Discover Financial Services And 3 Other Stocks Sold By Insiders

European stocks dropped sharply on Monday, extending last week’s selloff. 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.

Discover Financial Services

• The Trade: Discover Financial Services DFS EVP, President – US Cards Daniel Peter Capozzi disposed a total of 8,649 shares at an average price of $124.59. The insider received around $1.08 million as a result of the transaction.
• What’s Happening: Morgan Stanley recently maintained Discover Financial with an Equal-Weight and lowered the price target from $146 to $144.
• What Discover Financial Does: Discover Financial Services is a bank operating in two distinct segments: direct banking and payment services. The company issues credit and debit cards and provides other consumer banking products including deposit accounts, students loans, and other personal loans.

Electronic Arts

• The Trade: Electronic Arts Inc. EA EVP and Chief Financial Officer Blake J Jorgensen sold a total of 3,315 shares at an average price of $134.75. The insider received around $446.71 thousand from selling those shares.
• What’s Happening: Electronic Arts recently reported Q3 earnings results.
• What Electronic Arts Does: EA is one of the world's largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.

Also check this: Executives Buy Around $93M Of 3 Stocks

Twitter

• The Trade: Twitter, Inc. TWTR Chief Financial Officer Ned Segal sold a total of 5,000 shares at an average price of $35.35. The insider received $176.75 thousand as a result of the transaction.
• What’s Happening: Twitter recently reported Q4 earnings results and announced a new $4 billion buyback plan.
• What Twitter Does: Twitter is an open distribution platform for and a conversational platform around short-form text (a maximum of 280 characters), image, and video content.

L3Harris Technologies

• The Trade: L3Harris Technologies, Inc. LHX President of the Space & Airborne Systems segment Edward J Zoiss sold a total of 4,730 shares at an average price of $220.00. The insider received $1.04 million from selling those shares.
• What’s Happening: L3Harris Technologies recently reported a fourth-quarter FY21 revenue decline of 7% year-over-year to $4.35 billion and decreased 1% on an organic basis.
• What L3Harris Technologies Does: L3Harris Technologies was created in 2019 from the merger of L3 Technologies and Harris, two defense contractors that provide products for the command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) market.