US stock futures traded mixed 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.
Chipotle Mexican Grill
- The Trade: Chipotle Mexican Grill, Inc. (NYSE: CMG) Chief Legal Officer Roger Theodoredis sold a total of 2,318 shares at an average price of $1,402.57. The insider received around $3.25 million from selling those shares.
- What’s Happening: Stephens & Co. recently initiated coverage on Chipotle Mexican Grill with an Overweight rating and announced a price target of $1,900.
- What Chipotle Does: Chipotle Mexican Grill is the largest fast-casual chain restaurant in the United States, with systemwide sales of $7.5 billion in 2021.
Dropbox
- The Trade: Dropbox, Inc. (NASDAQ: DBX) President Timothy Young sold a total of 15,000 shares at an average price of $20.06. The insider received around $300.94 thousand as a result of the transaction.
- What’s Happening: Keybanc recently initiated coverage on Dropbox with an Overweight rating and announced a price target of $30.
- What Dropbox Does: Dropbox is a leading provider of cloud-storage and content collaboration tools with an emphasis on individuals and SMB.
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Booz Allen Hamilton
- The Trade: Booz Allen Hamilton Holding Corporation (NYSE: BAH) Director Melody C Barnes sold a total of 1,806 shares at an average price of $92.94. The insider received around $167.85 thousand from selling those shares.
- What’s Happening: Booz Allen Hamilton recently named Matthew Calderone as CFO.
- What Booz Allen Hamilton Does: Booz Allen Hamilton Holding Corp is a provider of management consulting services to the U.S. government. Other services offered include technology, such as cloud computing and cybersecurity consulting, and engineering consulting.
- The Trade: Joby Aviation, Inc. (NYSE: JOBY) Director, CEO and Chief Architect Joeben Bevirt sold a total of 296,527 shares at an average price of $5.00. The insider received around $1.48 million from selling those shares.
- What’s Happening: Joby Aviation, last month, reported better-than-expected Q2 EPS results.
- What Joby Aviation Does: Joby Aviation Inc is a transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service.