Benzinga - The Nasdaq 100 closed slightly higher 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.
Best Buy
- The Trade: Best Buy Co., Inc. (NYSE: BBY) EVP, Omnichannel Damien Harmon sold a total of 5,500 shares at an average price of $73.21. The insider received around $402.65 thousand from selling those shares.
- What’s Happening: Roku and Best Buy entered into advertising retail relationship.
- What Best Buy Does: With $46.3 billion in consolidated fiscal 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., with roughly 8.5% share of the U.S. market and north of 35% share of offline sales, per our calculations, CTA, and Euromonitor data.
Crocs
- The Trade: Crocs, Inc. (NASDAQ: CROX) CEO Andrew Rees sold a total of 20,000 shares at an average price of $140.23. The insider received around $2.8 million from selling those shares.
- What’s Happening: OTR Global upgraded Crocs from Mixed to Positive.
- What Crocs Does: Crocs Inc is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children.
Yum! Brands
- The Trade: Yum! Brands, Inc. (NYSE: YUM) COO and CPO Tracy Skeans sold a total of 3,680 shares at an average price of $136.00. The insider received around $500.48 thousand from selling those shares.
- What’s Happening: Morgan Stanley recently maintained Yum Brands (NYSE: YUM) with an Overweight and raised the price target from $155 to $157.
- What Yum! Brands Does: Yum Brands is a U.S.-based restaurant operator featuring a portfolio of four brands: KFC (27,760 global units), Pizza Hut (19,034 units), Taco Bell (8,203 units), and The Habit Burger (346 units) at year-end 2021.