Gold futures traded slightly lower this morning on Wednesday. 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.
- The Trade: Lowe’s Companies, Inc. LOW EVP, Chief Information Officer Seemantini Godbole sold a total of 11,761 shares at an average price of $214.37. The insider received around $2.52 million from selling those shares.
- What’s Happening: Lowe’s recently reported better-than-expected Q2 EPS results.
- What Lowe’s Does: Lowe’s is the second- largest home improvement retailer in the world (behind wide-moat Home Depot), operating 1,971 stores and servicing 230 dealer-owned stores throughout the United States and Canada.
- The Trade: Amazon.com, Inc. AMZN CEO Worldwide Amazon Stores Douglas J Herrington sold a total of 7,448 shares at an average price of $134.25. The insider received around $1 million as a result of the transaction.
- What’s Happening: Signify Health is being pursued by e-commerce giant Amazon.com, UnitedHealth Group and a couple of other firms, Bloomberg reported, citing people with knowledge of the matter.
- What Amazon.com Does: Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators, with $386 billion in net sales and approximately $578 billion in estimated physical/digital online gross merchandise volume in 2021.
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- The Trade: Fabrinet FN CEO Seamus Grady sold a total of 36,969 shares at an average price of $112.29. The insider received around $4.15 million from selling those shares.
- What’s Happening: Fabrinet recently reported better-than-expected Q4 EPS and sales results.
- What Fabrinet Does: Fabrinet is a United States-based company that is principally engaged in providing outsourced manufacturing services to original equipment manufacturers (OEM).
Kraft Heinz Company
- The Trade: The Kraft Heinz Company KHC EVP, Global GC & CSCAO Rashida Lande la sold a total of 30,000 shares at an average price of $38.36,. The insider received around $1.15 million from selling those shares.
- What’s Happening: Kraft Heinz, last month, reported a second-quarter FY22 sales decline of 0.9% year-on-year to $6.55 billion, beating the consensus of $6.39 billion.
- What Kraft Heinz Company Does: In July 2015, Kraft merged with Heinz to create the third-largest food and beverage manufacturer in North America behind PepsiCo and Nestle and the fifth-largest player in the world.