| Period | Completed events | Price coverage | Hit rate | Median excess return | Average excess return | Worst excess return |
|---|---|---|---|---|---|---|
| 5D | 9Developing evidence | 100.0% (9/9) | 22.2% (2/9) | -7.7% | -6.0% | -16.9% |
| 20D | 8Developing evidence | 100.0% (8/8) | 0.0% (0/8) | -13.0% | -17.6% | -43.8% |
| 60D | 8Developing evidence | 100.0% (8/8) | 12.5% (1/8) | -27.4% | -26.0% | -46.9% |
| 120D | 7Developing evidence | 100.0% (7/7) | 0.0% (0/7) | -41.2% | -43.2% | -62.1% |
COMPANY RESEARCH
Svenska Aerogel Holding AB (publ)
AERO.ST · Sweden · Basic Materials · Specialty Chemicals
INSIDER SIGNAL
Insider activity score：66.7 / 100
4 insiders · 6 purchase events · €194k net purchases
Europe #130 · Sweden #25
WHY THIS SIGNAL?
Score anatomy
Each bar shows the contribution to the current score; the weights and formula stay unchanged.
Cluster+35.0 / 35
How many distinct insiders bought in the cluster
Purchase size+19.7 / 25
Purchase value relative to company size and liquidity
Role+20.0 / 20
The seniority and relevance of participating insiders
Recency+2.2 / 10
How recently the purchases occurred
Conviction+9.8 / 10
How clearly buying stands out from other activity
What is holding the score back?
- ⚠ Purchase activity is becoming less recent
- ✓ Broad buyer cluster · 4+ distinct filers
- ✓ Strong insider role · ceo/chair involved
The role contribution uses the inverted role input of the current European model.
Buying concentration
88%
Largest buyer：Patrik Björn · 5.63m SEK
Gross qualified purchase transaction-line value：6.37m SEK
The headline € total is net buying for the screen; this module uses gross qualified purchase transaction-line values in the filing currency, so the amounts can differ. The current 15-day buyer-breadth input counts distinct buyers; value concentration is disclosed separately here.
This is a ranking under the current European screening rules—not a probability of gain, return forecast, or buy recommendation.
Key purchase quotes (filing currency)
| Filer | Price per unit | Trade date |
|---|---|---|
| Jim Wennerlid | 0.93 SEK | Sep 25, 2026 |
| Tor Einar Norbakk | 2.05 SEK | May 22, 2026 |
| Patrik Björn | 1.86 SEK | May 15, 2026 |
Model details
Cluster breakdown (does not change the score)
- 15-day buyer breadth (count)
- 4 distinct reported filers
- Peak time window
- 2026-05-12 to 2026-05-22
- Current breadth input
- 1.000 (capped at 4+ buyers)
- Buyer independence
- Not yet measured; related-party fields are not cross-market comparable
What the filings show
- 🟢 Recent eligible purchase
Jim Wennerlid · 126k SEK · Price 0.93 SEK · Sep 25, 2026 - 🟢 Eligible purchase
Tor Einar Norbakk · 41k SEK · Price 2.05 SEK · May 22, 2026 - 🟢 Large eligible purchase
Patrik Björn · 5.63m SEK · Price 1.86 SEK · May 15, 2026 - 🟡 4 remaining qualified transaction line(s) across 4 disclosure(s)
- 🔴 6 other transaction line(s) are not counted as discretionary-buying evidence; 1 have zero price
Insider vs stock price
5 purchase day(s), 7 purchase line(s) in the 180-day window. 2 sale day(s), 4 sale line(s).
Daily close (SEK)Day with an insider purchaseTwo or more insiders the same dayDay with an insider sale
Markers sit on the closing price of the transaction day. They show when insiders traded, not the price they paid or received. "Since" compares that day's close with the last close shown; it is what happened at this company, not a forecast.
