Benzinga - The Nasdaq Composite closed lower on Tuesday. 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.
AutoNation
- The Trade: AutoNation, Inc. NYSE: AN) 10% owner Edward S Lampert sold a total of 97,239 shares at an average price of $134.48. The insider received around $13.08 million from selling those shares.
- What’s Happening: AutoNation reported better-than-expected Q4 adjusted EPS and sales results.
- What AutoNation Does: AutoNation is the second largest automotive dealer in the United States, with 2022 revenue of $27 billion and about 250 dealerships, plus 55 collision centers.
Snap
- The Trade: Snap Inc. (NYSE: SNAP) General Counsel Michael Osullivan sold a total of 13,000 shares at an average price of $11.13. The insider received around $144.67 thousand from selling those shares.
- What’s Happening: Credit Suisse reiterated Snap with an Outperform and maintained a $13 price target.
- What Snap Does: Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
Dell Technologies
- The Trade: Dell Technologies Inc. (NYSE: DELL) CFO Thomas Sweet sold a total of 283,388 shares at an average price of $40.14. The insider received around $11.38 million from selling those shares.
- What’s Happening: Goldman Sachs initiated coverage on the stock with a Buy rating.
- What Dell Does: Dell Technologies is a broad information technology vendor, primarily supplying hardware to enterprises. It is focused on premium personal computers and enterprise on-premises data center hardware.
- The Trade: Hewlett Packard Enterprise Company (NYSE: HPE) EVP, GM, HPC and AI Justin Hotard sold a total of 14,162 shares at an average price of $16.00. The insider received around $226.59 thousand from selling those shares.
- What’s Happening: Hewlett Packard Enterprise reported better-than-expected Q1 results and issued strong Q2 revenue guidance.
- What Hewlett Packard Enterprise Does: Hewlett Packard Enterprise is an information technology vendor that provides hardware and software to enterprises.