The US economy added 261,000 jobs in October, while the unemployment rate increased to 3.7% during the month. 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.
Super Micro Computer
- The Trade: Super Micro Computer, Inc. (NASDAQ: SMCI) President and CEO Charles Liang sold a total of 44,000 shares at an average price of $75.00. The insider received around $3.3 million from selling those shares.
- What’s Happening: Super Micro Computer recently reported better-than-expected Q3 results.
- What Super Micro Computer Does: Super Micro Computer Inc provides high-performance server technology services to cloud computing, data center, Big Data, high-performance computing, and "Internet of Things" embedded markets.
Block
- The Trade: Block, Inc. (NYSE: SQ) CFO Amrita Ahuja sold a total of 3,820 shares at an average price of $58.86. The insider received around $224.85 thousand as a result of the transaction.
- What’s Happening: Block reported better-than-expected Q3 EPS and sales results
- What Block Does: Founded in 2009, Block provides payment acquiring services to merchants, along with related services.
Thermo Fisher Scientific
- The Trade: Thermo Fisher Scientific Inc. (NYSE: NYSE:TMO) CEO and Chairman Marc N Casper sold a total of 8,200 shares at an average price of $487.45. The insider received around $4 million from selling those shares.
- What’s Happening: Thermo Fisher Scientific agreed to acquire The Binding Site from Private Equity Nordic Capital for $2.6 billion, implying an 11x 2023E sales of $242 million.
- What Thermo Fisher Scientific Does: Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents.
Eli Lilly and Company (NYSE:LLY)
- The Trade: Eli Lilly and Company (NYSE: LLY) 10% owner Lilly Endowment Inc sold a total of 133,948 shares at an average price of $362.08. The insider received around $48.5 million from selling those shares.
- What’s Happening: Boehringer Ingelheim and Eli Lilly And Co said their diabetes drug Jardiance showed to slow the progression of chronic kidney disease.
- What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, cancer, and immunology.