Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed higher by over 250 points 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.
First Solar
- The Trade: First Solar, Inc. (NASDAQ: FSLR) Chief Manufacturing Officer Kumar Kuntal Verma sold a total of 1,621 shares at an average price of $144.16. The insider received around $233,683 from selling those shares.
- What’s Happening: First Solar reported third-quarter revenue of $801 million versus the consensus estimate of $894.12 million.
- What First Solar Does: First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects.
Royal Caribbean Cruises
- The Trade: Royal Caribbean Cruises Ltd. (NYSE: RCL) President, Celebrity Cruises Laura H Bethge sold a total of 3,502 shares at an average price of $86.00. The insider received around $301,172 from selling those shares.
- What’s Happening: Royal Caribbean posted upbeat third-quarter earnings.
- What Royal Caribbean Cruises Does: Royal Caribbean is the world's second-largest cruise company, operating 64 ships across five global and partner brands in the cruise vacation industry, with 10 more ships on order.
- The Trade: DoorDash, Inc. (NASDAQ: DASH) CFO Ravi Inukonda sold a total of 7,000 shares at an average price of $73.31. The insider received around $513,149 from selling those shares.
- What’s Happening: DoorDash reported better-than-expected third-quarter sales results.
- What DoorDash Does: Founded in 2013 and headquartered in San Francisco, DoorDash is an online food order demand aggregator. Consumers can use its app to order food on-demand for pickup or delivery from merchants mainly in the U.S.
- The Trade: M&T Bank Corporation (NYSE: MTB) Sr. Executive Vice President Doris Meister sold a total of 1,000 shares at an average price of $110.58. The insider received around $110,583 from selling those shares.
- What’s Happening: M&T Bank posted better-than-expected quarterly results.
- What M&T Bank Does: M&T Bank is one of the largest regional banks in the United States, with branches in New York, Pennsylvania, West Virginia, Virginia, Maryland, Delaware, and New Jersey.
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