The Nasdaq index closed higher on Monday. 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.
Robinhood Markets
- The Trade: Robinhood Markets, Inc. HOOD Chief Legal Officer Daniel M. Gallagher, Jr. sold a total of 12,500 shares at an average price of $8.13. The insider received around $101.6 thousand from selling those shares.
- What’s Happening: Keybanc maintained Robinhood with an Overweight and lowered the price target from $13 to $12.
- What Robinhood Does: Robinhood Markets Inc is creating a modern financial services platform. It designs its own products and services and delivers them through a single, app-based cloud platform supported by proprietary technology.
Read More: US Stocks Close Mixed, Market Volatility Increases
Tradeweb Markets
- The Trade: Tradeweb Markets Inc. TW CEO William Hult sold a total of 41,260 shares at an average price of $63.59. The insider received around $2.62 million as a result of the transaction.
- What’s Happening: Piper Sandler, last month, maintained Tradeweb Markets with a Neutral and lowered the price target from $75 to $73.
- What Tradeweb Markets Does: Founded in 1998 and headquartered in New York City, Tradeweb Markets is a leading fixed-income trading platform.
Have a look at our premarket coverage here
Lamb Weston
- The Trade: Lamb Weston Holdings, Inc. LW Senior Vice President Jared Michael Smith sold a total of 11,934 shares at an average price of $98.90. The insider received around $1.18 million from selling those shares.
- What’s Happening: Lamb Weston recently reported better-than-expected Q2 results and raised FY23 EPS and sales guidance above estimates.
- What Lamb Weston Does: Lamb Weston is the world's second-largest producer of branded and private-label frozen potato products, such as French fries, sweet potato fries, tater tots, diced potatoes, mashed potatoes, hash browns, and chips.
DoorDash
- The Trade: DoorDash, Inc. DASH Director Brendan Brown sold a total of 1,250 shares at an average price of $47.32. The insider received around $59.15 thousand from selling those shares.
- What’s Happening: Piper Sandler downgraded the stock from Neutral to Underweight and lowered its price target from $227 to $40.
- What DoorDash Does: Founded in 2013 and headquartered in San Francisco, DoorDash is an online food order demand aggregator. Consumers can use its app to order food on-demand for pickup or delivery from merchants mainly in the U.S.
Marvell Technology
- The Trade: Marvell Technology, Inc. MRVL SVP, Chief Accounting Officer Willem Meintjes sold a total of 10,000 shares at an average price of $34.92. The insider received around $349.2 thousand from selling those shares.
- What’s Happening: Marvell Technology, last month, reported worse-than-expected Q3 EPS and sales results and issued Q4 EPS and sales guidance below estimates.
- What Marvell Technology Does: Marvell Technology is a leading fabless chipmaker focused on networking and storage applications.
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