It is insider trading, but when has BH had any respect for the law? however, I don't believe BH had any inside information. Neither MG, Bev or MF would tell him anything. He is, most likely, speculating in rumors he has heard which could be rather substantial. After all, it is to his advantage to see RLTR move up, whether it turns out to be true or not.
We know he got minions everywhere. He is good at networking and intrigue. I figure somebody other than a principal told him some tiptib and he used it to jump the gun.