Benzinga - The Nasdaq Composite settled slightly lower on Monday. 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.
Philip Morris International
- The Trade: Philip Morris International Inc. (NYSE: PM) Pr.Combusibles&GlobalComb.Mktg Werner Barth sold a total of 8,000 shares at an average price of $98.35. The insider received around $786.82 thousand from selling those shares.
- What’s Happening: UBS upgraded Philip Morris Intl from Neutral to Buy and raised the price target from $106 to $116.
- What Philip Morris Does: Philip Morris International is an international tobacco company with a product portfolio primarily consisting of cigarettes and reduced-risk products, including heat-not-burn, vapor and oral nicotine products, which are sold in markets outside the United States.
Skechers U.S.A.
- The Trade: Skechers U.S.A., Inc. (NYSE: SKX) Executive Vice President Mark Nason sold a total of 17,463 shares at an average price of $45.97. The insider received around $802.75 thousand from selling those shares.
- What’s Happening: Skechers issued Q1 and FY23 guidance below analyst estimates.
- What Skechers Does: Skechers USA Inc is a lifestyle footwear company under the Skechers GO brand name.
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Radian Group
- The Trade: Radian Group Inc. (NYSE: RDN) President, Mortgage Derek Brummer sold a total of 37,000 shares at an average price of $22.21. The insider received around $821.71 thousand from selling those shares.
- What’s Happening: Radian Group will join the S&P SmallCap 600.
- What Radian Group Does: Radian Group Inc provides mortgage insurance and services to the real estate and mortgage finance industries.
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