Although the US economy added 431,000 payrolls in March, there were a few 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.
Morningstar
- The Trade: Morningstar, Inc. (NASDAQ: MORN) Executive Chairman Joseph Mansueto sold a total of 29,786 shares at an average price of $279.85. The insider received around $8.34 million from selling those shares.
- What’s Happening: Morningstar, last month, posted Q4 EPS of $1.50.
- What Morningstar Does: Morningstar Inc is a provider of independent investment research to financial advisers, asset managers, and investors. The company focuses its operations on two core sectors: data and research.
- The Trade: California Resources Corporation (NYSE: CRC) 10% owner Steven Tananbaum sold a total of 376,691 shares at an average price of $48.60. The insider received around $18.31 million from selling those shares.
- What’s Happening: The company, last month, posted strong quarterly sales.
- What California Resources Does: California Resources Corp is an independent oil and natural gas company committed to energy transition in the sector.
PMV Pharmaceuticals
- The Trade: PMV Pharmaceuticals, Inc. (NASDAQ: PMVP) 10% owner Orbimed Capital Llc sold a total of 474,500 shares at an average price of $21.63. The insider received around $10.26 million as a result of the transaction.
- What’s Happening: PMV Pharmaceuticals, last month, posted a FY21 loss of $1.28 per share.
- What PMV Pharmaceuticals Does: PMV Pharmaceuticals Inc is a precision oncology company. The company is engaged in the research and development of small molecule, tumor-agnostic therapies targeting p53 mutations, which has the ability to eliminate cancer cells.
Alight
- The Trade: Alight, Inc. (NYSE: ALIT) Director William P. Foley, II sold a total of 1,085,429 shares at an average price of $10.39. The insider received around $2.32 million from selling those shares.
- What’s Happening: The company, during February, posted upbeat quarterly sales.
- What Alight Does: Alight Inc is a provider of integrated, cloud-based human capital solutions that empower clients and employees to manage health, wealth and HR needs. Geographically, the company generates a majority of its revenue from the United States.
- The Trade: Dutch Bros Inc. (NYSE: BROS) Chief Operating Officer Brian Maxwell sold a total of 42,000 shares at an average price of $63.73. The insider received around $2.68 million from selling those shares.
- What’s Happening: The company recently posted in-line quarterly earnings.
- What Dutch Bros Does: Dutch Bros Inc is an operator and franchisor of drive-thru coffee shops that are focused on serving hand-crafted beverages.
Read at Benzinga