Tesla, Amazon And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed 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 $266.34. The insider received around $665,850 from selling those shares.
• What’s Happening: Tesla has set its sights on a significant expansion of its electric semi-truck charging infrastructure.
• 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

Airbnb

• The Trade: Airbnb, Inc. ABNB CFO Dave Stephenson sold a total of 4,919 shares at an average price of $149.60. The insider received around $735,882 from selling those shares.
• What’s Happening: Airbnb reported second-quarter revenue of $2.5 billion, which was up 18% year-over-year. The revenue total beat a Street consensus estimate of $2.2 billion.
• What Airbnb Does: Started in 2008, Airbnb is the world's largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences.

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 $133.55. The insider received around $534,200 from selling those shares.
• What’s Happening: Amazon said second-quarter revenue increased 11% year-over-year to $134.4 billion, which beat the consensus estimate of $131.54 billion.
• 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.

Bank of America

• The Trade: Bank of America Corporation BAC President, Global Markets James P Demare sold a total of 75,000 shares at an average price of $31.53. The insider received around $2.36 million from selling those shares.
• What’s Happening: Bank Of America has retracted its earlier forecast of an impending recession, citing a robust job market and vigorous consumer spending as the primary reasons.
• What Bank of America Does: Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets.

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