Although US crude oil futures traded lower by more than 4% on Monday, there were a few notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
Alphabet (NASDAQ:GOOGL)
- The Trade: Alphabet Inc. (NASDAQ: GOOG) Director Sergey Brin sold a total of 8,061 shares at an average price of $2,626.87. The insider received around $21.18 million from selling those shares.
- What’s Happening: EU and U.K. antitrust regulators launched parallel investigations into Alphabet unit Google and Facebook (NASDAQ:FB) parent Meta Platforms over a 2018 ad deal, CNBC reported.
- What Alphabet Does: Alphabet Inc is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary. Google generates 99% of Alphabet revenue, of which more than 85% is from online ads.
- The Trade: Kellogg Company (NYSE: NYSE:K) 10% owner Kellogg W K Foundation sold a total of 146,153 shares at an average price of $61.26. The insider received around $8.95 million from selling those shares.
- What’s Happening: Kellogg, last month, reported a fourth-quarter FY21 sales decline of 1.3% year-on-year, to $3.42 billion, beating the analyst consensus of $3.39 billion.
- What Kellogg Does: Founded in 1906, Kellogg is a leading global manufacturer and marketer of cereal, cookies, crackers, and other packaged foods. Its offerings are manufactured in 21 countries and marketed in more than 180 countries.
Southern Copper
- The Trade: Southern Copper Corporation (NYSE: SCCO) Chairman, The Board German Larrea Mota Velasco sold a total of 100,000 shares at an average price of $74.97. The insider received around $7.5 million as a result of the transaction.
- What’s Happening: The company’s stock gained around 12% over the previous month.
- What Southern Copper Does: Southern Copper Corp is an integrated producer of copper and other minerals and operates the mining, smelting, and refining facilities in Peru and Mexico.
- The Trade: Moderna, Inc. (NASDAQ: MRNA) CEO Stephane Bancel sold a total of 23,000 shares at an average price of $135.99. The insider received around $2.58 million from selling those shares.
- What’s Happening: Moderna recently dosed the first participant in the Phase 2 study of its omicron-specific bivalent booster candidate (mRNA-1273.214).
- What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020.
- The Trade: Nordstrom, Inc. (NYSE: JWN) President and Chief Brand Officer Peter E Nordstrom sold a total of 13,053 shares at an average price of $23.86. The insider received around $311.42 thousand from selling those shares.
- What’s Happening: Nordstrom recently reported better-than-expected fourth-quarter EPS and sales results.
- What Nordstrom Does: Nordstrom is a fashion retailer that operates approximately 100 department stores in the U.S. and Canada and approximately 250 off-price Nordstrom Rack stores.
Read at Benzinga