Code P (open-market purchase) is the highest-signal buy code — it means the insider used their own money. Code A (award/grant) and code M (option exercise) are routine compensation events with less predictive value.
Code S (open-market sale) can indicate lack of conviction but insiders sell for many reasons. Code F (tax withholding) and code D (disposition to issuer) are mechanical. Code G (gift) has no directional signal.
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