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.
What’s Happening: Walmart’s media business, Walmart Connect, launched its new demand-side platform, Walmart DSP.
What Walmart Does: America’s largest retailer by sales, Walmart operated over 11,400 stores under 54 banners at the end of fiscal 2021, selling a variety of general merchandise and grocery items.
The Trade: MGM Resorts International (NYSE: MGM) Chief Operating Officer Ian Corey Sanders sold a total of 30000 shares at an average price of $41.33. The insider received $1,240,000.00 from selling those shares.
What’s Happening: Sports betting and iGaming operator BetMGM, a partnership between MGM Resorts and Entain PLC, recently announced plans to partner with Liv Hospitality’s Tin Lizzie Gaming Resort and Cadillac Jack’s Gaming Resort, offering future retail and mobile sports betting in Deadwood.
What MGM Resorts Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.
The Trade: UnitedHealth Group Incorporated (NYSE: UNH) Director Stephen J Hemsley sold a total of 70000 shares at an average price of $426.30. The insider received $29,841,154.00 as a result of the transaction.
What’s Happening: The Department of Labor recently sued UnitedHealthcare Insurance Co, claiming that they are fraudulently disregarding mental health insurance claims from consumers.
What UnitedHealth Does: UnitedHealth Group is the largest private health insurance provider in the United States, providing medical benefits to 48 million members across its U.S. and international businesses at the end of 2020.
The Trade: Fortinet, Inc. (NASDAQ: FTNT) VP, Engineering and CTO Michael Xie sold a total of 80000 shares at an average price of $301.27. The insider received $24,101,480.54 from selling those shares.
What’s Happening: The company, last month, reported better-than-expected quarterly results.
What Fortinet Does: Fortinet is a cybersecurity vendor that sells products, support, and services to small and midsize businesses, enterprises, and government entities.
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