roughly $91,000 to $484,000. Two “J” code events—one on November 24, 2025, and another on May 15, 2026—carried no monetary value, suggesting a non-cash adjustment or other corporate action. The only cash-generating sale in the recent window was a March 9, 2026, exercise valued at $899,775.52, which again appears tied to a compensation structure rather than a discretionary market sale. The net effect is a filing history with no clear directional bias. Kalish has not initiated any open-market buys, and the $17.97 million in total sell value is almost entirely attributable to automatic share withholdings and option exercises—transactions that occur regardless of market outlook. The absence of “P” code purchases and the prevalence of “F” and “M” codes suggest an insider whose reported activity is driven by equity compensation mechanics, not conviction-based trading. For investors tracking insider sentiment, this record offers little signal beyond the fact that Kalish’s holdings are being periodically reduced to satisfy tax obligations.