Insider Buying Week 09-11-26 Following the Smart Money: This Week’s Notable Insider Buys

Following the Smart Money: This Week’s Notable Insider Buys

When corporate insiders spend millions of their own money on their company’s stock, investors pay attention. Last week saw heavy conviction purchases across commodities, biotech, energy drinks, and retail. Here is a look at where the smart money is moving:

• GameStop Corp. (GME): Chairman & CEO Ryan Cohen dropped $20.38M for 1 million shares, supported by directors Lawrence Cheng ($1.03M) and Alain Attal ($100k).  Read the Insomniac Hedge Fund Guy’s take on this purchase
• Gold.com Inc. (GOLD): Tether’s Giancarlo Devasini acquired 100,000 shares for $3.93M through affiliated funds. There is a lot to unwrap here including the Tether crypto connection to gold. 
• Inhibrx Biosciences (INBX): CEO Mark Lappe purchased $2.65M in shares alongside Director Douglas Forsyth ($286k). We’ve followed this name for years and the insiders have made bank here.  Are they going to roll the dice on the whole thing? 
• Alpha Metallurgical Resources (AMR): Director Kenneth S. Courtis bought 10,000 shares for $2.26M. Rarely have I seen so much conviction on such poor fundamentals but the Insomniac Hedge Fund guy has his own take on this one. 
• Celsius Holdings (CELH): CEO John Fieldly invested $493k. Peek behind the curtains of this Wall St soap box drama.  We’re staying wired up on Celsius trying to nail the date when activist investors mount a proxy.

 

• me alone may validate the strategy of paying close attention to insider trading.
• Alpha Metallurgical Resources (AMR): Director Kenneth S. Courtis bought 10,000 shares for $2.26M. Rarely have I seen so much conviction on such poor fundamentals but the Insomniac Hedge Fund guy has his own take on this one. 
• Celsius Holdings (CELH): CEO John Fieldly invested $493k. Peek behind the curtains of this Wall St soap box drama.  We’re staying wired up on Celsius trying to nail the date when activist investors mount a proxy.

 

Name: Kenneth S. Courtis
Position: Director
Transaction Date: 09-08-2026 Shares Bought: 10,000 shares an average price paid of $225.83 for Cost: $2,258,289

Company: Alpha Metallurgical Resources Inc. (AMR)

Alpha Metallurgical Resources, Inc. is a mining firm that produces, processes, and sells met and thermal coal in Virginia and West Virginia. The company offers metallurgical coal products. It runs nineteen operating mines and eight active coal processing and loading facilities. The company was formerly known as Contura Energy, Inc. before changing its name to Alpha Metallurgical Resources, Inc. in April 2017. Alpha Metallurgical Resources, Inc. was established in 2016 and is based in Bristol, Tennessee.

Kenneth S. Courtis has been serving as director of Alpha Metallurgical Resources Inc. since February 2021. He has also been chairman of Starfort Investment Holdings since 2009. Mr. Courtis has more than 30 years of experience in corporate finance, investments, and nearly every facet of the commodity sector. Throughout his career, he has served on the boards or advisory councils of several significant worldwide corporations. Mr. Courtis holds an undergraduate degree from Glendon College in Toronto and a master’s degree in international relations from Sussex University in the UK. He holds a master’s degree in business administration from the European Institute of Business Administration as well as a doctorate with highest distinction from Sciences Po in Paris.

Insomniac Hedge Fund Guy Opinion: AMR is a well-run balance sheet trapped in a bad commodity cycle, trading at a price that’s outrun its own fundamentals. Revenue is down nearly 50% from the 2022 peak, margins are thin, guidance keeps getting cut, and the DCF and Wall Street’s own price targets both sit well below where the stock trades today. The one thing keeping this from being a clean “avoid” is that insiders are buying with real conviction — $13.7 million in 90 days with zero sales — and short interest north of 15% means any positive coal-price surprise could force a violent squeeze. I’d call this a high-conviction trade for people who believe in a met coal price rebound, but a poor fit for anyone looking for a steady compounder — right now the chart, the guidance cuts, and the valuation gap all say the crowd is ahead of the fundamentals.

