This Insider Trading Alerts roundup uses a supplied one-day hold report to examine five public Form 4 purchase alerts whose next-close price changes ranged from 12.06% to 46.14%: AIAI, PTIX, ASST, CDNL, and NAKA. The report covers the window from August 16, 2026, at 7:01 p.m. Pacific time through August 23, 2026, at 7:01 p.m. Pacific time.
This is a review of reported filings and subsequent price movement, not a claim that an insider purchase caused a return. A Form 4 is a public ownership-reporting document. It tells you who reported a change, the transaction date, the security, the code, and the ownership form. It does not establish an insider's motive or predict what a stock will do next.
Key Takeaways
- AIAI had the largest next-close move in the supplied report at +46.14% after Eric Affeldt reported a direct purchase of 5,000 Class A shares at $5.96.
- PTIX's 16,634-share purchase by Executive Chairman and Principal Officer Garo H. Armen was reported alongside a same-day company update about FDA pre-IND feedback for PT00114.
- ASST, CDNL, and NAKA each show a different research context: Bitcoin-treasury exposure, infrastructure earnings and guidance, and a Bitcoin-native operating company.
- The percentages measure a defined alert-to-next-close observation. They do not show a repeatable strategy or prove that the filing caused the move.
- The original SEC filing remains the source of truth. Read the transaction code, ownership form, footnotes, and company context before drawing conclusions.
How the 24-hour mover report was measured
The report ranks a one-day hold-period result, labeled pnl_1d_close, for alerts filtered as purchases. In practical terms, the alert timestamp is the starting point and the next applicable closing price is the ending point. Because several alerts arrived after the regular session ended, the next-close window can include overnight information, pre-market trading, the next regular session, and other public news.
That method is useful for organizing a watchlist, but it is not the same as a controlled event study. It does not adjust for market capitalization, spread, liquidity, market-wide moves, volatility, corporate actions, or news that appeared between the filing and the next close. A large percentage move in a thinly traded stock can also represent a smaller dollar change than a modest move in a large company. For the mechanics behind that distinction, see our guide to liquidity in the stock market.
For background, what SEC Form 4 reports and how stock prices are determined provide the two pieces of context needed to read this list: the filing record and the market mechanics around it.
1. AIAI Holdings (AIAI): +46.14% after Eric Affeldt's purchase
The largest result in the supplied report was AIAI Holdings, with a reported +46.14% next-close move. The alert was timestamped August 20, 2026, at 5:07 p.m. Eastern time, and the linked Form 4 reports a transaction date of August 19.
What the filing says
Eric Affeldt is identified as a director of AIAI Holdings Corp. The filing reports a Code P purchase of 5,000 shares of Class A common stock at $5.96 per share, with direct ownership after the transaction. The same filing also lists 123,114 Class A shares held indirectly by the Eric L. Affeldt Living Trust; that indirect holding is separate from the 5,000-share direct purchase.
Read the AIAI Form 4 filing for the transaction line and ownership details. Code P means a reported purchase on an exchange or from another person. The SEC ownership-form code reference defines the code; it does not, by itself, prove why the purchase occurred.
What the company does and what may explain the move
AIAI's investor-relations overview describes the company as a diversified holding company that acquires, grows, and scales businesses using what it calls a Transformational AI platform. That description gives the filing a business context, but it does not identify a single reason for the next-close price change.
The report's +46.14% result occurred in a volatile period for AIAI, and the move should be read alongside volume, spread, the public news record, and the company's other filings. Our volume-in-stocks explainer explains why activity levels need context rather than a simple up-or-down interpretation. The available company materials reviewed for this article do not establish that Affeldt's Form 4 purchase caused the gain. The appropriate conclusion is narrower: a director purchase was publicly reported, and the stock later recorded a large one-day change in the report's defined window.
2. Protagenic Therapeutics (PTIX): +33.33% after Garo H. Armen's purchase
Protagenic Therapeutics produced the second-largest next-close result at +33.33%. The alert was timestamped August 20, 2026, at 8:21 p.m. Eastern time, after the regular session, and the filing's period of report is August 20.
What the filing says
The reporting person is Garo H. Armen. The SEC filing identifies him as a director and officer with the title “EXEC. CHAIR & PRINCIPAL OFF.” It reports a direct Code P purchase of 16,634 common shares at $0.5898 per share. The filing shows 53,533 shares owned directly after the reported transaction and no 10b5-1 plan box checked.
