Broker data could be important as they show whom bought / sold,...

Broker data could be important as they show whom bought / sold,
But could be also misleading as they were historical and nobody including institution got right decision all the time.

Some traders rely on the broker data, so the data would have impact on the price.

The retail investors and traders usually buy and sell via the following stockbrokers:
- Comsec
- E*Trade
- CMC
- Australian Investment Exchange Ltd
- Openmarkets
- Wealthub
- Third Party
Etc

The institions/funds usually use big brokers including,
- Goldman Sachs
- Morgan Stanley
- J P Morgan
- Credit Suisse
- UBS
Etc

I only view broker data as one element as lots of multi baggers, initial buys were mainly from the retail.