The Nasdaq Composite dropped by over 300 points on Thursday. 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.
Foot Locker (NYSE:FL)
- The Trade: Foot Locker, Inc. (NYSE: FL) 10% owner Daniel Kretinsky sold a total of 308,663 shares at an average price of $34.87. The insider received around $10.76 million from selling those shares.
- What’s Happening: Foot Locker, last month, reported Q2 results and announced a CEO transition.
- What Foot Locker Does: Foot Locker Inc operates thousands of retail stores throughout the United States, Canada, Europe, Australia, and New Zealand.
Eli Lilly and Company (NYSE:LLY)
- The Trade: Eli Lilly and Company (NYSE: LLY) 10% owner Lilly Endowment Inc sold a total of 101,631 shares at an average price of $335.07. The insider received around $34.05 million as a result of the transaction.
- What’s Happening: The U.S. Equal Employment Opportunity Commission (EEOC) recently accused Eli Lilly of illegally refusing to hire older workers for sales representative jobs because of their age.
- What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, cancer, and immunology.
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Dave
- The Trade: Dave Inc. (NASDAQ: DAVE) 10% owner William Maris sold a total of 748,120 shares at an average price of $0.38. The insider received around $287.01 thousand from selling those shares.
- What’s Happening: Dave, last month, reported worse-than-expected Q2 sales results.
- What Dave Does: Dave Inc is engaged in offering banking app that offers its customers banking, financial insights, overdraft protection, building credit, and finding side gigs.