D2L Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

TSX:DTOL Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
14 Apr 25	SellCA$298,158	Stephen Laster	Individual	24,000	CA$12.42
04 Apr 25	BuyCA$49,995	John Baker	Individual	4,058	CA$12.32
04 Apr 25	BuyCA$49,995	John Baker	Individual	4,058	CA$12.32
16 Sep 24	SellCA$264,392	Jeremy Auger	Individual	20,300	CA$13.35

Insider Trading Volume

Insider Buying: DTOL insiders have sold more shares than they have bought in the past 3 months.

Ownership Breakdown

What is the ownership structure of DTOL?
Owner Type	Number of Shares	Ownership Percentage
VC/PE Firms	5,880,001	10.9%
Institutions	9,056,653	16.8%
General Public	10,504,101	19.5%
Individual Insiders	28,541,030	52.9%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 80.44% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
51.9%	John Baker	28,021,587	CA$369.9m	0.23%	no data
10.9%	NewView Capital Management, LLC	5,880,001	CA$77.6m	0%	65.78%
5.32%	Burgundy Asset Management Ltd.	2,871,940	CA$37.9m	0%	0.24%
4.78%	OMERS Administration Corporation	2,579,000	CA$34.0m	0%	0.19%
3.42%	PenderFund Capital Management Ltd.	1,844,412	CA$24.3m	0%	4.58%
1.28%	Herald Investment Management Ltd.	690,614	CA$9.1m	0%	0.44%
0.82%	Pembroke Management Ltd.	441,461	CA$5.8m	0%	0.41%
0.33%	Jeremy Auger	180,141	CA$2.4m	4.81%	no data
0.29%	Desjardins Global Asset Management Inc.	157,680	CA$2.1m	0%	0.01%
0.23%	Van Berkom and Associates Inc.	121,599	CA$1.6m	0%	0.04%
0.2%	Anna Forgione	105,561	CA$1.4m	16.1%	no data
0.19%	Universitas Management, Inc.	103,299	CA$1.4m	0%	0.5%
0.15%	Norges Bank Investment Management	78,286	CA$1.0m	0%	no data
0.11%	Josh Huff	58,116	CA$767.1k	58.1%	no data
0.096%	John Giffen	52,000	CA$686.4k	0%	no data
0.071%	Hillsdale Investment Management Inc.	38,300	CA$505.6k	0%	0.01%
0.064%	Venator Capital Management Ltd.	34,700	CA$458.0k	0%	3.84%
0.059%	Northwest & Ethical Investments L.P.	32,100	CA$423.7k	0%	0.01%
0.058%	Al Patel	31,301	CA$413.1k	110%	no data
0.057%	Christian Pantel	30,742	CA$405.8k	198%	no data
0.033%	Lee Poteck	17,766	CA$234.5k	6.05%	no data
0.028%	Tracy Edkins	15,000	CA$198.0k	0%	no data
0.026%	CIBC Asset Management Inc.	14,200	CA$187.5k	0%	no data
0.024%	SEI Investments Management Corporation	12,829	CA$169.4k	0%	no data
0.022%	David Johnston	11,765	CA$155.3k	0%	no data

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/06/09 23:46
End of Day Share Price	2025/06/09 00:00
Earnings	2025/01/31
Annual Earnings	2025/01/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

D2L Inc. is covered by 12 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Thanos Moschopoulos	BMO Capital Markets Equity Research
Douglas Taylor	Canaccord Genuity
Erin Kyle	CIBC Capital Markets