Why would one assume that an insider sold all their shares? There are so many other assumptions to entertain. One could assume that they registered their shares on an expectation of selling 90 days later at a substantially higher price. One could assume that they found a better place to place their funds. One could assume that they have more shares coming and don't need what they already own. One could assume that filing a 144 will move the price down so they can buy more without selling a single share. One could assume that they have a terminal illness and need to sell all they have to pay for a funeral. One could assume that they just have too many cats to feed.
Take your pick and I am sure you could think of more assumptions. The bottom line is that the private decisions of insiders is private - none of our business. The fact is that there are no facts relating to the private business of insiders and the reasons for what they do. Filing a 144 does not mean anything has or will happen. It only means something can happen if they so choose.
Making assumptions on someone's personal decision to provide themselves with a choice is not in itself a fact of any sale of shares.
In the end, if an insider, for personal reasons decided to sell all of their stock, so what! Stock shares are stock shares. If it changes today's price, then so be it. It doesn't change what is happening within the company. I will make a safe assumption that whatever an insider does with their shares, even if they sold all of them, will not materially affect the price per share 1 year from now. My assumption is that the day to day price per share really doesn't matter. The healthy volume of trades only means that ownership has changed hands. The longer term price per share, driven by success of the company, is what does matter.
Discipline to not make assumptions, when there are no facts to support the assumptions, is a sign of a seasoned investor. There are no facts about execution on 144s, there will not be any facts until the next quarterly report, and even then, only an assumption could be made about an insider's motivation. Outsiders can assume whatever they want - it does not result in facts regarding insiders or the company.
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