The filing is available through the PTIX Form 4 filing index. The filing index also identifies Protagenic as a pharmaceutical-preparations company. Do not confuse the filing's purchase price with a valuation conclusion; it is simply the reported price per share for that transaction.
What the company does and what may explain the move
Protagenic describes itself as a neuropeptide medicine company focused on the biology of modulating stress responses. Its leadership page lists PT00114 as a development program and identifies Armen as executive chairman. The same biography says he is chairman and chief executive officer of Agenus, a biotechnology company he co-founded.
There is a documented public event close to this alert: Protagenic announced on August 20 that it had received FDA pre-IND feedback supporting a new investigational new drug path for PT00114 in generalized anxiety disorder (company release). That announcement is a plausible contemporaneous explanation for increased attention, but the timing does not prove that the Form 4 purchase caused the price movement or that the FDA feedback alone explains it. A careful review would compare the release time, trading volume, spread, and any other public filings with the alert timestamp.
3. Strive (ASST): +15.08% after Pierre Rochard's purchase
Strive's next-close result was +15.08% in the supplied report. The alert was timestamped August 18, 2026, at 8:00 a.m. Eastern time, before the regular session.
What the filing says
Pierre Rochard is identified as a director and 10% owner of Strive, Inc. The Form 4 reports 15,900 Class A common shares purchased in a direct Code P transaction at $12.54 per share. Its footnote states that the shares were purchased in an open-market transaction. The filing was signed on August 18, while the transaction date shown is August 14.
Review the ASST Form 4 filing for the footnote and post-transaction ownership amount.
What the company does and what may explain the move
Strive describes itself as a public Bitcoin treasury company. Its board announcement identifies Rochard as the chief executive officer of The Bitcoin Bond Company and a member of Strive's Bitcoin-focused board. Strive's August 10 second-quarter release said the company had acquired bitcoin during the quarter and had no short- or long-term debt as of August 7.
Those disclosures make Bitcoin prices, crypto-market sentiment, and company treasury updates relevant context for the August 19 move. They still do not show that Rochard's Form 4 purchase produced the return. The most defensible description is that the stock moved during a period in which both an insider purchase and Bitcoin-related public information were available to the market.
4. Cardinal Infrastructure Group (CDNL): +15.07% after Jeremy Spivey's purchase
Cardinal Infrastructure Group recorded a +15.07% next-close result. The alert was timestamped August 17, 2026, at 5:39 p.m. Eastern time, after the market close.
What the filing says
The filing identifies Jeremy Spivey as a director, 10% owner, and chief executive officer of Cardinal Infrastructure Group. It reports four direct Code P purchases of Class A common stock on August 14: 12,366 shares at a weighted-average $36.58, 14,224 at $37.69, 45,249 at $38.82, and 11,511 at $39.65. Together, the reported lines total 83,350 shares.
Each price is a weighted average, and the footnotes give the underlying ranges. For example, the first line covers purchases from $36.19 to $37.12. Read the CDNL Form 4 filing before treating the displayed price as a single execution.
What the company does and what may explain the move
Cardinal says it provides full-service civil and site-development infrastructure across the Southeast. Its leadership page describes Spivey as chairman and chief executive officer, with nearly 30 years of civil-construction experience. The company's August 11 earnings release reported second-quarter revenue of $226.9 million, updated 2026 guidance, and the acquisition of Allied Paving.
That earnings and guidance release is an important piece of context for the later price movement. The company's historical-price lookup shows a move from a $39.23 close on August 17 to a $45.14 close on August 18, before the report's next-close calculation. The release, the filing, market liquidity, and the broader construction-infrastructure narrative all belong in the review; no single item should be labeled the cause without a documented event study.
5. Nakamoto (NAKA): +12.06% after David Bailey's purchase
Nakamoto recorded a +12.06% next-close result. The alert was timestamped August 20, 2026, at 5:43 p.m. Eastern time, after the regular session.
What the filing says
David F. Bailey is identified as Nakamoto's director, 10% owner, and chief executive officer. The Form 4 reports five direct Code P purchases of common stock on August 18: 1,000 shares at $5.0986, 1,000 at $5.1089, 1,000 at $5.1377, 1,000 at $5.1499, and 918 at $5.0828. The lines total 4,918 shares, and the filing shows 3,180,394 shares owned directly after the transactions.
The complete NAKA Form 4 filing lists each execution. Nakamoto's management page confirms Bailey's role as CEO and chairman.
