Although US crude oil futures traded sharply on Tuesday, 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.
Eli Lilly and Company (NYSE:LLY)
- The Trade: Eli Lilly and Company (NYSE: LLY) 10% owner Lilly Endowment Inc sold a total of 21,840 shares at an average price of $269.05. The insider received around $5.88 million from selling those shares.
- What’s Happening: Erasca recently reported a clinical trial collaboration and supply agreement with Eli Lilly to evaluate ERAS-007 and cetuximab combination.
- What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, oncology, and immunology. Lilly's key products include Alimta and Verzenio for cancer; Jardiance, Trulicity, Humalog, and Humulin for diabetes; and Taltz and Olumiant for immunology.
- The Trade: The St. Joe Company (NYSE: JOE) 10% owner Fairholme Funds Inc sold a total of 84,000 shares at an average price of $54.38. The insider received around $4.57 million from selling those shares.
- What’s Happening: St. Joe, last month, posted Q4 EPS of $0.54.
- What St. Joe Company Does: The St. Joe Co is a real estate development, asset management and operating company. The company owns 170,000 acres of land in Northwest Florida.
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Callon Petroleum Company
- The Trade: Callon Petroleum Company (NYSE: CPE) 10% owner Stephen Schwarzman sold a total of 54,629 shares at an average price of $60.30. The insider received around $3.29 million as a result of the transaction.
- What’s Happening: The company, last month, posted downbeat quarterly results.
- What Callon Petroleum Does: Callon Petroleum Company engages in the exploration, development, acquisition, and production of oil and natural gas. Activities are primarily conducted in the Permian Basin region of West Texas and southeastern New Mexico.
- The Trade: Thryv Holdings, Inc. (NASDAQ: THRY) 10% owner Verto Direct Opportunity II, LP sold a total of 405,636 shares at an average price of $29.43. The insider received around $11.94 million from selling those shares.
- What’s Happening: Thryv Holdings recently posted Q4 adjusted EBITDA of $46.5 million.
- What Thryv Holdings Does: Thryv Holdings Inc provides software as service (SaaS) management tools and digital and print marketing tools to small and mid-sized businesses.
Read at Benzinga