Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed higher by over 100 points on Tuesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. 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.
Robinhood Markets
- The Trade: Robinhood Markets, Inc. (NASDAQ: HOOD) Chief Legal Officer Daniel M. Gallagher, Jr. sold a total of 12,500 shares at an average price of $9.69. The insider received around $121,179 from selling those shares.
- What’s Happening: Robinhood reported mixed third-quarter financial results and issued guidance.
- What Robinhood Does: Robinhood Markets Inc is creating a modern financial services platform. It designs its own products and services and delivers them through a single, app-based cloud platform supported by proprietary technology.
Yum! Brands
- The Trade: Yum! Brands, Inc. (NYSE: YUM) CEO - Taco Bell James Mark King sold a total of 9,600 shares at an average price of $126.60. The insider received around $1.22 million from selling those shares.
- What’s Happening: Yum! Brands reported third-quarter FY23 sales growth of 4% year-on-year to $1.708 billion, missing the analyst consensus estimate of $1.774 billion.
- What Yum! Brands Does: Yum Brands is a U.S.-based restaurant operator featuring a portfolio of four brands: KFC (27,760 global units at year-end 2022), Pizza Hut (19,034 units), Taco Bell (8,203 units), and The Habit Burger Grill (346 units).
- The Trade: The Gap, Inc. (NYSE: GPS) EVP Sup Chn, Strat & Transform Sarah Gilligan sold a total of 8,712 shares at an average price of $14.00. The insider received around $121,968 from selling those shares.
- What’s Happening: Evercore ISI Group initiated coverage on Gap with an Outperform rating and announced a price target of $17.
- What Gap Does: Gap retails apparel, accessories, and personal-care products under the Gap, Old Navy, Banana Republic, and Athleta brands. Old Navy generates more than half of Gap's sales.
- The Trade: The Charles Schwab Corporation (NYSE: SCHW) CFO Peter Crawford sold a total of 3,114 shares at an average price of $56.19. The insider received around $174,964 from selling those shares.
- What’s Happening: Charles Schwab reported better-than-expected earnings for the third quarter.
- What Charles Schwab Does: Charles Schwab operates in brokerage, wealth management, banking, and asset-management businesses.
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