US crude oil futures traded higher this morning on Friday. 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.
Electronic Arts
- The Trade: Electronic Arts Inc . (NASDAQ: NASDAQ:EA) Chief Experience Officer Chris Bruzzo sold a total of 2,000 shares at an average price of $128.39. The insider received around $256.78 thousand from selling those shares.
- What’s Happening: Electronic Arts recently reported Q4 financial results and issued FY23 guidance.
- What Electronic Arts Does: EA is one of the world's largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.
- The Trade: Cactus, Inc. (NYSE: WHD) President and CEO Scott Bender sold a total of 180,000 shares at an average price of $48.00. The insider received around $8.64 million from selling those shares.
- What’s Happening: The company recently posted upbeat quarterly earnings.
- What Cactus Does: Cactus Inc is primarily engaged in the designing, manufacturing, and sale of wellheads and pressure control equipment. Its principal products include Cactus SafeDrill wellhead systems, frac stacks, zipper manifolds, and production trees.
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LKQ
- The Trade: LKQ Corporation (NASDAQ: LKQ) Director Valueact Holdings GP LLC sold a total of 5,000,000 shares at an average price of $50.35. The insider received around $251.75 million as a result of the transaction.
- What’s Happening: LKQ Board of Directors recently approved a $500 million increase to its existing stock buyback program.
- What LKQ Does: LKQ is a leading Global distributor of non-OEM automotive parts. Initially formed in 1998 as a consolidator of auto salvage operations in the United States, it has since greatly expanded its scope to include distribution of new mechanical and collision parts, specialty auto equipment, and remanufactured and recycled parts in both Europe and North America.
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