Anyone interested in Gray Media, Inc. (NYSE:GTN) should probably be aware that the Independent Director, Richard Boger, recently divested US$230k worth of shares in the company, at an average price of US$4.19 each. Equally important, that sale actually reduced their holding by a full 60% which hardly makes us feel bullish about the stock.

The Last 12 Months Of Insider Transactions At Gray Media

In fact, the recent sale by Richard Boger was the biggest sale of Gray Media shares made by an insider individual in the last twelve months, according to our records. So we know that an insider sold shares at around the present share price of US$4.07. We generally don't like to see insider selling, but the lower the sale price, the more it concerns us. Given that the sale took place at around current prices, it makes us a little cautious but is hardly a major concern.

Richard Boger divested 75.00k shares over the last 12 months at an average price of US$4.63. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!

I will like Gray Media better if I see some big insider buys.

Insider Ownership Of Gray Media

For a common shareholder, it is worth checking how many shares are held by company insiders. We usually like to see fairly high levels of insider ownership. It appears that Gray Media insiders own 16% of the company, worth about US$70m. We've certainly seen higher levels of insider ownership elsewhere, but these holdings are enough to suggest alignment between insiders and the other shareholders.

So What Does This Data Suggest About Gray Media Insiders?

An insider sold Gray Media shares recently, but they didn't buy any. Zooming out, the longer term picture doesn't give us much comfort. Insider ownership isn't particularly high, so this analysis makes us cautious about the company. We'd practice some caution before buying! So while it's helpful to know what insiders are doing in terms of buying or selling, it's also helpful to know the risks that a particular company is facing.

If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.

For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.