Although US crude oil futures traded higher this morning, there were a few 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.
Eli Lilly
- The Trade: Eli Lilly and Company (NYSE: NYSE:LLY) 10% owner Lilly Endowment Inc sold a total of 20,018 shares at an average price of $266.52. The insider received around $5.34 million from selling those shares.
- What’s Happening: Erasca reported clinical trial collaboration and supply agreement with Eli Lilly and Company to evaluate ERAS-007 and cetuximab combination.
- What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, oncology, and immunology. Lilly's key products include Alimta and Verzenio for cancer; Jardiance, Trulicity, Humalog, and Humulin for diabetes; and Taltz and Olumiant for immunology.
- The Trade: Tenet Healthcare Corporation (NYSE: NYSE:THC) Director Richard J Mark sold a total of 6,000 shares at an average price of $90.47. The insider received around $542.82 thousand from selling those shares.
- What’s Happening: Jefferies recently maintained Tenet Healthcare with a Buy and raised the price target from $120 to $125.
- What Tenet Healthcare Does: Tenet Healthcare is a Dallas-based healthcare provider organization operating a collection of hospitals (60 as of September 2021) and over 550 outpatient facilities, including ambulatory surgery centers, urgent care centers, freestanding imaging centers, freestanding emergency rooms/micro-hospitals, and physician practices across the United States.
Walmart (NYSE:WMT)
- The Trade: Walmart Inc. (NYSE: WMT) 10% owner Jim Walton sold a total of 178,000 shares at an average price of $139.82. The insider received around $24.89 million as a result of the transaction.
- What’s Happening: Walmart recently anounced plans to build a new fulfillment center in southern Pennsylvania to support its supply chain network and eCommerce capabilities.
- What Walmart Does: America's largest retailer by sales, Walmart operated over 11,400 stores under 54 banners at the end of fiscal 2021, selling a variety of general merchandise and grocery items.
- The Trade: Meta Platforms, Inc. (NASDAQ: FB) Chief Legal Officer Jennifer Newstead sold a total of 330 shares at an average price of $187.80. The insider received around $61.97 thousand from selling those shares.
- What’s Happening: EU and U.K. antitrust regulators launched parallel investigations into Alphabet (NASDAQ:GOOGL) unit Google and Facebook (NASDAQ:FB) parent Meta Platforms over a 2018 ad deal, CNBC reported.
- What Meta Platforms Does: Meta is the world's largest online social network, with 2.5 billion monthly active users. Users engage with each other in different ways, exchanging messages and sharing news events, photos, and videos.
- The Trade: Twitter, Inc. (NYSE: TWTR) Chief Financial Officer Ned Segal sold a total of 5,000 shares at an average price of $32.27. The insider received around $161.35 thousand from selling those shares.
- What’s Happening: Twitter named new leaders in its consumer division, Bluebird, to develop new features and services.
- What Twitter Does: Twitter is an open distribution platform for and a conversational platform around short-form text (a maximum of 280 characters), image, and video content.
Read at Benzinga