BARTEL HOLGER 4

What Happened
Holger Bartel, CEO of Travelzoo (TZOO), made three open-market purchases (transaction code P) totaling 200,000 shares between Feb 20 and Feb 24, 2026. The purchases were: 60,000 shares at $5.18 ($310,800) on Feb 20; 100,000 shares at $5.49 ($549,000) on Feb 23; and 40,000 shares at $5.43 ($217,200) on Feb 24. Total cash outlay for these acquisitions was $1,077,000. Purchases are generally considered a bullish signal (insiders buying company stock), though no motive is provided.

Key Details

• Transaction dates and prices:
  • 2026-02-20: 60,000 shares @ $5.18 = $310,800
  • 2026-02-23: 100,000 shares @ $5.49 = $549,000
  • 2026-02-24: 40,000 shares @ $5.43 = $217,200
• Total: 200,000 shares for $1,077,000.
• Transaction type: Open-market/private purchases (code P).
• Shares owned after the transactions: Not specified in the information provided.
• Filing: Form 4 was filed with accession date 2026-02-24; the filing date appears to be within the normal 2-business-day window for these trades.
• Footnotes: The filing includes footnotes indicating the reporting person also sold shares in transactions with sale-price ranges (F1: $4.85–$5.40; F3: $5.39–$5.60; F4: $5.38–$5.53) and an undertaking to provide detailed sales-by-price info on request (F2).

Context
Insider purchases can signal confidence by management, but they do not prove future stock performance. The filing notes multiple purchases over several days rather than a single large buy. For retail investors, this is a factual disclosure of insider buying activity—use it alongside company fundamentals and other news when making investment decisions.