Name: Douglas Forsyth
Position: Director
Transaction Date: 09-08-2026 Shares Bought: 2,500 shares an average price paid of $114.65 for Cost: $286,617

Name: Mark Lappe
Position: Chief Executive Officer
Transaction Date: 09-08-2026 Shares Bought: 25,000 shares an average price paid of $105.82 for Cost: $2,645,399

Company: Inhibrx Biosciences Inc. (INBX)

Inhibrx Biosciences, Inc. is a clinical-stage biopharmaceutical firm that develops biologic therapies for patients with life-threatening illnesses. INBRX-109, a tetravalent therapeutic candidate targeting death-receptor 5 to treat unresectable or metastatic conventional chondrosarcoma, and INBRX-106, a hexavalent sdAb-based therapeutic candidate targeting OX4 for the treatment of metastatic solid tumor, non-small cell lung cancer, melanoma, head non-small cell lung cancer cell carcinoma, gastric or gastroesophageal junction adenocarcinoma, renal cell carcinoma, Inhibrx Biosciences, Inc. was established in 2024 and is headquartered in La Jolla, California.

Douglas G. Forsyth has been a Director of Inhibrx Biosciences, Inc. since May 2024, when he joined the Board upon the company’s separation from its old parent. He previously served on the former Inhibrx board commencing in April 2018, ensuring continuity during the changeover. He is a director who also chairs the Audit Committee and the Nominating and Corporate Governance Committee. He has over 30 years of expertise in investment management and corporate governance. Before retiring in 2022, Forsyth was Managing Director and Chief Investment Officer of Allianz Global Investors’ U.S. Income & Growth Strategies. He holds a Bachelor of Business Administration from the University of Iowa.

Mark P. Lappe is the Founder, CEO, and Chairman of the Board of Inhibrx Biosciences, Inc. He co-founded the company in 2010 and has served as CEO and Chairman of the Board since its start. He remained CEO and Chairman of Inhibrx Biosciences after it became a standalone public company in January 2024, ensuring continuity in the business’s leadership. Prior to creating Inhibrx, Lappe was the Founder and Managing Partner of Efficacy Biotech Fund, and he has over 30 years of experience in biotechnology, investment management, and executive recruitment.

Insomniac Hedge Fund Guy Opinion: This is a high-conviction, high-volatility binary bet, not a steady compounder — and the numbers say the smart money inside the building is leaning bullish. Three insiders wrote $3.19 million in personal checks right after strong trial data, short sellers are stacked up at nearly a third of the float, and analysts are calling for a Strong Buy with triple-digit upside to target. Set against that: zero revenue, burning over $100 million a quarter, and a stock that lives or dies on two FDA readouts between now and April 2027. I’d call this a speculative buy for anyone comfortable with binary biotech risk — not a name to build a retirement account around, but one worth watching closely into the ozekibart decision. Do your own homework here; this is analysis, not a prescription.

Name: Giancarlo Devasini
Position: 10% Owner
Transaction Date: 09-03-2026 Shares Bought: 100,000 shares an average price paid of $39.30 for Cost: $3,930,350

Company: Gold.com Inc. (GOLD)

Gold.com, Inc. is a precious metals firm that offers gold, silver, platinum, palladium, and other precious metals through three segments: wholesale sales and ancillary services, direct-to-consumer, and secured lending. The company also offers receiving, handling, inventorying, processing, packing, and shipping services for precious metals and bespoke coins. The direct-to-consumer segment sells bullion, numismatic products, rarities, and precious metals via websites and other marketing methods. The organization also generates and buys commercial loans backed by bullion, numismatic coins, and graded sports cards. The company was previously known as A-Mark Precious Metals, Inc., before changing its name to Gold.com, Inc. in December 2025. Gold.com, Inc. was founded in 1965 and is headquartered in Costa Mesa, Calif.

