U.S. gold futures traded higher 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: Corebridge Financial, Inc. CRBG 10% owner American International Group Inc sold a total of 80,000,000 shares at an average price of $21.00. The insider received around $1.68 billion from selling those shares.
- What’s Happening: The company recently priced its IPO at $21 per share.
- What Corebridge Financial Does: Corebridge Financial Inc provides retirement solutions and insurance products in the United States.
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- The Trade: The Progressive Corporation PGR Personal Lines President Patrick Callahan sold a total of 19,068 shares at an average price of $125.77. The insider received around $2.4 million as a result of the transaction.
- What’s Happening: The company’s stock has gained around 23% since the start of the year.
- What Progressive Does: Progressive underwrites private and commercial auto insurance and specialty lines; it has over 20 million personal auto policies in force and is the fourth-largest auto insurer in the United States.
Have a look at our premarket coverage here .
- The Trade: D.R. Horton, Inc. DHI Director Michael R Buchanan sold a total of 2,167 shares at an average price of $71.50. The insider received around $154.94 thousand from selling those shares.
- What’s Happening: KeyBanc recently upgraded the stock from Sector Weight to Overweight and announced an $84 price target.
- What D.R. Horton Does: D.R. Horton is a leading homebuilder in the United States with operations in 98 markets across 31 states.
Image and article originally from www.benzinga.com. Read the original article here.