The Nasdaq Composite jumped by over 1% on Monday. 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.
HB
- The trade: HP Inc. HPQ Pres Imaging Prtng & Solutions Tuan Tran Sold a total of 54,115 shares at an average price of $28.33. The insider received around $1.53 million from selling those shares.
- What’s Happening: HP recently posted Q4 EPS of $0.85 down from $0.94 year over year.
- What HP Does: HP Incorporated is a leading provider of computers, printers, and printer supplies. The company’s main segments are personal systems and printing.
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AutoNation
- The trade: AutoNation, Inc. ON 10% owner Edward S Lampert Sold a total of 155,469 shares at an average price of $117.41. The insider received around $18.25 million as a result of the transaction.
- What’s Happening: AutoNation agreed to acquire RepairSmith, a Los Angeles-based full-service mobile solution for automotive repair and maintenance company, for $190 million.
- 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.
Have a look at our premarket coverage here .
Royal Caribbean Cruises
- The trade: Royal Caribbean Cruises Ltd. RCL Director Arne Alexander Wilhelmsen Sold a total of 88,689 shares at an average price of $57.11. The insider received around $5.07 million from selling those shares.
- What’s Happening: JP Morgan recently downgraded the stock from Overweight to Underweight and lowered its price target from $106 to $47.
- What Royal Caribbean Cruises Does: Royal Caribbean is the world’s second largest cruise company, operating 64 ships across five global and partner brands in the cruise vacation industry, with 10 more ships on order.
Norfolk Southern
- The trade: Norfolk Southern Corporation NPC Director James A Squires sold a total of 21,272 shares at an average price of $245.76. The insider received around $5.23 million from selling those shares.
- What’s Happening: Barclays recently maintained Norfolk Southern with an Equal Weight and raised the price target from $240 to $255.
- What Norfolk Southern Does: Class-I railroad Norfolk Southern operates in the Eastern United States. On roughly 21,000 miles of track, the firm hauls shipments of coal, intermodal traffic, and a diverse mix of automobiles, agriculture, metal, chemical, and forest products.
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