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.
The Trade: Carvana Co. (NYSE: CVNA) 10% owner Ernest Garcia Ii, Verde Investments Inc disposed a total of 106386 shares at an average price of $361.83. The insider received $19,246,569.90 as a result of the transaction. The insider also acquired a total of 53193 shares.
What’s Happening: Carvana recently priced 750 million 4.875% senior notes due 2029 in a private institutional placement.
What Carvana Does: Carvana is an e-commerce platform for buying and selling used cars.
What’s Happening: iRobot, last month, reported downbeat Q2 earnings and cut FY21 guidance.
What iRobot Does: iRobot Corp is a US-based consumer robot company. It designs and builds robots that assist consumers with the solutions for the activities to be carried both inside and outside of the home.
The Trade: American International Group, Inc. (NYSE: AIG) Executive Vice President and CEO of AIG Life & Retirement Kevin Hogan sold a total of 41400 shares at an average price of $53.61. The insider received $2,219,458.14 as a result of the transaction.
What’s Happening: AIG, earlier during month, reported better-than-expected Q2 earnings.
What AIG Does: American International Group is one of the largest insurance and financial services firms in the world and has a global footprint.
The Trade: Moderna, Inc. (NASDAQ: MRNA) Chief Executive Officer Stephane Bancel sold a total of 23000 shares at an average price of $420.53. The insider received $7,990,060.00 from selling those shares.
What’s Happening: Moderna recently announced the publication of a new study showing that its COVID-19 vaccine led to durable antibody levels against variants of concern.
What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm’s mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020.
The Trade: Verizon Communications Inc. (NYSE: VZ) executive vice president & CEO of Verizon Media Group Kumara Guru Gowrappan sold a total of 14077 shares at an average price of $55.56. The insider received $782,118.12 as a result of the transaction.
What’s Happening: Verizon, last month, company reported better-than-expected quarterly earnings.
What Verizon Does: Verizon is now primarily a wireless business (more than 70% of revenue and nearly all operating income). It serves about 91 million postpaid and 4 million prepaid phone customers and connects another 25 million data devices, like tablets, via its nationwide network, making it the largest U.S. wireless carrier.
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