If you had followed the purchase
Each row starts on the first close on or after the day a purchase was made public, the earliest a reader could have acted, and ends on the last close shown above.
| Made public | Insiders | In this stock, now | In the median peer stock, now | Difference |
|---|---|---|---|---|
| 2026-05-15 | 1 | 452 −54.8% | 933 −6.7% | −481 −48.1 pts |
| 2026-05-18 | 2 | 436 −56.4% | 931 −6.9% | −496 −49.6 pts |
| 2026-05-19 | 1 | 419 −58.1% | 932 −6.8% | −513 −51.3 pts |
| 2026-05-22 | 1 | 456 −54.4% | 918 −8.2% | −462 −46.2 pts |
| 2026-09-28 | 1 | 754 −24.6% | 975 −2.5% | −221 −22.1 pts |
0 of 5 disclosure day(s) ended ahead of the median peer stock.
Close to close, before costs, taxes, dividends and currency moves. The peer is the median of the other stocks on the same exchange for which this site holds prices (279 here), not an index. This is what happened, not a forecast: across all purchases on this site the typical gap is close to zero.
Insider timeline
4 insiders bought within 8 days, 15 May to 22 May: 2 CEO / chair, 2 Board member. 1 of them bought again later. The share closed at 1.08 on the first of those days and at 0.49 most recently (−54.8%). That week 211 companies across Europe disclosed insider purchases, an ordinary week (6 of the last 26). 2 of the buyers also disclosed a sale in the window.
Tap an item for what it means.
●A purchase: the bigger the dot, the more was bought
Each dot is one insider's purchases on one day. The dot's area follows the amount: the largest purchase here gets the largest dot. Hold the pointer over a dot to see the date and the amount.
×A sale
A cross is one insider's sales on one day. People sell to pay tax, to cash in share awards or to hold less of one company, so a sale says less than a purchase does. When someone bought and sold on the same day, the cross sits beside the dot. The totals are under “Purchases against sales” below.
▮Purple band: several insiders bought within 15 days
The band marks the stretch with the most different buyers: at most 15 days long and at least two people. Here it is 15 May – 22 May, with 4 insiders. Only the strongest stretch is marked. Several people deciding the same thing is harder to explain by one person's private reasons, but insiders often buy together just after a closed period ends, so compare it with the grey weekly bars.
Blue line: this share's price, −52.0% over these six months
The closing price of each day, from 1.02 on 2026-04-21 to 0.49 on 2026-10-09. The line has no scale; read it for high and low: a dot on a low stretch was bought cheaply, a dot on a high stretch was not.
Dashed line: the typical stock on the same exchange, −9.1%
Taken from the 457 other stocks on the same exchange that this site holds prices for. Each is measured from the first day of the window, and every day the middle one is drawn. It starts where the blue line starts, so the gap between the two is the difference: this share −52.0%, the typical one −9.1%, 42.9 points behind. It is not an index and not a comparison within one industry.
▂Grey bars: companies across Europe disclosing purchases each week
A taller bar is a week in which more companies disclosed insider purchases. The purple bar is the week of the band above: 211 companies, number 6 of the last 26 weeks. If that week was a peak anyway, buying together is less special than it looks.
This company: insiders buying per month, last 12 months
1Nov
1Dec
Jan
Feb
1Mar
Apr
4May
Jun
Jul
Aug
1Sep
Oct
Darker bars are inside the 180-day window above.
Who traded
| Insider | Role | Purchases | Sales | Bought | First purchase | Share price since | Earlier purchases |
|---|---|---|---|---|---|---|---|
| Tor Einar Norbakk | CEO / chair | 2 | 1 | 264.4k SEK | 2026-05-12 | −53.1% | 5 completed, median −29.5% against peers after 60 sessions |
| Jonas Lundberg | CEO / chair | 1 | — | 100.1k SEK | 2026-05-15 | −54.8% | 5 completed, median −29.5% against peers after 60 sessions |
| Jim Wennerlid | Board member | 2 | 1 | 376.6k SEK | 2026-05-18 | −56.4% | 8 completed, median −27.4% against peers after 60 sessions |
| Patrik Björn | Board member | 1 | — | 5.6M SEK | 2026-05-15 | −54.8% | fewer than 5 completed |
Purchases against sales
Purchases99%6.4M SEK · 7 line(s) · 4 insider(s)
Sales1%42.9k SEK · 4 line(s) · 2 insider(s)
Shares of the reported value of insider transactions in the 180-day window. Sales include disposals for tax, at option exercise or under a pre-set plan, which say little about an insider's view. The split describes what was disclosed; it is not a signal.
