Tesla, Netflix And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed lower on Friday following jobs data for June. 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 CFO Zachary Kirkhorn sold a total of 3,750 shares at an average price of $278.70. The insider received around $1.05 million from selling those shares.
• What’s Happening: Mizuho analyst Vijay Rakesh maintained Tesla with a Buy and raised the price target from $230 to $300.
• 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

Moderna

• The Trade: Moderna, Inc. MRNA Director Noubar B. Afeyan sold a total of 15,000 shares at an average price of $124.73. The insider received around $1.87 million from selling those shares.
• What’s Happening: Moderna recently provided an update on regulatory submissions for the mRNA-1345 vaccine to prevent RSV-associated lower respiratory tract disease (RSV-LRTD) and acute respiratory disease in adults aged 60 years or older.
• What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.

Oracle

• The Trade: Oracle Corporation ORCL EVP, Chief Accounting Officer Maria Smith sold a total of 5,000 shares at an average price of $115.47. The insider received around $577,350 from selling those shares.
• What’s Happening: Oracle is splurging "billions" of dollars on Nvidia chips as it expands a cloud computing service targeting the artificial intelligence (AI) boom.
• What Oracle Does: Oracle provides database technology and enterprise resource planning, or ERP, software to enterprises around the world.

Netflix

• The Trade: Netflix, Inc. NFLX Director Jay C Hoag sold a total of 46,057 shares at an average price of $450.15. The insider received around $20.73 million from selling those shares.
• What’s Happening: Netflix is in discussions to live-stream its first sporting event live this fall.
• What Netflix Does: Netflix's primary business is a streaming video on demand service now available in almost every country worldwide except China.

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