Stein Todd J

Stein Todd J’s SEC Form 4 activity over the past year paints a clear picture of a net seller, with open-market dispositions heavily outweighing acquisitions. Across 42 filings, all involving a single issuer—Spok Holdings (SPOK)—the insider recorded total open-market sales of approximately $7.54 million against just $366,705 in open-market purchases. The selling was concentrated in late summer 2025, with a flurry of transactions between August 20 and September 4, 2025, ranging from roughly $73,567 to $458,547 per trade. That cluster alone accounted for nearly $2.4 million in disposals, including multiple same-day sales on September 2, 3, and 4, suggesting a deliberate reduction of a large position rather than sporadic liquidity needs. The buying side is minimal and recent: two open-market purchases dated June 16, 2026, with one valued at $366,705 and a second reported at $0 (likely a nominal or fractional share adjustment). This purchase came after a long stretch of only non-discretionary activity—quarterly grants (code A) valued at roughly $25,000 each on October 1, 2025, January 2, 2026, and April 1, 2026, plus a July 1, 2026 award. These grants are compensation, not conviction buys, and the lone meaningful purchase is dwarfed by the preceding sales. The pattern is unambiguous: Stein sold aggressively in late 2025, paused for several months, and only re-entered the market as a buyer in mid-2026, with the total sell-to-buy ratio exceeding 20-to-1 on a dollar basis. Notably, the recent 15 sales versus 2 purchases since the start of the selling wave reinforces a bearish bias, though the June 2026 purchase could signal a shift in sentiment. The absence of option exercises or tax-withholding sales (codes M and F) in the recent data suggests the sales were direct dispositions of held shares, not mechanical byproducts of equity compensation. For a single-company insider, this level of asymmetry—$7.5 million out versus $367,000 in—merits attention, especially given the timing of the purchases after a nine-month selling drought.