Uber, ON Semiconductor And 2 Other Stocks Insiders Are Selling

The Nasdaq index closed higher on Wednesday. Investors, meanwhile, focused on some notable insider trades.

When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. 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.

Uber Technologies

• The Trade: Uber Technologies, Inc. UBER CEO Dara Khosrowshahi sold a total of 100,000 shares at an average price of $45.00. The insider received around $4.5 million from selling those shares.
• What’s Happening: Daiwa Capital downgraded Uber from Buy to Outperform and raised the price target from $42 to $51.
• What Uber Technologies Does: Uber Technologies is a technology provider that matches riders with drivers, hungry people with restaurants and food delivery service providers, and shippers with carriers.

Have a look at our premarket coverage here

Commercial Metals

• The Trade: Commercial Metals Company CMC Chairman and CEO Barbara Smith sold a total of 50,000 shares at an average price of $50.65. The insider received around $2.53 million from selling those shares.
• What’s Happening: Commercial Metals reported better-than-expected third-quarter results.
• What Commercial Metals Does: Commercial Metals operates steel mills, steel fabrication plants, and metal recycling facilities in the United States and Poland.

ON Semiconductor

• The Trade: ON Semiconductor Corporation ON Director Anthony Paul Mascarenas sold a total of 1,450 shares at an average price of $88.63. The insider received around $128,513 from selling those shares.
• What’s Happening: The U.S. government is contemplating new restrictions on the export of AI chips to China in an effort to limit China’s technological advancements and contain its rising influence.
• What ON Semiconductor Does: Onsemi is a supplier of power semiconductors and sensors focused on the automotive and industrial markets.

Signet Jewelers

• The Trade: Signet Jewelers Limited SIG CEO Virginia Drosos sold a total of 10,000 shares at an average price of $65.00. The insider received around $650,000 from selling those shares.
• What’s Happening: Northcoast Research downgraded Signet Jewelers from Buy to Neutral.
• What Signet Jewelers Does: Signet Jewelers Ltd is a retailer of diamond jewelry. Its merchandise mix includes bridal, fashion, watches and others.

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