Nike, MGM Resorts And 2 Other Stocks Insiders Are Selling

The S&P 500 closed lower 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.

Zscaler

• The Trade: Zscaler, Inc. ZS Chief Legal Officer Robert Schlossman sold a total of 2,496 shares at an average price of $150.00. The insider received around $374.4 thousand from selling those shares.
• What’s Happening: Zscaler reported better-than-expected third-quarter financial results.
• What Zscaler Does: Zscaler is a software-as-a-service, or SaaS, firm focusing on providing cloud-native cybersecurity solutions to primarily enterprise customers.
• Have a look at our premarket coverage here

MGM Resorts International

• The Trade: MGM Resorts International MGM CHIEF LEGAL ADMIN OFC AND SECY John McManus sold a total of 10,000 shares at an average price of $41.31. The insider received around $413.14 thousand from selling those shares.
• What’s Happening: MGM Resorts International reported first-quarter revenue of $3.87 billion, up 36% year-over-year.
• What MGM Resorts Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.

NIKE

• The Trade: NIKE, Inc. NKE EVP, CFO Matthew Friend sold a total of 9,210 shares at an average price of $107.50. The insider received around $990.08 thousand from selling those shares.
• What’s Happening: EA Sports, a division of Electronic Arts, and Nike Virtual Studios have recently revealed a new partnership focused on integrating Nike's SWOOSH virtual creations (NFTs), into upcoming EA Sports games.
• What NIKE Does: Nike is the largest athletic footwear and apparel brand in the world.

Kirby

• The Trade: Kirby Corporation KEX VP General Counsel & Secretary Amy Husted sold a total of 3,000 shares at an average price of $74.47. The insider received around $223.41 thousand from selling those shares.
• What’s Happening: Kirby reported better-than-expected first-quarter EPS and sales results.
• What Kirby Does: Kirby Corp is a domestic tank barge operator, transporting bulk liquid products throughout three United States coasts.

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