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|4Feb 13, 5:25 PM ET

Cavoli Stephen 4

Research Summary

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Virtu Financial (VIRT) EVP Stephen Cavoli Sells Shares

What Happened
Stephen Cavoli, Executive Vice President of Virtu Financial (VIRT), disposed of 71,630 shares in six open-market sales executed Feb 11–13, 2026. The transactions were reported on a Form 4 filed Feb 13, 2026, and generated total proceeds of approximately $2,728,559. Individual reported trades (weighted-average prices shown; detailed price ranges in footnotes) were:

  • Feb 11, 2026 — 4,573 shares @ $39.14 — $178,995 (range $38.7186–$39.61)
  • Feb 11, 2026 — 7,057 shares @ $38.34 — $270,596 (range $37.945–$38.595)
  • Feb 12, 2026 — 14,903 shares @ $37.41 — $557,482 (range $37.04–$37.6496)
  • Feb 12, 2026 — 15,097 shares @ $37.81 — $570,878 (range $37.65–$38.315)
  • Feb 13, 2026 — 14,530 shares @ $38.23 — $555,533 (range $37.67–$38.385)
  • Feb 13, 2026 — 15,470 shares @ $38.47 — $595,075 (range $38.39–$38.6762)

These were open-market sales (transaction code S). Sales are often routine (e.g., diversification or liquidity needs) and do not by themselves indicate a change in the insider’s view of the company.

Key Details

  • Transaction dates: Feb 11–13, 2026; Form 4 filed Feb 13, 2026 (appears timely).
  • Total shares sold: 71,630; total reported proceeds: ~$2.73 million.
  • Reported prices are weighted averages; each trade comprises multiple executions at prices within the ranges noted above (see footnotes F1–F6 in the filing).
  • Shares owned after the transactions: not specified in the provided excerpt of the filing.
  • Other footnotes in the filing (F7–F8) indicate certain holdings are RSUs granted under the 2015 Management Incentive Plan with vesting installments in Feb 2027–2029.
  • No 10b5‑1 plan, tax‑withholding, or late‑filing flags were indicated in the provided data.

Context

  • Open-market sales by executives are common and may reflect personal liquidity or portfolio management rather than a view on the company’s prospects.
  • For retail investors, purchases by insiders tend to be a stronger signal than sales; treat this record as factual disclosure of insider activity rather than an explicit endorsement or warning.