US crude oil futures traded higher this morning on Wednesday. Investors, meanwhile, focused on some 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.
MongoDB
- The Trade: MongoDB, Inc. (NASDAQ: MDB) COO and CFO Lawrence Michael Gordon sold a total of 2,770 shares at an average price of $198.84. The insider received around $550.79 thousand from selling those shares.
- What’s Happening: Truist Securities recently initiated coverage on the stock with a Buy rating and announced a $300 price target.
- What MongoDB Does: Founded in 2007, MongoDB is a document-oriented database with nearly 33,000 paying customers and well past 1.5 million free users.
Electronic Arts
- The Trade: Electronic Arts Inc . (NASDAQ: NASDAQ:EA) CEO and Board Chair Andrew Wilson sold a total of 6,975 shares at an average price of $120.00. The insider received around $837 thousand as a result of the transaction.
- What’s Happening: The company’s stock has declined around 10% since the start of the year.
- What Electronic Arts Does: EA is one of the world's largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.
Alphabet (NASDAQ:GOOGL)
- The Trade: Alphabet Inc. (NASDAQ: GOOG) Senior Vice President Prabhakar Raghavan sold a total of 22,208 shares at an average price of $98.09. The insider received around $2.18 million from selling those shares.
- What’s Happening: Alphabet Google will pay the state of Arizona $85 million to settle a 2020 lawsuit for allegedly deceiving users by recording their locations even after they tried to turn off the company’s tracking on their smartphones and web browsers.
- What Alphabet Does: Alphabet is a holding company. Internet media giant Google is a wholly owned subsidiary. Google generates 99% of Alphabet revenue, of which more than 85% is from online ads.