Research Frontiers Ownership

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

Recent Insider Transactions

NasdaqCM:REFR Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Role	Shares	Max Price
14 Jun 24	BuyUS$3,880	Alexander Kaganowicz	Individual		2,000	US$1.94
07 Jun 24	BuyUS$7,482	Darryl Daigle	Individual		4,300	US$1.74

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of REFR?
Owner Type	Number of Shares	Ownership Percentage
Public Companies	1,838,824	5.46%
Individual Insiders	3,143,568	9.34%
Institutions	4,137,262	12.3%
General Public	24,528,567	72.9%

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

Top Shareholders

Top 25 shareholders own 27.03% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
5.83%	John Nelson	1,960,911	US$2.0m	0%	no data
5.46%	Gauzy Ltd.	1,838,824	US$1.9m	0%	no data
2.97%	Focus Partners Wealth, LLC	998,672	US$1.0m	0%	no data
2.82%	WR Wealth Planners LLC	950,458	US$969.5k	0.98%	0.33%
1.81%	BlackRock, Inc.	609,923	US$622.1k	0.25%	no data
1.48%	Joseph Harary	498,550	US$508.5k	0%	no data
1.45%	The Vanguard Group, Inc.	488,720	US$498.5k	0%	no data
1.36%	Darryl Daigle	455,945	US$465.1k	0%	no data
0.88%	Geode Capital Management, LLC	296,499	US$302.4k	-0.19%	no data
0.55%	Alexander Kaganowicz	184,128	US$187.8k	0%	no data
0.54%	Kingsview Wealth Management, LLC	181,816	US$185.5k	-6.01%	no data
0.35%	Shufro, Rose & Co., LLC	116,800	US$119.1k	-3.31%	0.01%
0.31%	State Street Global Advisors, Inc.	105,623	US$107.7k	-1.31%	no data
0.29%	Renaissance Technologies LLC	98,069	US$100.0k	34.2%	no data
0.25%	Susquehanna International Group, LLP, Asset Management Arm	85,289	US$87.0k	56.3%	no data
0.15%	Northern Trust Global Investments	51,894	US$52.9k	-2.31%	no data
0.13%	Michael LaPointe	44,034	US$44.9k	0%	no data
0.065%	Charles Schwab Investment Management, Inc.	21,870	US$22.3k	0%	no data
0.061%	Schonfeld Strategic Advisors LLC	20,400	US$20.8k	0%	no data
0.059%	Freegulliver, L.L.C.	20,000	US$20.4k	0%	0.01%
0.049%	Raymond James Financial Inc., Asset Management Arm	16,435	US$16.8k	0%	no data
0.045%	Mercer Global Advisors Inc.	15,050	US$15.4k	0%	no data
0.041%	Foundations Investment Advisors LLC	13,800	US$14.1k	0%	no data
0.036%	Cambridge Investment Research Advisors, Inc.	12,000	US$12.2k	0%	no data
0.03%	HB Wealth Management, LLC	10,000	US$10.2k	0%	no data

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/04/21 17:19
End of Day Share Price	2025/04/21 00:00
Earnings	2024/12/31
Annual Earnings	2024/12/31

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

Research Frontiers Incorporated is covered by 2 analysts. 0 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
Steven Dyer	Craig-Hallum Capital Group LLC
Steven Shaw	Sidoti & Company, LLC