Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed higher by around 0.1% on Wednesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. 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.
Robinhood Markets
- The Trade: Robinhood Markets, Inc. (NASDAQ: HOOD) CEO Vladimir Tenev sold a total of 83,333 shares at an average price of $9.61. The insider received around $800,772 from selling those shares.
- What’s Happening: Robinhood reported mixed third-quarter financial results and issued guidance.
- What Robinhood Does: Robinhood Markets Inc is creating a modern financial services platform. It designs its own products and services and delivers them through a single, app-based cloud platform supported by proprietary technology.
Northrop Grumman
- The Trade: Northrop Grumman Corporation (NYSE: NOC) CVP & Pres, Mission Systems Mark Caylor sold a total of 1,670 shares at an average price of $472.62. The insider received around $789,275 from selling those shares.
- What’s Happening: Northrop Grumman reported third-quarter FY23 sales growth of 9% year-over-year to $9.78 billion, beating the consensus of $9.58 billion.
- What Northrop Grumman Does: Northrop Grumman is a diversified defense contractor providing aeronautics, defense, mission, and space systems. The company's aerospace segment creates the fuselage for the massive F-35 program and produces autonomous and piloted aircraft such as Global Hawk drones and the new B-21 bomber.
- The Trade: Costco Wholesale Corporation (NASDAQ: COST) EVP Pierre Riel sold a total of 3,000 shares at an average price of $571.12. The insider received around $1.71 million from selling those shares.
- What’s Happening: Costco Wholesale reported net sales of $18.53 billion for retail month of October.
- What Costco Wholesale Does: Costco operates a membership-based, no-frills retail model, predicated on offering a select product assortment in bulk quantities at bargain prices.
- The Trade: Yelp Inc. (NYSE: YELP) CEO Jeremy Stoppelman sold a total of 30,000 shares at an average price of $45.07. The insider received around $1.35 million from selling those shares.
- What’s Happening: Yelp raised its full-year net revenue outlook.
- What Yelp Does: Yelp Inc operates in the online content market based in the United States. It provides a web-based platform and mobile application to bridge the gap between businesses and consumers.
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