The Nasdaq Composite gained around 50 points 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.
Tesla
- The Trade: Tesla, Inc. (NASDAQ: TSLA (NASDAQ:TSLA)) CEO Elon Musk sold a total of 9,650,000 shares at an average price of $208.58. The insider received around $2.01 billion from selling those shares. Musk also sold 5.45 million shares at $208.58 and 4.40 million shares at an average price of $191.63.
- What’s Happening: Tesla is recalling over 40,000 Model S and Model X vehicles, belonging to model years 2017-2021.
- What Tesla Does: Founded in 2003 and based in Palo Alto (NASDAQ:PANW), California, Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles.
Schlumberger (NYSE:SLB)
- The Trade: Schlumberger Limited (NYSE: SLB) Chief Accounting Officer Howard Guild sold a total of 20,053 shares at an average price of $53.00. The insider received around $1.06 million as a result of the transaction.
- What’s Happening: Schlumberger raised dividend from $0.175 to $0.25.
- What Schlumberger Does: SLB, formerly known as Schlumberger, is the largest oilfield service firm in the world, with expertise in myriad disciplines, including reservoir performance, well construction, production enhancement, and more recently, digital solutions.
Helmerich & Payne
- The Trade: Helmerich & Payne, Inc. (NYSE: HP) President and CEO John W Lindsay sold a total of 18,859 shares at an average price of $51.82. The insider received around $977.32 thousand from selling those shares.
- What’s Happening: The company’s fiscal fourth quarter 2022 conference call will take place on November 17, 2022.
- What Helmerich & Payne Does: Helmerich & Payne has the largest fleet of U.S. land drilling rigs. The company's FlexRig line is the leading choice to drill horizontal wells for production of U.S. tight oil and gas.