Benzinga - The Nasdaq Composite dropped 1.25% on Tuesday. 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.
Ciena
- The Trade: Ciena Corporation (NYSE: CIEN) President, CEO Gary B Smith sold a total of 3,541 shares at an average price of $51.16. The insider received around $181.17 thousand from selling those shares.
- What’s Happening: Ciena reported better-than-expected Q1 financial results.
- What Ciena Does: Ciena Corp is a network strategy and technology company. It provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks.
Masonite International
- The Trade: Masonite International Corporation (NYSE: DOOR) Director Robert Byrne sold a total of 2,500 shares at an average price of $90.58. The insider received around $226.45 thousand from selling those shares.
- What’s Happening: Masonite International posted downbeat quarterly earnings.
- What Masonite International Does: Masonite International Corp is engaged in designing, manufacturing, marketing and distributing interior and exterior doors for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets.
- The Trade: Robinhood Markets, Inc. (NASDAQ: HOOD) Chief Legal Officer Daniel M. Gallagher, Jr. sold a total of 12,500 shares at an average price of $9.82. The insider received around $122.7 thousand from selling those shares.
- What’s Happening: Robinhood announced the global rollout of its self-custody Web3 wallet — Robinhood Wallet — to all iOS customers.
- What Robinhood Does: Robinhood Markets Inc is creating a modern financial services platform.
FormFactor
- The Trade: FormFactor, Inc. (NASDAQ: FORM) CFO, SVP Global Finance Shai Shahar sold a total of 4,759 shares at an average price of $29.68. The insider received around $141.23 thousand from selling those shares.
- What’s Happening: FormFactor reported better-than-expected Q4 results.
- What FormFactor Does: FormFactor Inc designs, develops, manufactures, sells, and supports semiconductor probe card products.