Benzinga - The Nasdaq Composite jumped by over 480 points on Wednesday. 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.
LyondellBasell Industries (NYSE:LYB)
- The Trade: LyondellBasell Industries N.V. (NYSE: LYB) 10% owner Len Blavatnik sold a total of 1,402,472 shares at an average price of $84.95. The insider received around $119.14 million from selling those shares.
- What’s Happening: Mizuho recently downgraded LyondellBasell Industries from Buy to Neutral.
- What LyondellBasell Industries Does: LyondellBasell is a petrochemical producer with operations in the United States, Europe, and Asia.
Warner Music Group
- The Trade: Warner Music Group Corp. (NASDAQ: WMG) Director Lincoln Benet sold a total of 20,000 shares at an average price of $32.32. The insider received around $646.4 thousand as a result of the transaction.
- What’s Happening: Warner Music Group recently reported better-than-expected Q4 sales results.
- What Warner Music Group Does: Warner Music Group is the third largest of the three major global record labels, with Vivendi (EPA:VIV)'s Universal Music (AS:UMG) in first and Sony Music in second.
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Synchrony Financial
- The Trade: Synchrony Financial (NYSE: SYF) Director Margaret Keane sold a total of 68,369 shares at an average price of $36.50. The insider received around $2.5 million from selling those shares.
- What’s Happening: Morgan Stanley (NYSE:MS) downgraded Synchrony Finl from Equal-Weight to Underweight and lowered the price target from $31 to $29.
- What Synchrony Financial Does: Synchrony Financial, originally a spinoff of GE Capital's retail financing business, is the largest provider of private-label credit cards in the United States by both outstanding receivables and purchasing volume.
Intercontinental Exchange
- The Trade: Intercontinental Exchange, Inc. (NYSE: ICE (NYSE:ICE)) CEO Jeffrey Sprecher sold a total of 30,000 shares at an average price of $105.37. The insider received around $3.16 million from selling those shares.
- What’s Happening: B of A Securities recently upgraded Intercontinental Exchange from Neutral to Buy.
- What Intercontinental Exchange Does: Intercontinental Exchange is a vertically integrated operator of financial exchanges and provides ancillary data products.