Benzinga - The Nasdaq Composite rose by around 1% on Tuesday. 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.
Zeta Global Holdings
- The Trade: Zeta Global Holdings Corp. (NYSE: ZETA) 10% owner GCP Capital Partners IV, L.P. sold a total of 220,770 shares at an average price of $9.20. The insider received around $2.03 million from selling those shares.
- What’s Happening: B. Riley Securities recently initiated coverage on Zeta Global Holdings with a Buy rating and announced a price target of $13.
- What Zeta Global Does: Zeta Global Holdings Corp is an omnichannel data-driven cloud platform that provides enterprises with consumer intelligence and marketing automation software.
Deckers Outdoor
- The Trade: Deckers Outdoor Corporation (NYSE: DECK) Chief Administrative Officer Thomas Garcia sold a total of 2,000 shares at an average price of $376.36. The insider received around $752.72 thousand as a result of the transaction.
- What’s Happening: The company, during October, reported better-than-expected quarterly results.
- What Deckers Outdoor Does: Deckers Outdoor Corp designs and sells casual and performance footwear, apparel, and accessories. Primary brands include UGG, Teva, and Sanuk.
Robinhood Markets
- The Trade: Robinhood Markets, Inc. (NASDAQ: HOOD) Chief Creative Officer Baiju Bhatt sold a total of 91,912 shares at an average price of $9.36. The insider received around $860.71 thousand from selling those shares.
- What’s Happening: Citigroup (NYSE:C) recently downgraded Robinhood Markets from Buy to Neutral.
- What Robinhood Does: Robinhood Markets Inc (NASDAQ:HOOD) is creating a modern financial services platform.
Hershey Company (NYSE:HSY)
- The Trade: The Hershey Company (NYSE: HSY) Director Robert Malcolm sold a total of 2,200 shares at an average price of 237.24. The insider received around $521.93 thousand from selling those shares.
- What’s Happening: UBS recently upgraded Hershey from Neutral to Buy and raised the price target from $244 to $269.
- What Hershey Does: Hershey is a leading confectionery manufacturer in the U.S. (around a $25 billion market), controlling around 46% of the domestic chocolate space (per IRI).