Insiders Sell More Than $321M Of 4 Stocks

The US Federal Reserve is scheduled to announce its policy decision today, with markets expecting a 25bps increase in the fed funds rate. 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.

Canoo

• The Trade: Canoo Inc. GOEV 10% owner Champ Key Ltd sold a total of 10,500,000 shares at an average price of $6.53. The insider received around $68.56 million from selling those shares.
• What’s Happening: Canoo recently reported Q4 cash and cash equivalent of $224.7 million.
• What Canoo Does: Canoo Inc is a mobility technology company. The company designs and manufactures electric vehicles for both commercial and consumer markets.

Southern Copper

• The Trade: Southern Copper Corporation SCCO Director, Chairman of the Board German Larrea Mota Velasco sold a total of 200,000 shares at an average price of $74.94. The insider received around $14.99 million from selling those shares.
• What’s Happening: The company’s stock has gained around 15% since the start of the year.
• What Southern Copper Does: Southern Copper Corp is an integrated producer of copper and other minerals and operates the mining, smelting, and refining facilities in Peru and Mexico.

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

Morningstar

• The Trade: Morningstar, Inc. MORN Executive Chairman Joseph Mansueto sold a total of 23,301 shares at an average price of $262.74. The insider received around $6.12 million as a result of the transaction.
• What’s Happening: Morningstar, last month, posted Q4 EPS of $1.50.
• What Morningstar Does: Morningstar Inc is a provider of independent investment research to financial advisers, asset managers, and investors. The company focuses its operations on two core sectors: data and research. It offers data on investments such as mutual funds, stocks, exchange-traded funds, closed-end funds, separate accounts, and variable annuities.

Kinetik Holdings

• The Trade: Kinetik Holdings Inc. KNTK 10% owner Apache Midstream Llc sold a total of 4,000,000 shares at an average price of $58.00. The insider received around $232 million from selling those shares.
• What’s Happening: Kinetik Holdings recently priced its upsized secondary offering of about 3.48 million shares at $58 per share.
• What Kinetik Holdings Does: Kinetik Holdings Inc is a permian-to-gulf Coast midstream corporation operating in the Delaware Basin.