Benzinga - US stocks recorded their first yearly decline since 2018. 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.
Canopy Growth
- The Trade: Canopy Growth Corporation (NASDAQ: CGC) Director David Angelo Lazzarato sold a total of 3,733 shares at an average price of $2.97. The insider received around $11.09 thousand from selling those shares.
- What’s Happening: The company’s stock dropped 19% over the past six months.
- What Canopy Growth Does: Canopy Growth, headquartered in Smiths Falls, Canada, cultivates and sells medicinal and recreational cannabis, and hemp, through a portfolio of brands that include Tweed, Spectrum Therapeutics, and CraftGrow.
Pinterest (NYSE:PINS)
- The Trade: Pinterest, Inc. (NYSE: PINS) SVP, Products Naveen Gavini sold a total of 14,295 shares at an average price of $23.51. The insider received around $336.06 thousand as a result of the transaction.
- What’s Happening: Piper Sandler, last month, upgraded the stock from Neutral to Overweight and raised its price target from $25 to $30.
- What Pinterest Does: Pinterest is an online product and idea discovery platform that helps users gather ideas on everything from recipes to cook to destinations to travel to.
Hyzon Motors
- The Trade: Hyzon Motors Inc. (NASDAQ: HYZN) 10% owner Horizon Fuel Cell Technologies Pte Ltd sold a total of 3,769,592 shares at an average price of $1.71. The insider received around $6.45 million from selling those shares.
- What’s Happening: Hyzon Motors In entered into an agreement with Chevron’s Chevron (NYSE:CVX) New EnergiesandRaven SR.
- What Hyzon Motors Does: Hyzon Motors Inc assembles and supplies hydrogen fuel cell-powered commercial vehicles across North America, Europe, China, and Australasia.