U.S. stock futures traded higher this morning on Tuesday after recording losses in the previous week. 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.
Smart Sand
- The Trade: Smart Sand, Inc. (NASDAQ: SND) Director Enrique Jose Feliciano sold a total of 2,552,462 shares at an average price of $3.18. The insider received around $8.11 million from selling those shares.
- What’s Happening: Smart Sand, last month, posted a Q1 loss of $0.14 per share.
- What Smart Sand Does: Smart Sand Inc is a fully integrated frac sand supply and services company that offers complete mine to wellsite proppant supply and logistics solutions.
Enphase Energy
- The Trade: Enphase Energy, Inc. (NASDAQ: ENPH) Director Ian Joseph Malchow sold a total of 12,500 shares at an average price of $188.00. The insider received around $2.35 million as a result of the transaction.
- What’s Happening: BMO Capital recently maintained Enphase Energy with an Outperform and raised the price target from $215 to $240.
- What Enphase Energy Does: Enphase Energy is a global energy technology company. The company delivers smart, easy-to-use solutions that manage solar generation, storage, and communication on one platform.
McKesson
- The Trade: McKesson Corporation (NYSE: NYSE:MCK) CEO Brian Tyler sold a total of 4,767 shares at an average price of $305.39. The insider received around $1.46 million from selling those shares.
- What’s Happening: Deutsche Bank (ETR:DBKGn) recently upgraded McKesson from Hold to Buy and raised the price target from $343 to $378.
- What McKesson Does: McKesson is a leading wholesaler of branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospitals networks, and healthcare providers.
Read at Benzinga