What the company does and what may explain the move
Nakamoto describes itself as an integrated Bitcoin company with media and information services, financial and asset-management services, and advisory and consulting services. Its public materials identify BTC Inc. and UTXO Management among its businesses and describe a Bitcoin-denominated balance sheet.
That structure makes Bitcoin prices, crypto-market risk appetite, treasury disclosures, and company-specific capital actions relevant context for NAKA. The Form 4 is one dated ownership record inside that larger story. It does not establish that Bailey's purchase caused the +12.06% next-close move or that the move says anything about future performance.
What these five alerts can—and cannot—tell you
The five rows share a basic structure: each is a reported Code P purchase, each identifies the reporting person's relationship to the issuer, and each is linked to an original SEC record. The market results differ because the stocks, transaction sizes, liquidity, public news, and market conditions differ.
| Ticker | Reporting person | Filing relationship | Transaction | Reported next-close result |
|---|---|---|---|---|
| AIAI | Eric Affeldt | Director | 5,000 shares at $5.96 | +46.14% |
| PTIX | Garo H. Armen | Director; executive chairman and principal officer | 16,634 shares at $0.5898 | +33.33% |
| ASST | Pierre Rochard | Director; 10% owner | 15,900 shares at $12.54 | +15.08% |
| CDNL | Jeremy Spivey | Director; 10% owner; CEO | 83,350 shares across four weighted-average prices | +15.07% |
| NAKA | David F. Bailey | Director; 10% owner; CEO | 4,918 shares across five prices | +12.06% |
The table is a screening summary, not a ranking of company quality or a performance claim. The report's one-day measure is historical and limited to the defined alert-to-close interval.
A source-first way to review a 24-hour insider mover
Start with the filing, not the percentage. Confirm the transaction date, filing date, Code P, security type, direct or indirect ownership, price, number of shares, and the post-transaction balance. Then read the footnotes: weighted-average prices, trusts, 10b5-1 plan details, and other explanations can change how the row should be understood.
Next, open the issuer's latest 8-K, earnings release, investor presentation, and recent SEC filings. Compare their timestamps with the alert. A stock can move because of earnings, a regulatory update, a financing, an acquisition, a sector move, a change in Bitcoin prices, liquidity, or several factors at once.
Finally, treat the result as an observation rather than a forecast. Insider Trading Alerts can help you notice eligible public Form 4 activity and open the source filing, while Insider Trade Alerts can fit into a broader research checklist. The alert organizes a public record; it does not replace company research or establish a trading decision.
Frequently asked questions
Does a Form 4 purchase explain why a stock moved?
No. It documents a reported change in beneficial ownership. To evaluate a price move, compare the filing with company news, market-wide conditions, liquidity, volume, and the timing of other public information.
What does Code P mean on these filings?
Code P identifies a reported purchase of securities on an exchange or from another person. The SEC ownership-form code reference is the best place to verify that definition. Code P does not by itself prove personal funds, motivation, conviction, or a future return.
Why can a small stock show a very large one-day percentage?
Lower-priced or less-liquid stocks can move sharply when available shares, spreads, and order flow change. Percentage returns also magnify small dollar changes, so compare volume, dollar value, market capitalization, and the bid-ask spread. Our market-depth guide explains how visible orders can affect that context.
Is the report's one-day result a backtest?
No. It is a defined historical observation from an alert timestamp to a subsequent closing price. It does not control for selection effects, news, slippage, corporate actions, or whether a reader could have received the same execution.
Where can I verify each transaction?
Use the SEC filing links in each company section. The SEC document, including its footnotes and ownership fields, is the source of truth for the reported transaction.
Research-not-advice disclosure
This article is for education and public-record research. The Form 4 filings and price observations are informational and are not a recommendation to buy, sell, hold, or trade any security. Historical movement does not predict future performance. Review the original SEC filing and other company and market sources, and consult a qualified professional for advice about your circumstances.
Sources and methodology
The five transaction records are the SEC Form 4 links included above. Company descriptions and role information come from AIAI Holdings' investor-relations page, Protagenic Therapeutics' website and leadership page, Strive's investor materials, Cardinal Infrastructure Group's leadership and investor-relations pages, and Nakamoto's company and management pages. The price percentages and alert timestamps come from the supplied InsiderTradeAlerts one-day hold report for August 16–23, 2026. The report's pnl_1d_close field was retained as provided; no claim is made that the filing caused any result.
This article was prepared as a source-led review of five reported purchases. It does not independently reconstruct every trade, quote, spread, or news event in the measurement window.