Confidential data that could significantly impact a company's stock price if revealed.
Definition
MNPI refers to any information about a company that has not been released to the general public but would be considered important by a reasonable investor when making a decision to buy or sell stock. This includes unannounced mergers, earnings misses, or FDA trial results.
Why it matters for Whale Tracking
This is the core legal concept that makes Form 4 filings so valuable. Insiders are strictly prohibited from trading while in possession of MNPI. By analyzing the timing of their trades (when they *can* trade), investors can infer that the insider believes the 'public' information is undervalued compared to the company's internal health.
Technical Nuance
The timing of insider trades relative to the release of MNPI can provide insights into the company's internal dynamics and management's confidence in the business. Traders may act on MNPI to capitalize on information asymmetry, but this activity is heavily regulated.
Track Material Non-Public Information (MNPI)s Live
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Real-World Example
"If a CTO buys shares two days after a major product launch, they are trading on public information. If they bought them two days *before*, they would be violating MNPI laws. Our terminal helps track this 'window' of legality."
Fundamental Quant Thesis
Go beyond the raw data. Read institutional-grade analysis on why insider-trading insiders are moving capital and the long-term structural impact.