The Nasdaq Composite dropped by over 3% on Thursday. 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: Airbnb, Inc. ABNB Director Joseph Gebbia sold a total of 250,000 shares at an average price of $95.37. The insider received around $23.84 million from selling those shares.
- What’s Happening: Morgan Stanley recently downgraded the stock from Equal-Weight to Underweight and lowered its price target from $110 to $80.
- What Airbnb Does: Started in 2008, Airbnb is the world’s largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences. Airbnb’s platform offered 6 million active accommodation listings in 2021.
- The Trade: Boyd Gaming Corporation BYD Co-Executive Chair William S Boyd sold a total of 190,000 shares at an average price of $58.90. The insider received around $11.19 million as a result of the transaction.
- What’s Happening: JMP Securities recently downgraded Boyd Gaming from Market Outperform to Market Perform.
- What Boyd Gaming Does: Boyd Gaming Corp is a multi-jurisdictional gaming company.
Have a look at our premarket coverage here .
Hewlett Packard Enterprise
- The Trade: Hewlett Packard Enterprise Company HPE EVP, GM, Storage Thomas E Black Jr sold a total of 50,076 shares at an average price of $ $16.37. The insider received around $819.61 thousand from selling those shares.
- What’s Happening: Hewlett Packard, last month, reported better-than-expected Q4 EPS and sales results.
- What Hewlett Packard Enterprise Does: Hewlett Packard Enterprise is an information technology vendor that provides hardware and software to enterprises.
- The Trade: Analog Devices, Inc. ADI EVP, Global Operations Vivek Jain sold a total of 10,791 shares at an average price of $175.73. The insider received around $1.9 million from selling those shares.
- What’s Happening: Susquehanna recently initiated coverage on Analog Devices with a Positive rating and announced a price target of $205.
- What Analog Devices Does: Analog Devices is a leading analog, mixed signal, and digital signal processing chipmaker.