Amazon, Snap And 2 Other Stocks Insiders Are Selling

The Nasdaq dropped around 90 points on Wednesday. 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.

Snap

• The Trade: Snap Inc. SNAP CAO and Controller Rebecca Morrow sold a total of 7,782 shares at an average price of $10.77. The insider received around $83.82 thousand from selling those shares.
• What’s Happening: MKM Partners recently maintained Snap with a Buy and lowered the price target from $17 to $15.
• What Snap Does: Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.

US Weekly Jobless Claims Likely To Increase To This Level, Here Are The Major Macro Issues For Thursday

Foot Locker

• The Trade: Foot Locker, Inc. FL 10% owner Daniel Kretinsky sold a total of 234,683 shares at an average price of $32.16. The insider received around $7.55 million as a result of the transaction.
• What’s Happening: Telsey Advisory Group recently maintained Foot Locker with a Market Perform and lowered the price target from $42 to $37.
• What Foot Locker Does: Foot Locker Inc operates thousands of retail stores throughout the United States, Canada, Europe, Australia, and New Zealand.

Have a look at our premarket coverage here .

Amazon

• The Trade: Amazon.com, Inc. AMZN CEO Amazon Web Services Adam Selipsky sold a total of 1,020 shares at an average price of $114.38. The insider received around $116.67 thousand from selling those shares.
• What’s Happening: Mizuho analyst James Lee reiterated a Buy on Amazon and a $155 price target.
• What Amazon Does: Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators, with $386 billion in net sales and approximately $578 billion in estimated physical/digital online gross merchandise volume in 2021.

Booz Allen Hamilton

• The Trade: Booz Allen Hamilton Holding Corporation BAH EVP & Chief People Officer Elizabeth M Thompson sold a total of 7,285 shares at an average price of $100.00. The insider received around $728.5 thousand from selling those shares.
• What’s Happening: Raymond James downgraded Booz Allen Hamilton from Outperform to Market Perform.
• What Booz Allen Hamilton Does: Booz Allen Hamilton Holding Corp is a provider of management consulting services to the U.S. government. Other services offered include technology, such as cloud computing and cybersecurity consulting, and engineering consulting.