Nike And 3 Other Stocks Insiders Are Selling

US stock futures traded lower this morning on Thursday after recording gains in the previous session. 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.

NVIDIA

• The Trade: NVIDIA Corporation NVDA Director Mark A Stevens sold a total of 227,650 shares at an average price of $158.06. The insider received around $35.98 million from selling those shares.
• What’s Happening: The company’s shares tumbled around 42% over the previous six months.
• What NVIDIA Does: Nvidia is the top designer of discrete graphics processing units that enhance the experience on computing platforms.

Also check this: Insiders Buy More Than $57M Of 2 Stocks

NIKE

• The Trade: NIKE, Inc. NKE EVP and CFO Matthew Friend sold a total of 9,032 shares at an average price of $110.52. The insider received around $1 million as a result of the transaction.
• What’s Happening: UBS maintained Nike with a Buy and lowered the price target from $173 to $168.
• What NIKE Does: Nike is the largest athletic footwear and apparel brand in the world. It designs, develops, and markets athletic apparel, footwear, equipment, and accessories in six major categories: running, basketball, soccer, training, sportswear, and Jordan.

Have a look at our premarket coverage here .

Best Buy

• The Trade: Best Buy Co., Inc. BBY CEO Corie Barry sold a total of 4,388 shares at an average price of $70.00. The insider received around $307.17 thousand from selling those shares.
• What’s Happening: B of A Securities downgraded Best Buy from Buy to Neutral.
• What Best Buy Does: With $51.8 billion in fiscal 2022 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., with roughly 10.6% share of the aggregate market and north of 40% share of offline sales, per our calculations, CTA industry, and Euromonitor data.

SpartanNash

• The Trade: SpartanNash Company SPTN Director Matthew Mannelly sold a total of 10,000 shares at an average price of $31.06. The insider received around $310.6 thousand from selling those shares.
• What’s Happening: SpartanNash acquired Shop-N-Save Food Centers, a three-store grocery chain in northwestern Michigan.
• What SpartanNash Does: SpartanNash Co is a multi-regional grocery distributor and retailer. The company operates in the United States and is segmented into Military, Food Distribution, and Retail.