Benzinga - The Nasdaq Composite closed lower by over 90 points on Thursday. 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.
DICK'S Sporting Goods
- The Trade: DICK'S Sporting Goods, Inc. (NYSE: DKS) Director Anne Fink sold a total of 3,174 shares at an average price of $139.08. The insider received around $441.45 thousand from selling those shares.
- What’s Happening: Dick's Sporting Goods reported better-than-expected Q4 results and issued strong FY23 guidance.
- What DICK'S Sporting Goods Does: Dick's Sporting Goods retails athletic apparel, footwear, and equipment for sports.
Robinhood Markets
- The Trade: Robinhood Markets, Inc. (NASDAQ: HOOD) CEO Vladimir Tenev sold a total of 83,333 shares at an average price of $9.74. The insider received around $811.78 thousand from selling those shares. The company’s Chief Legal Officer also sold the company’s stock.
- What’s Happening: Robinhood announced the global rollout of its self-custody Web3 wallet — Robinhood Wallet — to all iOS customers.
- 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.
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Tesla
- The Trade: Tesla, Inc. (NASDAQ: TSLA) CFO Zachary Kirkhorn sold a total of 3,750 shares at an average price of $197.31. The insider received around $739.91 thousand from selling those shares.
- What’s Happening: Tesla will build a new factory in Shanghai for Megapack battery, according to reports.
- What Tesla Does: Founded in 2003 and based in Palo Alto, California, Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles.
- The Trade: Five Below, Inc. (NASDAQ: FIVE) Director Ronald L. Sargent sold a total of 10,000 shares at an average price of $206.34. The insider received around $2.06 million from selling those shares.
- What’s Happening: Five Below issued Q1 EPS guidance below estimates.
- What Five Below Does: Five Below is a value-oriented retailer that operated 1,190 stores in the United States as of the end of fiscal 2021.