Although the NFIB small business optimism index in the US dropped for a second straight month to 95.7 in February, 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.
California Resources
- The Trade: California Resources Corporation (NYSE: CRC) 10% owner Ares Partners Holdco Llc disposed a total of around 93,800 shares at an average price of $42.79. The insider received around $4.01 million as a result of the transaction.
- What’s Happening: The company recently reported upbeat quarterly sales.
- What California Resources Does: California Resources Corp is an independent oil and natural gas company committed to energy transition in the sector. The firm has some of the lowest carbon intensity production in the US.
- The Trade: Velodyne Lidar, Inc. (NASDAQ: VLDR) 10% owner David S Hall sold a total of 5,600,000 shares at an average price of $2.21. The insider received around $12.38 million from selling those shares.
- What’s Happening: The company recently reported upbeat quarterly results.
- What Velodyne Lidar Does: Velodyne Lidar Inc provides smart, powerful lidar solutions. It is known for its broad portfolio of lidar technologies.
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Centennial Resource Development
- The Trade: Centennial Resource Development, Inc. (NASDAQ: CDEV) Director Silver Run Sponsor Manager Llc sold a total of 10,000,000 shares at an average price of $8.15. The insider received around $81.5 million as a result of the transaction.
- What’s Happening: Centennial Resource Development recently reported better-than-expected Q4 EPS and sales results and announced a $350 million buyback.
- What Centennial Resource Development Does: Centennial Resource Development Inc is an independent oil and natural gas company focused on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin.
- The Trade: Arista Networks, Inc. (NYSE: ANET) Chief Development Officer Andreas Bechtolsheim sold a total of 200,000 shares at an average price of $119.53. The insider received around $23.91 million from selling those shares.
- What’s Happening: Arista Networks recently reported better-than-expected Q4 adjusted EPS and sales results and issued Q1 sales guidance above estimates.
- What Arista Networks Does: Arista Networks is a software and hardware provider for the networking solutions sector. Operating as one business unit, software, switching, and router products are targeted for high-performance networking applications, while service revenue comes from technical support.
- The Trade: CorePoint Lodging Inc. (NYSE: CPLG) 10% owner Blackstone (NYSE:BX) Real Estate Partners Dc Ivte sold a total of 17,586,538 shares at an average price of $15.99. The insider received around $281.21 million from selling those shares.
- What’s Happening: The company has a market capitalization of around $945 million.
- What CorePoint Lodging Does: CorePoint Lodging Inc is a lodging real estate investment trust strategically focused on serving the midscale and upper-midscale select-service lodging segments.
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