Research Frontiers Inc (REFR) shareholders
REFRNasdaqPatent Owners & LessorsFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 6/3098% above fair value
$0.32−0.04 (-11.76%)
Close on Nov 13, 2026Market cap $10.99MP/E –Yield –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
10.5%
4M of 35M shares
Institutional holders
34
4 new, 5 sold out
Net institutional buying
-0M
In Q2 2026
Insider trades, 12 months
0 buys · 0 sales
Open-market trades only
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Morgan Stephen L. | 2,328,690 | 6.90% | 13G (passive) | Sep 30, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of REFR | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Mgo One Seven LLC | 886,602 | 2.54% | $461.03K | −31,580 | 0.01% |
| Vanguard Capital Management LLC | 580,654 | 1.67% | $301.94K | +12,500 | 0.00% |
| BlackRock, Inc. | 532,542 | 1.53% | $276.92K | −75,856 | 0.00% |
| Focus Partners Wealth | 496,422 | 1.42% | $258.14K | – | 0.00% |
| Geode Capital Management, LLC | 305,847 | 0.88% | $159.09K | +3,086 | 0.00% |
| Vanguard Fiduciary Trust Co | 177,030 | 0.51% | $92.06K | – | 0.00% |
| Susquehanna International Group, Llp | 155,066 | 0.44% | $80.64K | −1,720 | 0.00% |
| State Street Corp | 105,623 | 0.30% | $54.92K | – | 0.00% |
| Shufro Rose & Co LLC | 97,500 | 0.28% | $50.70K | – | 0.00% |
| Northern Trust Corp | 52,630 | 0.15% | $27.37K | – | 0.00% |
| Renaissance Technologies LLC | 40,789 | 0.12% | $21.21K | −27,511 | 0.00% |
| Hm Payson & Co | 20,000 | 0.06% | $10.40K | – | 0.00% |
| FreeGulliver LLC | 20,000 | 0.06% | $10.40K | – | 0.00% |
| TCTC Holdings, LLC | 20,000 | 0.06% | $10.40K | New | 0.00% |
| Raymond James Financial Inc | 17,880 | 0.05% | $9.30K | – | 0.00% |
| XTX Topco Ltd | 17,504 | 0.05% | $9.10K | −15,466 | 0.00% |
| Kingsview Wealth Management, LLC | 17,150 | 0.05% | $8.92K | −27,800 | 0.00% |
| CGN Advisors LLC | 14,350 | 0.04% | $7.46K | New | 0.00% |
| Buckingham Strategic Partners | 14,091 | 0.04% | $7.33K | – | 0.00% |
| Mercer Global Advisors Inc /Adv | 14,000 | 0.04% | $7.28K | – | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 34 | 4M | 10.5% | 4 / 6 | 8 / 5 | 0M | 0M |
| Q1 2026 | 35 | 4M | 11.0% | 9 / 6 | 7 / 8 | 1M | 0M |
| Q4 2025 | 35 | 4M | 11.4% | 9 / 10 | 8 / 4 | 0M | 1M |
| Q3 2025 | 30 | 4M | 12.1% | 3 / 7 | 6 / 3 | 0M | 0M |
| Q2 2025 | 30 | 4M | 12.6% | 2 / 7 | 8 / 5 | 0M | 0M |
| Q1 2025 | 33 | 5M | 13.0% | 6 / 6 | 8 / 2 | 1M | 1M |
| Q4 2024 | 30 | 5M | 14.7% | 5 / 7 | 7 / 4 | 2M | 0M |
| Q3 2024 | 30 | 3M | 9.2% | 4 / 8 | 8 / 4 | 1M | 1M |
| Q2 2024 | 31 | 4M | 11.9% | 4 / 9 | 6 / 6 | 0M | 0M |
| Q1 2024 | 34 | 4M | 11.9% | 5 / 3 | 12 / 5 | 1M | 0M |
| Q4 2023 | 35 | 3M | 9.6% | 3 / 9 | 12 / 6 | 0M | 0M |
| Q3 2023 | 38 | 3M | 9.7% | 2 / 4 | 17 / 3 | 0M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
10 funds held REFR in Q1 2026, 68% of their shares through ETFs. Each fund counts once per quarter, from its quarter-end report.
