General Motors, Alphabet And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed slightly lower on Friday. 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.

General Motors Company

• The Trade: General Motors Company GM President Mark Reuss sold a total of 9,300 shares at an average price of $41.00. The insider received around $381,300 from selling those shares.
• What’s Happening: U.S. regulators are likely to make a decision soon on a petition from General Motors to permit the deployment of self-driving vehicles without human controls.
• What GM Does: General Motors Co. emerged from the bankruptcy of General Motors Corp. (old GM) in July 2009.

Have a look at our premarket coverage here

Alphabet

• The Trade: Alphabet Inc. GOOG Director K. Ram Shriram sold a total of 150,000 shares at an average price of $118.42. The insider received around $17.76 million from selling those shares.
• What’s Happening: Tigress Financial reiterated Alphabet with a Strong Buy and raised the price target from $160 to $172.
• What Alphabet Does: Alphabet is a holding company. Internet media giant Google is a wholly owned subsidiary.

Robinhood Markets

• The Trade: Robinhood Markets, Inc. HOOD Director, Chief Creative Officer Baiju Bhatt sold a total of 73,965 shares at an average price of $11.92. The insider received around $881,367 from selling those shares.
• What’s Happening: Renowned for its gamification, commission-free trades, and a spike in retail investor activity in 2021, Robinhood Markets is now expanding into an unfamiliar area: retirement planning.
• 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.

G-III Apparel Group

• The Trade: G-III Apparel Group, Ltd. GIII Director Laura Pomerantz sold a total of 10,904 shares at an average price of $20.42. The insider received around $222,660 from selling those shares.
• What’s Happening: G-III Apparel Group reported better-than-expected first-quarter results and issued strong guidance.
• What G-III Apparel Group Does: G-III Apparel Group Ltd is a textile company. It makes a wide range of apparel, footwear, and accessories that it sells under its own brands, licensed brands, and private-label brands.

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