Benzinga - The Nasdaq 100 closed slightly lower 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.
Delta Air Lines
- The Trade: Delta Air Lines, Inc. (NYSE: DAL) President Glen W Hauenstein sold a total of 5,000 shares at an average price of $37.87. The insider received around $189.32 thousand from selling those shares.
- What’s Happening: Kyndryl entered into 5-year extended agreement with Delta Air Lines to enhance IT resiliency & scalability.
- What Delta Air Lines Does: Delta Air Lines Inc is airlines, with a network of over 300 destinations in more than 50 countries.
Seagen
- The Trade: Seagen Inc. (NASDAQ: SGEN) CFO Todd E Simpson sold a total of 20,000 shares at an average price of $182.53. The insider received around $3.65 million from selling those shares.
- What’s Happening: According to a Wall Street Journal report citing people familiar with the matter, Pfizer is in early stage talks to acquire Seagen.
- What Seagen Does: Seagen (formerly known as Seattle Genetics) is a biotech firm that develops and commercializes therapies to treat cancers. Seagen's therapies are based on antibody-drug conjugate technology that utilizes the targeting ability of monoclonal antibodies to deliver cell-killing agents directly to cancer cells.
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Garmin
- The Trade: Garmin Ltd. (NASDAQ: GRMN) EVP, Operations Patrick Desbois sold a total of 6,165 shares at an average price of $98.43. The insider received around $606.82 thousand from selling those shares.
- What’s Happening: Garmin reported a fourth-quarter FY22 revenue decline of 6% year-on-year to $1.31 billion, beating the consensus of $1.30 billion.
- What Garmin Does: Garmin produces GPS-enabled hardware and software for five verticals: fitness, outdoors, auto, aviation, and marine.
Entergy
- The Trade: Entergy Corporation (NYSE: ETR) EVP and General Counsel Marcus V Brown sold a total of 12,500 shares at an average price of $106.10. The insider received around $1.33 million from selling those shares.
- What’s Happening: Entergy posted in-line earnings for the fourth quarter.
- What Entergy Does: Entergy is a holding company with five regulated integrated utilities that generate and distribute electricity to about 3 million customers in Arkansas, Louisiana, Mississippi, and Texas.