| Fund | Shares | % of REFR | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 288,587 | 0.83% | $150.07K | 0.00% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 282,644 | 0.81% | $146.97K | 0.00% | Jun 30, 2026 |
| Fidelity Extended Market Index Fund | 141,992 | 0.41% | $109.33K | 0.00% | May 31, 2026 |
| Fidelity Total Market Index Fund | 55,690 | 0.16% | $42.88K | 0.00% | May 31, 2026 |
| Fidelity Series Total Market Index Fund | 39,129 | 0.11% | $30.13K | 0.00% | May 31, 2026 |
| Fidelity Nasdaq Composite Index Fund | 10,936 | 0.03% | $8.42K | 0.00% | May 31, 2026 |
| Vanguard Balanced Index Fund | 9,423 | 0.03% | $4.90K | 0.00% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Joseph M. Harary | President and CEO, Director | 576,524 | 1.65% | Jan 5, 2026 |
| Michael R. Lapointe | VP-Marketing | 39,785 | 0.11% | Jan 2, 2025 |
| Darryl Daigle | Director | 455,945 | 1.31% | Jan 5, 2026 |
| Alexander Kaganowicz | Director | 184,128 | 0.53% | Jan 5, 2026 |
| Eyal Peso | Director | 1,838,824 | 5.27% | Jan 2, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Alexander Kaganowicz Director | Jun 14, 2024 | Buy | +2,000 | $1.94 | $3.88K | 164,923 |
| Darryl Daigle Director, 10% owner | Jun 7, 2024 | Buy | +4,300 | $1.74 | $7.48K | 33,926 |
| Darryl Daigle Director | Feb 7, 2024 | Buy | +1,000 | $1.00 | $1.00K | 4,269 |
| Darryl Daigle Director | Dec 11, 2023 | Buy | +7,750 | $0.97 | $7.52K | 217,192 |
| Darryl Daigle Director | Oct 2, 2023 | Buy | +500 | $1.05 | $525 | 3,269 |
| Darryl Daigle Director | Sep 13, 2023 | Buy | +5,350 | $1.40 | $7.49K | 75,158 |
| Darryl Daigle Director | Sep 13, 2023 | Buy | +1,600 | $1.35 | $2.16K | 209,442 |
| Darryl Daigle Director | Jun 16, 2023 | Buy | +4,700 | $1.49 | $7.00K | 207,842 |
| Darryl Daigle Director | Jun 15, 2023 | Buy | +4,400 | $1.59 | $7.00K | 129,400 |
| Darryl Daigle Director | Feb 9, 2023 | Buy | +3,500 | $2.00 | $7.00K | 203,142 |
| Darryl Daigle Director | Jan 25, 2023 | Buy | +3,500 | $2.00 | $7.00K | 25,226 |
| Family Trust Douglas 10% owner | Aug 25, 2020 | Sale | −95,000 | $2.16 | $205.20K | 1,426,663 |
| Family Trust Douglas 10% owner | Aug 25, 2020 | Sale | −57,000 | $2.16 | $123.12K | 855,997 |
| Family Trust Douglas 10% owner | Aug 25, 2020 | Sale | −38,000 | $2.16 | $82.08K | 570,667 |
| Kevin Douglas 10% owner | Aug 7, 2020 | Sale | −50,000 | $3.56 | $178.00K | 1,521,663 |
| Kevin Douglas 10% owner | Aug 7, 2020 | Sale | −20,000 | $3.56 | $71.20K | 608,667 |
| Kevin Douglas 10% owner | Aug 7, 2020 | Sale | −30,000 | $3.56 | $106.80K | 912,997 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 28, 2020 | Sale | −50,000 | $3.20 | $160.00K | 1,571,663 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 28, 2020 | Sale | −20,000 | $3.20 | $64.00K | 628,667 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 28, 2020 | Sale | −30,000 | $3.20 | $96.00K | 942,997 |
| Kevin Douglas 10% owner | Jul 20, 2020 | Sale | −31,212 | $3.28 | $102.38K | 972,997 |
| Kevin Douglas 10% owner | Jul 20, 2020 | Sale | −52,020 | $3.28 | $170.63K | 1,621,663 |
| Kevin Douglas 10% owner | Jul 20, 2020 | Sale | −20,808 | $3.28 | $68.25K | 648,667 |
| Kevin Douglas 10% owner | Jul 17, 2020 | Sale | −13,956 | $3.29 | $45.92K | 1,673,683 |
| Kevin Douglas 10% owner | Jul 17, 2020 | Sale | −8,374 | $3.29 | $27.55K | 1,004,209 |
| Kevin Douglas 10% owner | Jul 17, 2020 | Sale | −5,582 | $3.29 | $18.36K | 669,475 |
| Family Trust Douglas 10% owner | Jul 16, 2020 | Sale | −3,458 | $3.31 | $11.45K | 1,012,583 |
| Family Trust Douglas 10% owner | Jul 16, 2020 | Sale | −5,764 | $3.31 | $19.08K | 1,687,639 |
| Family Trust Douglas 10% owner | Jul 16, 2020 | Sale | −2,305 | $3.31 | $7.63K | 675,057 |
| Family Trust Douglas 10% owner | Jul 15, 2020 | Sale | −7,981 | $3.45 | $27.53K | 1,016,041 |
