Tesla, Amazon And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed sharply lower on Thursday. 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.

Tesla

• The Trade: Tesla, Inc. TSLA SVP, Automotive Xiaotong Zhu sold a total of 2,500 shares at an average price of $276.35. The insider received around $690,875 from selling those shares.
• What’s Happening: Tesla achieved record-breaking second-quarter deliveries in China on the back of price cuts and promotional efforts implemented earlier this year.
• What Tesla Does: Founded in 2003 and based in Palo Alto, California, Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles.

Have a look at our premarket coverage here

Walmart

• The Trade: Walmart Inc. WMT Executive Vice President John Rainey sold a total of 8,526 shares at an average price of $157.97. The insider received around $1.35 million from selling those shares.
• What’s Happening: Genpact extended its partnership with Walmart to continue to support its North American finance and accounting operations.
• What Walmart Does: America's largest retailer by sales, Walmart operated over 10,500 stores globally at the end of fiscal 2023, selling a variety of general merchandise and grocery items.

Amazon.com

• The Trade: Amazon.com, Inc. AMZN CEO Worldwide Amazon Stores Douglas J Herrington sold a total of 4,000 shares at an average price of $130.93. The insider received around $523,720 from selling those shares.
• What’s Happening: The U.S. is preparing to restrict Chinese companies from accessing to U.S. cloud-computing services from Amazon.com and Microsoft.
• What Amazon.com 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.

Pinterest

• The Trade: Pinterest, Inc. PINS Director Jeffrey Jordan sold a total of 7,500 shares at an average price of $27.28. The insider received around $204,572 from selling those shares.
• What’s Happening: Wells Fargo recently upgraded the stock to Overrweight from Equal-Weight.
• What Pinterest Does: Pinterest is an online product and idea discovery platform that helps users gather ideas on everything from recipes to cook to destinations to travel to.

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