Lyft, Northrop Grumman And 2 Other Stocks Insiders Are Selling

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U.S. stock futures traded higher this morning on Friday. 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.

Lyft

  • The Trade: Lyft, Inc. LYFT President of Business Affairs Kristin Sverchek sold a total of 31,885 shares at an average price of $19.62. The insider received around $625.45 thousand from selling those shares.
  • What’s Happening: Lyft recently reported better-than-expected Q2 sales.
  • What Lyft Does: Lyft is the second-largest ride-sharing service provider in the U.S., connecting riders and drivers over the Lyft app.

Also check this: Investor Optimism Rises Slightly Following PPI Data

Northrop Grumman

  • The Trade: Northrop Grumman Corporation NOC Corp. VP & General Counsel Sheila Cheston sold a total of 4,025 shares at an average price of $473.99. The insider received around $1.91 million as a result of the transaction.
  • What’s Happening: Northrop Grumman recently secured an IDIQ contract with a maximum amount of ~$3.29 billion by the Missile Defense Agency (MDA) for the Ground-based Midcourse Defense (GMD) Weapon System (GWS) program.
  • What Northrop Grumman Does: Northrop Grumman is a defense contractor that is diversified across short-cycle and long-cycle businesses.

Have a look at our premarket coverage here .

Kellogg Company

  • The Trade: Kellogg Company K 10% owner Kellogg W K Foundation sold a total of 146,153 shares at an average price of $75.27. The insider received around $11 million from selling those shares.
  • What’s Happening: Kellogg recently reported better-than-expected Q2 EPS and sales results.
  • What Kellogg Does: Founded in 1906, Kellogg is a leading global manufacturer and marketer of cereal, cookies, crackers, and other packaged foods.

SunPower

  • The Trade: SunPower Corporation SPWR EVP, Administration Douglas J Richards sold a total of 23,912 shares at an average price of $25.90. The insider received around $619.38 thousand from selling those shares.
  • What’s Happening: SunPower recently reported non-GAAP second-quarter FY22 revenue growth of 63% year-on-year to $414.1 million.
  • What SunPower Does: SunPower is a leading solar technology and energy services provider that offers fully integrated solar, storage, and home energy solutions to customers primarily in the United States and Canada through an array of hardware, software, and financing options and smart energy solutions.

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Image and article originally from www.benzinga.com. Read the original article here.