Why this score? · Model details
Priority = 100 × Σ(fixed weight × 0–1 rule-based input)
| Factor | Weight | This company input | Point contribution |
|---|---|---|---|
| 15-day buyer breadth (count) | 35% | 1.000 | 35.0 |
| Qualified-buy size | 25% | 0.789 | 19.7 |
| Role informativeness (inverted) | 20% | 0.000 | 0.0 |
| Recency | 10% | 0.218 | 2.2 |
| Buy/sell conviction | 10% | 0.981 | 9.8 |
This is a heuristic ordering under the current rules, not a calibrated return forecast. It explains why candidates rank differently; the public-filing evidence and data limits are shown below.
BULL VS BEAR
Two readings of this buying
The same filings, read two ways. Each line is a fact stored for this company with the number behind it, and appears only when that number crosses a fixed threshold. Neither side is a forecast and no winner is declared.
Since 2026-10-13: new on the bull side: large purchases. All bull and bear lists, and what followed each line in the past →
Where the evidence comes from
The two kinds of evidence disagree: the purchases themselves carry bull lines (more buyers than usual here, large purchases, senior executive buying), while share price and trading argue against (price down over six months, price trails its sector).
- The insider purchases themselvesBullmore buyers than usual here, large purchases, senior executive buying Bearvalue concentrated in one buyer, buyer's past purchases trailed the benchmark4 checked, under the threshold · 1 missing
- Share price and tradingBearprice down over six months, price trails its sector
- Short sellers1 checked, under the threshold
- Company results1 checked, under the threshold · 1 missing
- Company actionsBearsubscription to new shares
Bull case · the buying is informative
- 4 insiders bought in the last 180 days against 1 in the 180 days before: more than this company's own recent norm.Record: after 3,134 earlier disclosures like this, the median 60-session excess return was −2.7%, within 1 percentage point of all comparable disclosures (−2.7%).
- Net purchases of €194k equal 9.2% of the company's market value (€2.1M): large for the size of the business.
- The buyers include the CEO or chair, who sees more of the business than most filers. This site's score gives little or no credit for that: in its backtests purchases by senior executives did no better than other insiders' purchases.Record: after 8,797 earlier disclosures like this, the median 60-session excess return was −3.1%, within 1 percentage point of all comparable disclosures (−3.2%).
Bear case · discount it
- Company actions4 of 7 purchase lines are subscriptions to newly issued shares (“Teckning”), bought from the company at an issue price and not in the market. Insiders often take part to support a financing.
- Patrik Björn accounts for 88% of the value bought. The other 3 buyers add names more than money.Record: after 3,396 earlier disclosures like this, the median 60-session excess return was −3.4%, within 1 percentage point of all comparable disclosures (−3.5%).
- Share price and tradingThe share price is down 65% over six months (three months −48%, one month −37%) and stands 76% below its 52-week high. Insiders have bought into a fall the market has not reversed.Record (nearest stored case: price 20% or more below its prior 52-week high): after 11,077 earlier disclosures like this, the median 60-session excess return was −3.2%, within 1 percentage point of all comparable disclosures (−2.6%).
- Share price and tradingOver three months the share price changed −48% and the median of 176 Basic Materials companies changed +<0.01%: 48 points behind. The market has marked this company down against its own sector.
- The 8 earlier purchases by Jim Wennerlid trailed OMX Stockholm 30 by a median 27% over the following 60 trading days.
