US crude oil futures traded lower, dropping around 1% on Thursday. 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.
Eli Lilly and Company (NYSE:LLY)
- The Trade: Eli Lilly and Company (NYSE: LLY) 10% owner Lilly Endowment Inc sold a total of 19,683 shares at an average price of $302.26. The insider received around $5.95 million from selling those shares.
- What’s Happening: Eli Lilly confirmed that its Bebtelovimab maintained neutralization against all known variants of COVID.
- What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, cancer, and immunology. Lilly's key products include Verzenio for cancer; Jardiance, Trulicity, Humalog, and Humulin for diabetes; and Taltz and Olumiant for immunology
- The Trade: Berkshire Hills Bancorp, Inc. (NYSE: BHLB) Director Michael Zaitzeff sold a total of 1,274,279 shares at an average price of $24.70. The insider received around $31.47 million from selling those shares.
- What’s Happening: The company, last month, posted upbeat quarterly earnings.
- What Berkshire Hills Bancorp Does: Berkshire Hills Bancorp Inc is a holding company. It offers deposit, lending, investment, wealth management, and insurance services.
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PepsiCo (NASDAQ:PEP)
- The Trade: PepsiCo, Inc. (NASDAQ: PEP) EVP, Gen Counsel & Corp Sec David Flavell sold a total of 5,150 shares at an average price of $175.11. The insider received around $901.83 thousand as a result of the transaction.
- What’s Happening: PepsiCo, last month, reported first-quarter FY22 sales growth of 9.3% year-on-year to $16.2 billion, beating the consensus of $15.53 billion.
- What PepsiCo Does: PepsiCo is a leading provider of snacks and beverages globally with prominent brands including Pepsi, Mountain Dew, Gatorade, and Aquafina in the beverage space and Lays, Cheetos, and Doritos within snacks.
Snap
- The Trade: Snap Inc . (NYSE: NYSE:SNAP) Chief Business Officer Jeremi Gorman sold a total of 44,597 shares at an average price of $23.86. The insider received around $1.06 million from selling those shares.
- What’s Happening: Snap, last month, said it sees Q2 sales growth of 20%-25% year over year.
- What Snap Does: Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
Read at Benzinga