Insiders Sell Around $140M Of 4 Stocks

Although US stock futures traded higher this morning on Wednesday, 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.

Hillman Solutions

• The Trade: Hillman Solutions Corp. HLMN 10% owner CCMP Capital Associates Iii Gp Llc sold a total of 12,347,733 shares at an average price of $10.00. The insider received around $123.48 million from selling those shares.
• What’s Happening: Hillman Solutions recently reported an upsized offering of 13 million shares by selling shareholders.
• What Hillman Solutions Does: Hillman Solutions Corp is a provider of hardware-related products and related merchandising services to retail markets in North America.

Target

• The Trade: Target Corporation TGT Executive Officer Don Liu sold a total of 8,500 shares at an average price of $240.00. The insider received around $2.04 million from selling those shares.
• What’s Happening: Gordon Haskett recently upgraded the stock from Hold to Buy and raised its price target on the stock from $255 to $300.
• What Target Does: With 1,926 stores (as of the end of fiscal 2021), Target is a leading American general merchandise retailer, offering a variety of products across several categories, including beauty and household essentials (26% of fiscal 2021 sales), food and beverage (19%), home furnishings and décor (19%), hardlines (18%), and apparel and accessories (17%).

Also check this: 3 Stocks Under $2 Insiders Are Aggressively Buying

New Fortress Energy

• The Trade: New Fortress Energy Inc. NFE 10% owner Jonathan Rotolo sold a total of 300,000 shares at an average price of $45.28. The insider received around $13.58 million as a result of the transaction.
• What’s Happening: Credit Suisse recently maintained New Fortress Energy with an Outperform and raised the price target from $40 to $49.
• What New Fortress Energy Does: New Fortress Energy Inc is an integrated gas-to-power company. The company is mainly engaged in providing modern infrastructure solutions to create cleaner, reliable energy while generating a positive economic impact.

Have a look at our premarket coverage here .

Ovintiv

• The Trade: Ovintiv Inc. OVV Director Thomas Ricks sold a total of 10,000 shares at an average price of $53.73. The insider received around $537.3 thousand from selling those shares.
• What’s Happening: Truist Securities recently maintained Ovintiv with a Buy and raised the price target from $58 to $68.
• What Ovintiv Does: Ovintiv is an independent oil and gas producer with key assets in the Permian, Eagle Ford, Montney, and Duvernay areas.