US manufacturing PMI dropped to 52.3 in July from previous reading of 52.70, while services PMI tumbled to 47.00 from 52.70. 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.
Jabil
- The Trade: Jabil Inc. (NYSE: JBL) EVP, GC, CCO & Assist Corp Sec Robert Katz sold a total of 9,477 shares at an average price of $55.00. The insider received around $521.24 thousand from selling those shares.
- What’s Happening: IdentifySensors Biologics partnered with Jabil Healthcare to manufacture digital diagnostic platform.
- What Jabil Does: Jabil Inc is a United States-based company engaged in providing manufacturing services and solutions. It provides comprehensive electronics design, production and product management services to companies in various industries and end markets.
Moderna (NASDAQ:MRNA)
- The Trade: Moderna, Inc. (NASDAQ: MRNA) Director Noubar B. Afeyan sold a total of 10,000 shares at an average price of $167.00. The insider received around $1.67 million as a result of the transaction.
- What’s Happening: European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending a variation to the conditional marketing authorization (CMA) to include a booster dose of Moderna’s Spikevax, COVID-19 vaccine, at the 50 µg dose level for adolescents (12-17 years) at least three months after completion of the primary series.
- What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.
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Lennar
- The Trade: Lennar Corporation (NYSE: NYSE:LEN) VP and Controller David M Collins sold a total of 15,000 shares at an average price of $82.00. The insider received around $1.23 million from selling those shares.
- What’s Happening: JP Morgan recently downgraded Lennar from Overweight to Neutral and lowered the price target from $83 to $80.
- What Lennar Does: Lennar is the second-largest public homebuilder in the United States.
Read at Benzinga