| Family Trust Douglas 10% owner | Jul 15, 2020 | Sale | −13,302 | $3.45 | $45.89K | 1,693,403 |
| Family Trust Douglas 10% owner | Jul 15, 2020 | Sale | −5,320 | $3.45 | $18.35K | 677,362 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 14, 2020 | Sale | −5,297 | $3.36 | $17.80K | 1,024,022 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 14, 2020 | Sale | −8,829 | $3.36 | $29.67K | 1,706,705 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 14, 2020 | Sale | −3,532 | $3.36 | $11.87K | 682,682 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 13, 2020 | Sale | −4,659 | $3.45 | $16.07K | 1,029,319 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 13, 2020 | Sale | −7,765 | $3.45 | $26.79K | 1,715,534 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 13, 2020 | Sale | −3,106 | $3.45 | $10.72K | 686,214 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 1, 2020 | Sale | −900 | $3.85 | $3.47K | 1,723,299 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 1, 2020 | Sale | −360 | $3.85 | $1.39K | 689,320 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jul 1, 2020 | Sale | −540 | $3.85 | $2.08K | 1,033,978 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jun 30, 2020 | Sale | −16,245 | $3.91 | $63.52K | 1,724,199 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jun 30, 2020 | Sale | −9,747 | $3.91 | $38.11K | 1,034,518 |
| & Jean Douglas Irrevocable Descendants Trust James 10% owner | Jun 30, 2020 | Sale | −6,498 | $3.91 | $25.41K | 689,680 |
| Family Trust Douglas 10% owner | Jun 29, 2020 | Sale | −34,022 | $3.97 | $135.07K | 1,740,444 |
| Family Trust Douglas 10% owner | Jun 29, 2020 | Sale | −20,414 | $3.97 | $81.04K | 1,044,265 |
| Family Trust Douglas 10% owner | Jun 29, 2020 | Sale | −13,609 | $3.97 | $54.03K | 696,178 |
| Family Trust Douglas 10% owner | Jun 26, 2020 | Sale | −52,023 | $4.53 | $235.66K | 1,774,466 |
| Family Trust Douglas 10% owner | Jun 26, 2020 | Sale | −31,214 | $4.53 | $141.40K | 1,064,679 |
| Family Trust Douglas 10% owner | Jun 26, 2020 | Sale | −20,808 | $4.53 | $94.26K | 709,787 |
| Michael R. Lapointe VP-Marketing | Jun 25, 2020 | Tax withholding | +3,201 | $1.06 | $3.39K | 38,887 |
| Michael R. Lapointe VP-Marketing | Jun 25, 2020 | Tax withholding | +2,276 | $2.89 | $6.58K | 43,128 |
| Michael R. Lapointe VP-Marketing | Jun 25, 2020 | Tax withholding | +1,965 | $1.83 | $3.60K | 40,852 |
| Family Trust Douglas 10% owner | Jun 25, 2020 | Sale | −7,821 | $5.04 | $39.42K | 730,595 |
| Family Trust Douglas 10% owner | Jun 25, 2020 | Sale | −19,554 | $5.04 | $98.55K | 1,826,489 |
| Family Trust Douglas 10% owner | Jun 25, 2020 | Sale | −11,732 | $5.04 | $59.13K | 1,095,893 |
| Joseph M. Harary President and CEO, Director | May 29, 2020 | Tax withholding | +22,091 | $2.89 | $63.84K | 478,964 |
| Joseph M. Harary President and CEO, Director | May 29, 2020 | Tax withholding | +19,586 | $3.11 | $60.91K | 498,550 |
| Joseph M. Harary President and CEO, Director | Feb 21, 2020 | Tax withholding | +36,929 | $1.06 | $39.14K | 456,873 |
| Voorhees Seth Van CFO & VP-Business Development | Feb 21, 2020 | Tax withholding | +45,272 | $1.00 | $45.27K | 220,047 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Short interest
Shares sold short and not yet bought back, as of Oct 30, 2026 (FINRA, reported twice a month)
Short % of float
1.19%
0M shares short
Days to cover
4.7
At 0M shares a day
Change since last report
-35.9%
From 1M shares
Short volume, 20 days
27.0%
Of volume reported to FINRA
Shares sold short, last 12 months
Short sale volume counts trades marked short on any given day, including market-maker hedging, so it runs far higher than the share of Research Frontiers's stock actually held short. Settlement fails (shares not delivered on time) peaked at 528,256 shares on Sep 21, 2026 over the last 90 days.
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