US stock futures traded mixed this morning 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.
Williams-Sonoma
- The Trade: Williams-Sonoma, Inc. (NYSE: WSM) President WS Brand Ryan Ross sold a total of 10,400 shares at an average price of $127.42. The insider received around $1.33 million from selling those shares.
- What’s Happening: Morgan Stanley (NYSE:MS) recently maintained Williams-Sonoma with an Equal-Weight and lowered the price target from $160 to $152.
- What Williams-Sonoma Does: With a wide retail and direct-to-consumer presence, Williams-Sonoma is a leader in the $300 billion domestic home category, focused on expanding its exposure in the B2B, marketplace, and franchise areas.
Interactive Brokers Group
- The Trade: Interactive Brokers Group, Inc. (NASDAQ: IBKR) Chairman Thomas Peterffy sold a total of 40,000 shares at an average price of $60.46. The insider received around $2.42 million as a result of the transaction.
- What’s Happening: TradingView, last month, announced the integration of Interactive Brokers Group Inc.
- What Interactive Brokers Group Does: Interactive Brokers Group Inc, or IB, conducts broker-dealer agency business and proprietary trading business worldwide.
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Kraft Heinz (NASDAQ:KHC) Company
- The Trade: The Kraft Heinz Company (NASDAQ: KHC) EVP, Global GC & CSCAO Rashida Lande la sold a total of 16,281 shares at an average price of $36.47. The insider received around $593.74 thousand from selling those shares.
- What’s Happening: UBS recently downgraded the stock from Neutral to Sell and lowered its price target from $40 to $34.
- What Kraft Heinz Does: In July 2015, Kraft merged with Heinz to create the third-largest food and beverage manufacturer in North America behind PepsiCo (NASDAQ:PEP) and Nestle and the fifth-largest player in the world.
- The Trade: Pfizer Inc. (NYSE: NYSE:PFE) SVP and Controller Jennifer B Damico sold a total of 4,218 shares at an average price of $53.96. The insider received around $227.6 thousand from selling those shares.
- What’s Happening: Pfizer announced plans to invest an incremental $120 million at its Kalamazoo, Michigan facility to augment production of Paxlovid.
- What Pfizer Does: Pfizer is one of the world's largest pharmaceutical firms, with annual sales close to $50 billion (excluding COVID-19 vaccine sales).
Read at Benzinga