U.S. stock futures are trading higher this morning ahead of earnings results from Tesla, Inc. (NASDAQ: TSLA). 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.
PriceSmart (NASDAQ:PSMT)
- The Trade: PriceSmart, Inc. (NASDAQ: PSMT) Director Robert E Price sold a total of 20,000 shares at an average price of $65.98. The insider received around $1.32 million from selling those shares.
- What’s Happening: PriceSmart recently reported worse-than-expected Q3 EPS results.
- What PriceSmart Does: Pricesmart Inc is a company principally engaged in operating U.S.-style membership shopping warehouse clubs that offer consumer goods at low prices.
Workday
- The Trade: Workday, Inc. (NASDAQ: WDAY) CFO Barbara Larson sold a total of 1,962 shares at an average price of $138.49. The insider received around $271.71 thousand as a result of the transaction.
- What’s Happening: Piper Sandler recently maintained Workday with an Overweight and lowered the price target from $230 to $175.
- What Workday Does: Workday is a software company that offers human capital management, financial management, and business planning solutions.
UnitedHealth Group
- The Trade: UnitedHealth Group Incorporated (NYSE: NYSE:UNH) CEO, UHG Andrew Witty sold a total of 11,376 shares at an average price of $527.90. The insider received around $6.01 million from selling those shares.
- What’s Happening: UnitedHealth recently reported better-than-expected Q2 results.
- What UnitedHealth Group Does: UnitedHealth Group is one of the largest private health insurers, providing medical benefits to 50 million members globally, including 5 million outside the U.S. at the end of 2021.
- The Trade: CarMax, Inc. (NYSE: KMX) EVP and CITO Mohammad Shamim sold a total of 3,456 shares at an average price of $93.91. The insider received around $324.55 thousand from selling those shares.
- What’s Happening: CarMax, last month, reported first-quarter FY23 sales growth of 21% year-on-year to $9.31 billion, beating the consensus of $9.12 billion.
- What CarMax Does: CarMax sells, finances, and services used and new cars through a chain of over 230 used retail stores.
Read at Benzinga