Insider Trade Executions: Odd Lots

Discussion in 'Trading' started by dividend, Jan 10, 2006.

  1. Why are some insiders' trades executed in odd lots? For example, I am looking at recent inside trades on 1/6/6 by Jonathan J Rosenberg of -- he was executed like this:

    297 $467.75
    200 $467.49
    100 $467.44
    291 $467.10
    20 $467.04
    20 $467.03
    100 $467.02
    160 $467.01
    100 $465.50
    200 $465.39
    291 $465.37
    290 $465.10
    300 $465.04
    591 $462.36
    46 $461.75
    391 $461.72
    154 $461.70
    100 $461.17
    291 $461.04
    200 $460.99
    300 $458.09
    291 $458.06
    291 $457.12
    541 $456.86
    50 $456.83
    300 $456.70

    Are these executions attempting to mask his true size and/or exploit some advantage of odd lot executions? Or is it just small sizes on the orderbook? and also, how prevalant is it to use them? I think that sometimes oddlots may not even be printed on the tape. Thanks.

    PS - according to Excel's autosum the total size of the shares is 5,915.
  2. Probably because the price of the stock is so high there are a lot of people who can't afford whole lots and they are selling their odd lots to him.
  3. I would think a very high % of GOOG trades in odd lots for everyone.

    Do you imagine BRK A trades in 100 size?

    Actually, that brings up a good point, how much volume is missing from the count, since I dont think odd lots show in the total.
  4. Choad


    I sometimes get stuck with odd lot fills on my limit orders (like I want 500 and I get 271). Some of these are twenty something dollar stocks too.

    Only thing I can figure, is some system guys are wanting exactly $3,000 or whatever and I get the leftovers. :(
  5. alanm


    I get odd-lot fills every day, even in $8 stocks. Quite common.

    What puzzles me is that I still get them on ARCA, where they charge $0.03/share for the guy sending the odd-lot order. Must be some brokers that are not passing through that charge correctly to the customer.

    BTW, round-lots for BRK.A and BRK.B are defined as 10 shares. They still probably get a significant amount of odd-lot trading. Pisani stood with the spec at the opening the other morning and he had something like a 10 share order to buy and another 10 in odd-lots at the open.
  6. Thanks for your input, guys. I thought maybe there was some advantage to using odd lots in Google but it seems I guessed wrong.

    I havent been paying much attn to Google lately, but is it normal for a company's Insiders to be selling virtually every day of the week?

    Google's insider selling accelerated in July but went bezerk starting October of last year. It just scary that they are bailing out like this.
  7. Must have been a real white knucle experience for the spec and Pisonmi.