The S&P 500 closed lower 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.
Moderna
- The Trade: Moderna, Inc. (NASDAQ:MRNA) Director Noubar B. Afeyan sold a total of 15,000 shares at an average price of $121.95. The insider received around $1.83 million from selling those shares.
- What’s Happening: Moderna submitted an application to the U.S. Food and Drug Administration for the authorization of its updated vaccine.
- What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.
- Have a look at our premarket coverage here
J. M. Smucker
- The Trade: The J. M. Smucker Company (NYSE:SJM) Director Richard Smucker sold a total of 19,576 shares at an average price of $151.95. The insider received around $2.97 million from selling those shares.
- What’s Happening: Smucker reported fourth-quarter FY23 sales growth of 10% year-on-year to $2.23 billion, beating the analyst consensus estimate of $2.17 billion.
- What J. M. Smucker Does: J.M. Smucker is a packaged food company that primarily operates in the U.S. retail channel (87% of fiscal 2022 revenue), but also in U.S. food service (7%), and international (6%).
Amazon.com
- The Trade: Amazon.com, Inc. (NASDAQ:AMZN) CEO Amazon Web Services Adam Selipsky sold a total of 1,000 shares at an average price of $126.89. The insider received around $126.89 thousand from selling those shares.
- What’s Happening: Amazon.com postponed the unveiling of its virtual care services across all 50 states, following privacy concerns raised by Senators Peter Welch and Elizabeth Warren, Politico reported.
- What Amazon.com Does: Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators, with $386 billion in net sales and approximately $578 billion in estimated physical/digital online gross merchandise volume in 2021.
Marriott International
- The Trade: Marriott International, Inc. (NASDAQ:MAR) Director Eric Hippeau sold a total of 4,300 shares at an average price of $174.39. The insider received around $749.88 thousand from selling those shares.
- What’s Happening: Marriott International plans to further expand in the affordable midscale lodging segment, following its recent entry into the segment with City Express by Marriott in Latin America.
- What Marriott International Does: Marriott operates more than 1.5 million rooms across roughly 30 brands.
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