Evidence still missing
- Only one reading of profitability is held (profit margin <0.01%). Whether earnings and cash flow are rising or falling needs the last two reports side by side.
- The filings give the size of each trade, not what the buyer already held. Whether a purchase added 1% to a personal stake or doubled it is not known.
Checked and under the threshold: 6, 1 close to it
- BullAt most 2 insiders bought within any 15 days. Counted for the bull side from 3. close to the threshold
- Bear0 of 4 buyers filed as a person closely associated with a manager. Counted for the bear side from half.
- BearInsiders sold €3,852 in the same 180 days, 1.9% of the amount bought. Counted for the bear side from 25%.
- EitherThe latest purchase is 22 days old. Bull up to 14 days, bear from 90.
- BearThe register of Finansinspektionen shows no published net short position in this company. Positions under 0.5% are never published, so this does not show that nobody is short.
- BearProfit margin on the latest captured figures is <0.01%. Counted for the bear side when negative.
Both columns arrange stored facts only. They do not change the insider score or the ranking and are not investment advice.
Signal history
66.7 / 100
Latest recorded score
↑ +2.2 ptsversus the comparable snapshot on 2026-09-14 (34 calendar days apart)
- Recorded snapshots
- 35
- First snapshot
- 2026-08-26
Only scores captured when the scoring run completed are compared. These are raw signal scores saved when each full scoring run completed. They describe changes in research ranking, not price performance or returns.
Why did it change?
Decomposition across the five score factors between comparable snapshots; historical scores are not recalculated.
- Recency+2.2 pts
Signal score history
Fixed 0–100 scale; dates are spaced by calendar time.
Recent recorded points
- 64.6
- 64.5
- 72.6
- 68.9
- 66.7
View all recorded scores
| Snapshot date | Signal score |
|---|---|
| 2026-08-26 | 64.6 |
| 2026-08-27 | 64.6 |
| 2026-08-28 | 64.5 |
| 2026-08-31 | 64.5 |
| 2026-09-01 | 64.5 |
| 2026-09-02 | 64.5 |
| 2026-09-03 | 64.5 |
| 2026-09-04 | 64.5 |
| 2026-09-07 | 64.5 |
| 2026-09-08 | 64.5 |
| 2026-09-09 | 64.5 |
| 2026-09-10 | 64.5 |
| 2026-09-11 | 64.5 |
| 2026-09-14 | 64.5 |
| 2026-09-23 | 64.4 |
| 2026-09-24 | 64.4 |
| 2026-09-25 | 64.4 |
| 2026-09-28 | 72.6 |
| 2026-09-29 | 72.1 |
| 2026-09-30 | 71.6 |
| 2026-10-01 | 71.1 |
| 2026-10-02 | 70.7 |
| 2026-10-03 | 70.7 |
| 2026-10-04 | 70.7 |
| 2026-10-05 | 69.5 |
| 2026-10-06 | 69.2 |
| 2026-10-07 | 68.9 |
| 2026-10-08 | 68.6 |
| 2026-10-09 | 68.3 |
| 2026-10-12 | 67.6 |
| 2026-10-13 | 67.4 |
| 2026-10-14 | 67.2 |
| 2026-10-15 | 67.0 |
| 2026-10-16 | 66.9 |
| 2026-10-18 | 66.7 |
Sector context
- Buying breadth
- 7.0% (27 / 388 issuers)
- Sector rank
- #9 / 12
- 7D breadth change
- -0.8 pp · vs 2026-10-12 (6d)
- 30D breadth change
- History building
This is sector-level research context. It does not affect the Insider Signal or ranking.
Insider profile outcomes
Historical performance following insider filings. The company role is translated below each name while preserving the original title.
- Excess return = stock return − OMX Stockholm 30 return over the same period.
- Hit rate = completed events with positive excess return ÷ total completed events.
- Price coverage = valid point-in-time prices ÷ events mature enough for that period.
- Returns start on the first shared trading session on or after publication.
- Small-sample rule: n<5 is shown for transparency and is not scored.
