Just saw that Boyd Gaming's board director William Boyd dumped 30k shares back in February for about 2.5 million. Not a huge red flag though - the guy still holds over 2 million shares after the sale, so he's clearly not bailing out of the company.

The interesting part is the timing. Boyd Gaming has been crushing it lately. Stock hit 90 bucks earlier this year and the company just raised its dividend. Their 2025 numbers were solid too - revenue hit 4.1 billion and net income jumped to 1.8 billion, partly because they offloaded their FanDuel stake. That's a pretty big swing from the prior year.

So here's the thing - when insiders are still holding massive positions while taking some profits, it usually means they think the stock still has room to run. Boyd's sale was basically par for the course with his recent selling pattern. The stock is up 10% over the past year and trading near its highs, so this doesn't feel like panic selling. More like just trimming the position when things are going well.

For anyone thinking about jumping in now, the valuation's gotten a bit stretched after the recent run. Free cash flow per share has actually declined, which is worth noting. Might be worth waiting for a pullback before adding positions.