US crude oil futures traded lower 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.
Wynn Resorts
- The Trade: Wynn Resorts, Limited WYNN Director Betsy S Atkins sold a total of 5,707 shares at an average price of $83.65. The insider received around $477.39 thousand from selling those shares.
- What’s Happening: JP Morgan recently upgraded Wynn Resorts from Neutral to Overweight and raised the price target from $71 to $91.
- What Wynn Resorts Does: Wynn Resorts operates luxury casinos and resorts. The company was founded in 2002 by Steve Wynn, the former CEO.
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Hewlett Packard Enterprise
- The Trade: Hewlett Packard Enterprise Company HPE EVP and CFO Tarek Robbiati sold a total of 102,138 shares at an average price of $16.00. The insider received around $1.63 million as a result of the transaction.
- What’s Happening: Hewlett Packard recently reported better-than-expected Q4 results.
- What Hewlett Packard Enterprise Does: Hewlett Packard Enterprise is an information technology vendor that provides hardware and software to enterprises.
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Zillow Group
- The Trade: Zillow Group, Inc. Z President of Zillow Susan Daimler sold a total of 7,670 shares at an average price of $35.98. The insider received around $275.95 thousand from selling those shares.
- What’s Happening: Zillow, last month, reported better-than-expected Q3 sales results.
- What Zillow Group Does: Zillow Group is an Internet-based real estate company that has historically focused on deriving ad revenue from third-party brokers on online marketplaces such as Zillow.com, Trulia, and HotPads.
AutoNation
- The Trade: AutoNation, Inc. AN EVP & Chief Cust Exp Officer Marc Cannon sold a total of 1,850 shares at an average price of $122.50. The insider received around $226.63 thousand from selling those shares.
- What’s Happening: AutoNation recently acquired a 6.1% ownership stake in TrueCar.
- What AutoNation Does: AutoNation is the largest automotive dealer in the United States, with 2021 revenue of $25.8 billion and about 250 dealerships at nearly 350 locations, plus 56 collision centers.