Events are disclosure-level observations; related disclosures published on the same date may share a return path and may not be statistically independent. This research enrichment does not affect the insider score or ranking.
| Period | Completed events | Price coverage | Hit rate | Median excess return | Average excess return | Worst excess return |
|---|---|---|---|---|---|---|
| 5D | 7Developing evidence | 100.0% (7/7) | 42.9% (3/7) | -3.5% | +2.9% | -4.6% |
| 20D | 7Developing evidence | 100.0% (7/7) | 28.6% (2/7) | -3.9% | -1.3% | -16.2% |
| 60D | 7Developing evidence | 100.0% (7/7) | 0.0% (0/7) | -8.8% | -15.4% | -27.1% |
| 120D | 5Developing evidence | 100.0% (5/5) | 0.0% (0/5) | -29.5% | -28.8% | -35.1% |
| Period | Completed events | Price coverage | Hit rate | Median excess return | Average excess return | Worst excess return |
|---|---|---|---|---|---|---|
| 5D | 5Developing evidence | 100.0% (5/5) | 80.0% (4/5) | +2.3% | +0.3% | -9.8% |
| 20D | 5Developing evidence | 100.0% (5/5) | 0.0% (0/5) | -13.7% | -11.5% | -20.0% |
| 60D | 5Developing evidence | 100.0% (5/5) | 0.0% (0/5) | -29.5% | -27.7% | -46.9% |
| 120D | 4Small sample | 100.0% (4/4) | 0.0% (0/4) | -23.8% | -23.6% | -31.7% |
Market context
PRICE PERFORMANCE
VOLATILITY & LIQUIDITY
- Volatility
- 91.4%
- Beta
- 2.73
- Avg daily volume
- SEK 67,683.2
VALUATION
- Market cap
- SEK 23.5M
- P/E
- —
FUNDAMENTALS
- Profit margin
- 0.0%
- ROE
- -81.3%
- Industry
- Specialty Chemicals
Prices to 14 Oct 2026: price cache (EODHD). From OpenBB/yfinance, captured 15 Oct 2026: Market cap, Profit margin, ROE, Beta, Industry. It does not affect the insider score or rank.
Disclosed net short positions
The Finansinspektionen register, read 18 Oct 2026, publishes no net short position of 0.5% or more in this issuer. Positions below 0.5% are never published, so this is not evidence that nobody is short.
Short-position disclosures are external context; they do not affect the insider score, ranking, or filing eligibility.
Insiders' buying price vs the latest close
The latest close in the price history is more than a week old.
Buying size vs market trading
Market history is too old for this snapshot; ratios are withheld.
Market-data coverage: 251 verified sessions · Latest session: 2026-10-09 · Ratio status: Unavailable
Traded value is estimated as close × shares traded, in major currency units. Includes disclosed qualifying purchases; disclosures may lag. Contractual or planned acquisitions are not necessarily discretionary. Ratios describe relative trading size, not market participation or score contributions.
Latest news
No news has been captured for this company.
Regulatory filings
The filing records held for this company carry no link to the original notice.
Filing evidence
These are underlying national-feed records from the 365-day window ending on the saved ranking snapshot. The score uses only the latest 180 days; older qualifying equity purchases remain visible for audit but do not enter the current score. The original filer, role, transaction classification, instrument, price, volume, value and source fields are retained. The first three rows are shown; remaining records can be unfolded for audit. Other transaction types are retained but excluded from the score.
