Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by around 80 points on Monday. 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.
Snap
- The Trade: Snap Inc. (NYSE: SNAP) CEO Evan Spiegel sold a total of 150,000 shares at an average price of $11.11. The insider received over $1,666,530 from selling those shares.
- What’s Happening: Snap shares announced that it entered into various privately negotiated repurchase transactions.
- 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.
Moelis & Company
- The Trade: Moelis & Company (NYSE: MC) Principal Accounting Officer Christopher Callesano sold a total of 1,040 at an average price of $53.59. The insider received around $55,734 from selling those shares.
- What’s Happening: Moelis posted a narrower-than-expected quarterly loss.
- What Moelis & Company Does: Moelis & Co is an independent investment bank that provides strategic and financial advice to a diverse client base, including corporations, financial sponsors, governments, and sovereign wealth funds.
- The Trade: American Express Company (NYSE: AXP) Chief Colleague Experience Off Monique Herena sold a total of 11,242 shares at an average price of $208.41. The insider received around $2,342,945 from selling those shares.
- What’s Happening: American Express fiscal fourth-quarter revenue 2023 (net of interest expense) grew 11% year-on-year to $15.8 billion, missing the consensus of $16.0 billion. EPS of $2.62 missed the consensus of $2.64.
- What American Express Does: American Express is a global financial institution, operating in about 130 countries, that provides consumers and businesses charge and credit card payment products.
- The Trade: Huntington Ingalls Industries, Inc. (NYSE: HII) Ex VP, President NNS Jennifer R. Boykin sold a total of 2,176 shares at an average price of $272.31. The insider received around $592,556 from selling those shares.
- What’s Happening: Huntington Ingalls posted stronger-than-expected earnings for its fourth quarter.
- What Huntington Ingalls Does: Huntington Ingalls Industries is the largest independent military shipbuilder in the U.S., spun off of Northrop Grumman in 2011.
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