Santana Rafael, President and CEO, has filed 156 Form 4 transactions across two companies, with a clear directional pattern. His total open-market sales reached $31.9 million, while his total acquisitions, which include option exercises and grants, came to $49.9 million. He has made zero open-market purchases. The recent activity is entirely on the sell side: 25 open-market sales in the last reporting window, all in WAB stock, with no buys.
The recent WAB sales cluster around the first trading days of August, September, and October 2026. On October 6 alone, Rafael sold four blocks worth $65,303, $76,562, $100,855, and $75,465. The day before, he sold six blocks ranging from $9,568 to $179,511. September 2 brought four sales between $35,536 and $103,306, and September 1 had three sales from $33,246 to $165,124. August 5 saw four sales from $16,138 to $153,874, and August 4 had four sales from $23,717 to $188,511.
The transaction pattern is consistent: Rafael sells WAB shares in small, staggered lots at the start of each month, with individual sales mostly between $10,000 and $190,000. The total value of these 25 recent sales is roughly $1.9 million. The absence of any open-market purchases, combined with the steady monthly cadence of sales, shows a persistent sell bias in his WAB position. The acquisitions in his filing history are compensation-related, not conviction buys.
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