SharkWater Trading  •  Data Center Desk • Insider Filing Nebius Director's Trust Actually Sold 7,260 Shares Between $164.80 and $188.77, a 14.5 Percent Intraday Range, While Another Director Bought Under a Plan October 19, 2026 Bottom Line Up Front A Form 4 filed this morning (October 19, 2026) settles the question our October 16 post left open. Nebius (Nasdaq: NBIS) director John W. Boynton IV reported selling 7,260 shares on October 15 in 19 lots at weighted-average prices from $164.80 to $188.77. Desk math puts the blended price at $177.63 and gross proceeds near $1.29 million, about 4.5 percent under the $1.35 million the Form 144 estimated. The Form 144 implied $186.01. The real fills started lower and ended higher. A second director, Arne Grimme, bought 148 shares on each of October 15 and 16 at $169.99 under a plan adopted June 15, 2026. I have no verified cause for the October 15 range. What the Form 4 Shows Item Per Form 4 filed Oct 19, 2026 Seller John W. Boynton IV, Director (direct holding, signed by attorney-in-fact) Trade date October 15, 2026, code S (open market sale) Shares sold 7,260 across 19 weighted-average lots Lowest and highest lot price $164.80 (200 shares) and $188.77 (100 shares) Largest lot 960 shares at $188.20 Blended price (desk calc) $177.63 Gross proceeds (desk calc) $1,289,586 Direct shares after 403,522, down from 410,782 (1.8% of the position sold) 10b5-1 Affirmative checkbox marked. No footnote names a plan date. Source: SEC EDGAR Form 4, accession 0001513845-26-000132, filed 2026-10-19. Blended price, proceeds and percentages are desk calculations from filed lots, not a market quote. The Price Range Is the Story The lots are listed in rising price order, so the filing does not tell you the sequence of fills. It does tell you the stock traded across a $23.97 band, from $164.80 to $188.77, on a single session. That is a 14.5 percent spread from low to high. Our October 16 post flagged the Form 144 valuation of $186.01 as a possible 21 percent drop from the $235 print on September 29. The Form 4 says the stock was trading in the $165 to $189 zone on October 15, so the drop was real in the sense that sub-$190 prices printed. It still does not name a cause. I found no Nebius 8-K, 6-K or press release explaining it. Grimme’s purchases land inside the same zone. He bought 148 shares at $169.99 on October 15 and again on October 16, taking his direct holding from 5,885 to 6,181 shares. Footnote one says both were made under a Rule 10b5-1 trading plan adopted June 15, 2026. A matching price on two consecutive days is unusual. The filing does not explain it, and I will not guess at the mechanism. A plan seller is a boat on a trolling line. It keeps its speed whether the current runs fast or slow. The Form 4 is the log that finally shows how rough the water was while it passed. What the Two Directors Did Director Action Date Shares Price Plan Boynton Sold Oct 15 7,260 $164.80 to $188.77 10b5-1 flag set, no plan date in footnotes Grimme Bought Oct 15 148 $169.99 10b5-1, adopted Jun 15, 2026 Grimme Bought Oct 16 148 $169.99 10b5-1, adopted Jun 15, 2026 Source: SEC EDGAR Forms 4, accessions 0001513845-26-000132 (filed 2026-10-19) and 0001513845-26-000130 (filed 2026-10-16). The Form 144 filed 2026-10-15 (0001950047-26-010270) gave the 10b5-1 adoption date of 03/06/2026 for the Boynton sale. The Bull Case The sale is tiny. $1.29 million against roughly 238.4 million shares outstanding (Form 144 cover figure) is noise, and the plan predates the move by seven months. A director bought into the range. Grimme’s buys are small, about $25,000 a day at $169.99 (desk calc), but they ran two days straight at the low end of Boynton’s sale range. The position is intact. Boynton still holds 403,522 direct shares after the sale. The Bear Case A 14.5 percent intraday range with no filed cause. A wide range with no 8-K or 6-K behind it means the explanation sits somewhere other than EDGAR, and I have not found it. Insider paper keeps stacking. This follows the Nave plan sale, the October 1 withholding sales and the Goldman 13G/A cut covered earlier on this desk. Plan supply does not pause for price. 7,260 shares went out across a $165 to $189 session. The filing does not give the order of fills, so I cannot say whether the plan sold into weakness or strength. The SharkWater Take This is a pricing record, not a signal about the director. The sale is plan-driven and small, and I am not reading intent into it. What I wanted from the Form 4 was the real price, and I got it: NBIS traded from the mid-$160s to the high-$180s in one session. That volatility is the fact worth your time. Pull a live quote and an intraday chart from your broker, find the cause of the October 15 swing, and do not trade this filing. Until a cause shows up, I am taking no side on the stock. Tight lines, SharkWater Educational and informational purposes only. Not personalized investment advice. All figures sourced as noted and accurate as of publication. The author may hold positions in securities discussed. Do your own work.