Insiders Sell Around $92M Of 4 Stocks

Although the American economy added 678,000 jobs in February, well above analysts’ estimates of 400,000, there were a few 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.

Upstart Holdings

• The Trade: Upstart Holdings, Inc. UPST CEO Dave Girouard disposed a total of around 133,038 shares at an average price of $158.33. The insider received around $21.06 million as a result of the transaction.
• What’s Happening: Upstart, last month, reported better-than-expected Q4 EPS and sales results.
• What Upstart Holdings Does: Upstart Holdings Inc provides credit services. The company provides a proprietary, cloud-based, artificial intelligence lending platform.

Centennial Resource Development

• The Trade: Centennial Resource Development, Inc. CDEV Director Riverstone/Gower Mgmt Co Holdings, L.P. sold a total of 5,075,191 shares at an average price of $8.73. The insider received around $44.29 million from selling those shares.
• What’s Happening: Centennial Resource Development recently reported better-than-expected Q4 results and announced a $350 million buyback.
• What Centennial Resource Development Does: Centennial Resource Development Inc is an independent oil and natural gas company focused on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin.

Also check this: 4 Penny Stocks Insiders Are Buying: MannKind, Crexendo And More

Velodyne Lidar

• The Trade: Velodyne Lidar, Inc. VLDR 10% owner David S Hall sold a total of 6,000,000 shares at an average price of $3.07. The insider received around $18.42 million as a result of the transaction.
• What’s Happening: The company recently posted upbeat quarterly results.
• What Velodyne Lidar Does: Velodyne Lidar Inc provides smart, powerful lidar solutions.

Callon Petroleum

• The Trade: Callon Petroleum Company CPE 10% owner Stephen Schwarzman sold a total of 134,257 shares at an average price of $60.73. The insider received around $8.15 million from selling those shares.
• What’s Happening: The company recently posted downbeat quarterly results.
• What Callon Petroleum Does: Callon Petroleum Company engages in the exploration, development, acquisition, and production of oil and natural gas.