Excluded transactions & classification
12 qualifying purchase disclosure(s) · 12 transaction line(s)
Sep 25, 2026Förvärv
Jim Wennerlid · Styrelseledamot
Interimsaktie · 135000.0 shares × 0.93 SEK · —
May 22, 2026Förvärv
Tor Einar Norbakk · Verkställande direktör (VD)
BTU (betald tecknad unit) · 20000.0 shares × 2.05 SEK · —
May 18, 2026Förvärv
Jim Wennerlid · Styrelseledamot
BTU (betald tecknad unit) · 135000.0 shares × 1.86 SEK · —
Unfold all 9 remaining filing row(s)
| Transaction date | Published | Filer | Role | Transaction | Instrument | Price (local currency) | Quote currency | Volume | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-05-15 | 2026-05-19 | Patrik Björn | Styrelsesuppleant | Teckning | BTU (betald tecknad unit) | 1.86 SEK | SEK | 3026566.0 | — |
| 2026-05-15 | 2026-05-18 | Jonas Lundberg | Styrelseordförande | Teckning | BTU (betald tecknad unit) | 1.86 SEK | SEK | 53808.0 | — |
| 2026-05-12 | 2026-05-14 | Tor Einar Norbakk | Verkställande direktör (VD) | Teckning | BTU (betald tecknad unit) | 1.86 SEK | SEK | 76057.0 | — |
| 2026-05-12 | 2026-05-14 | Tor Einar Norbakk | Verkställande direktör (VD) | Teckning | BTU (betald tecknad unit) | 1.86 SEK | SEK | 44068.0 | — |
| 2026-03-23 | 2026-03-23 | Jim Wennerlid | Styrelseledamot | Teckning | BTA (betald tecknad aktie) | 1.92 SEK | SEK | 26705.0 | — |
| 2026-03-19 | 2026-03-19 | Jim Wennerlid | Styrelseledamot | Förvärv | Aktie | 1.5858 SEK | SEK | 50000.0 | — |
| 2025-12-05 | 2025-12-05 | Jim Wennerlid | Styrelseledamot | Förvärv | Aktie | 1.486 SEK | SEK | 20000.0 | — |
| 2025-11-25 | 2025-11-25 | Jim Wennerlid | Styrelseledamot | Förvärv | Aktie | 1.638 SEK | SEK | 12424.0 | — |
| 2025-11-11 | 2025-11-12 | Jim Wennerlid | Styrelseledamot | Förvärv | Aktie | 1.35 SEK | SEK | 20031.0 | — |
Showing 12 of 12 matching raw-feed row(s) from the current 365-day research window. Prices and reported values remain in the filing currency and its major unit (for example, UK pence are parsed as GBP). The screen-level € aggregate is separately FX-normalised for research ranking, not a trade-date conversion.
Other disclosed transactions · excluded from score
View 6 other transaction(s)
Sep 21, 2026Lösen ökning
Tor Einar Norbakk · Verkställande direktör (VD)
Aktie · 140125.0 shares × 0.93 SEK · —
Sep 21, 2026Lösen minskning
Tor Einar Norbakk · Verkställande direktör (VD)
Teckningsoption · 140125.0 shares × 0.0 SEK · —
May 22, 2026Avyttring
Tor Einar Norbakk · Verkställande direktör (VD)
Aktie · 20347.0 shares × 1.075 SEK · —
Unfold all 3 remaining filing row(s)
| Transaction date | Published | Filer | Role | Transaction | Instrument | Price (local currency) | Quote currency | Volume | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-05-22 | 2026-05-22 | Tor Einar Norbakk | Verkställande direktör (VD) | Avyttring | Aktie | 1.08 SEK | SEK | 13889.0 | — |
| 2026-05-22 | 2026-05-22 | Tor Einar Norbakk | Verkställande direktör (VD) | Avyttring | Aktie | 1.085 SEK | SEK | 4608.0 | — |
| 2026-05-04 | 2026-05-05 | Jim Wennerlid | Styrelseledamot | Avyttring | BTU (betald tecknad unit) | 0.02 SEK | SEK | 52900.0 | — |
Showing 6 of 6 matching raw-feed row(s) from the current 365-day research window. Prices and reported values remain in the filing currency and its major unit (for example, UK pence are parsed as GBP). The screen-level € aggregate is separately FX-normalised for research ranking, not a trade-date conversion.
Snapshot & identity
- Snapshot date
- 2026-10-18
- Ticker
- AERO.ST
- ISIN
- SE0028778092
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
Company logos by Parqet