Giancarlo Devasini is a 10% Owner of Gold.com Inc. (GOLD), with his beneficial ownership held indirectly through Tether Global Investments Fund S.I.C.A.F. S.A. and its controlled subsidiary, TPM S.A. de C.V. He became a reporting beneficial owner of Gold.com in February 2026 and has a greater than 50% voting interest in Tether Global Investments Fund. Devasini is an Italian businessman and a key figure associated with the Tether Group, which focuses on strategic investments and financial infrastructure. Public filings do not disclose his formal educational background or degree.

Insomniac Hedge Fund Guy Opinion: GOLD is a hold-to-modest-buy, not a screaming bargain. The Perfect10 read comes in at +6 on the -10 to +10 scale — a Strong Candidate — driven by bullish analyst sentiment, a real insider buy, healthy cash flow, and a favorable valuation gap versus price targets. My DCF says you’re paying close to fair value on cash flows alone; the extra juice in analyst targets is a bet that the North American asset IPO actually unlocks value rather than becoming a valuation headache. Low short interest means there’s no squeeze story here — this trades on gold prices and execution, not sentiment extremes. If you believe gold holds these levels and Barrick pulls off the spin-off cleanly, there’s upside to the mid-$60s. If gold rolls over, this stock rolls over with it — that’s the trade you’re actually making. This is analysis, not a recommendation—do your own diligence before putting money behind it.

Name: John Fieldly
Position: Chief Executive Officer
Transaction Date: 09-10-2026 Shares Bought: 18,000 shares an average price paid of $27.44 for Cost: $493,843

Company: Celsius Holdings Inc. (CELH)

Celsius Holdings, Inc. develops, processes, produces, markets, sells, and distributes functional energy drinks in the United States, North America, Europe, Asia Pacific, and around the world. The company provides CELSIUS ESSENTIALS, a functional energy drink formulated with aminos, and CELSIUS Hydration, a line of zero-sugar hydration powders featuring electrolytes in various fruit-forward flavors, as well as ready-to-drink energy beverages, on-the-go powder and hydration sticks, and nutrition and wellness products under the CELSIUS, Alani Nu, and Rockstar brand names. The company was previously known as Vector Ventures, Inc. before changing its name to Celsius Holdings, Inc. in January 2007. Celsius Holdings, Inc. was created in 2004 and is based in Boca Raton, Florida.

John Fieldly has been the Chief Executive Officer of Celsius Holdings Inc. In April 2018, he joined the company in 2012 as Chief Financial Officer, eventually becoming President and Chief Operating Officer before being appointed to CEO. Celsius grew into one of the fastest-growing energy drink and functional beverage companies under his leadership, expanding its retail distribution and strategic relationship network dramatically. Before joining Celsius, Fieldly worked in finance and accounting for several public and private enterprises. He has a bachelor’s degree in accounting and finance from Florida Atlantic University and is a Certified Public Accountant.

Insomniac Hedge Fund Guy Opinion: Celsius went from a scrappy energy-drink underdog to a genuine multi-brand operator, but it did it by trading margin and organic growth for acquisition-fueled top-line optics, and the market is right to be skeptical: a 118x P/E on earnings that just fell 57% is not a “back up the truck” setup, even with 21% category share and PepsiCo’s muscle behind it. The DCF lands close to fair value, analysts are more optimistic than the fundamentals currently justify, and short interest north of 15% says plenty of smart money agrees with me. This is a hold, not a buy, until Q3 earnings show the core CELSIUS brand stabilizing and margins stop bleeding. If that shows up, the stock’s cheap. If it doesn’t, that PEG ratio is a mirage.   That’s analysis- now we have to wonder what’s really going on.  Wind the clock back to August 7, Russ Savage, who founded Rockstar in 2001 and sold it to PepsiCo (PEP) in 2020 for $3.85B, told CNBC he now controls more than 12M shares of Celsius (CELH) and is calling for the ouster of that company’s CEO after the company’s earnings miss this week. “The CEO, the COO, the brand manager and the marketing manager all need to be fired,” Savage told CNBC.  Last Friday we learned that the current CEO just bought nearly $500k.  This is real drama and I would love to be the proverbial fly on the wall.

Name: Ryan Cohen
Position: President, CEO, and Chairman
Transaction Date: 09-10-2026 Shares Bought: 1,000,000 shares an average price paid of $20.38 for Cost: $20,375,900

Name: Alain Attal
Position: Director
Transaction Date: 09-10-2026 Shares Bought: 5,000 shares an average price paid of $20.00 for Cost: $100,000

Name: Lawrence Cheng
Position: Director
Transaction Date: 09-08-2026 Shares Bought: 55,000 shares an average price paid of $18.80 for Cost: $1,033,956

Company: GameStop Corp. (GME)

GameStop Corp. is a specialty retailer that sells games, collectibles, and entertainment products through physical stores and e-commerce platforms in the United States, Australia, and Europe. The company provides new and pre-owned gaming platforms; accessories such as controllers, gaming headsets, and other peripheral devices; new and pre-owned gaming software; and in-game digital currency, digital downloadable content, and full-game downloads. It also sells memorabilia such as clothing, toys, trading cards, gadgets, and other retail items for pop culture and technology fans. GameStop Corp., formerly GSC Holdings Corp., was formed in 1996 and is headquartered in Grapevine, Texas.

Ryan Cohen has served as President, CEO, and Chairman of the Board of GameStop Corp. He joined GameStop’s Board of Directors in January 2021 and was appointed Executive Chairman in June 2023. He was appointed President and CEO of the company in September 2023, with immediate effect, and he continues to occupy these positions. Cohen is Chewy’s co-founder and former CEO, with substantial experience in e-commerce, technology, consumer enterprises, and capital allocation.

Alain Attal joined GameStop Corp. as a Director in January 2021, when he was named to the Board of Directors with immediate effect. He is an e-commerce executive and entrepreneur with over 20 years of experience establishing and managing enterprises. Before GameStop, he was Chewy’s Chief Operating Officer from 2011 to early 2017 and Chief Marketing Officer from 2017 to 2018. He is now GameStop’s Lead Independent Director, chairing the Compensation, Nominating, and Corporate Governance Committees.

Lawrence Cheng has been an independent Director of GameStop Corp. since June 2021, when he joined the company’s Board of Directors after being nominated by Ryan Cohen. Since then, he has been a Director and serves on the Compensation Committee as well as the Nominating and Corporate Governance Committee. Cheng is the Co-Founder and Managing Partner of Volition Capital, a growth equity investment firm, and the first institutional investor in Chewy. He has vast experience in e-commerce, capital allocation, consumer brands, and digital media. He received a bachelor’s degree in Psychology from Harvard College.

Insomniac Hedge Fund Guy Opinion: GameStop is a cash box wearing a retailer’s name tag. The core business is dying by about 9-10% a year, has no moat, and would be worth a fraction of its current price on operating fundamentals alone. But the $5.4 billion balance sheet and the eBay stake put a real floor under the stock — you’re roughly paying fair value for the cash and securities and getting a wounded retail operation as a free option on whatever Ryan Cohen does next. Add a Perfect10 composite of +2.3 (constructive, not exuberant) and short interest sitting around 13%+ of float, and this is a stock defined by balance-sheet arbitrage and headline risk, not fundamentals. I’d call this a hold, not a buy — the downside is cushioned by cash, but there’s no operating catalyst to chase, and you’re betting on capital allocation genius rather than a business turning around. Do your own homework before sizing a position; this is analysis, not a recommendation.