Tesla, Amazon And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed lower by over 100 points 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.

Tesla

• The Trade: Tesla, Inc. TSLA SVP, Automotive Xiaotong Zhu sold a total of 2,500 shares at an average price of $257.23. The insider received around $643,075 from selling those shares.
• What’s Happening: Tesla has changed the terms of its referral program to make it uniform across models and less rewarding for Model S/X buyers and referrers.
• 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

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 $139.48. The insider received around $557,920 from selling those shares.
• What’s Happening: German auto giant BMW will leverage Amazon‘s cloud computing technology for the development of semi-autonomous driving features in its forthcoming electric vehicles (EVs), CNBC reported.
• 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.

Walmart

• The Trade: Walmart Inc. WMT Executive Vice President John Rainey sold a total of 1,000 shares at an average price of $161.37. The insider received around $161,374 from selling those shares.
• What’s Happening: Walmart is reportedly asking some of its 16,000 pharmacists across the U.S. to take voluntary pay reduction.
• What Walmart Does: Walmart serves as the preeminent retailer in the United States, with its strategy predicated on superior operating efficiency and offering the lowest priced goods to consumers to drive robust store traffic and product turnover.

Coinbase Global

• The Trade: Coinbase Global, Inc. COIN Chief People Officer Lawrence J Brock sold a total of 19,814 shares at an average price of $78.34. The insider received around $1.55 million from selling those shares.
• What’s Happening: Coinbase Global unveiled a new cryptocurrency lending service for U.S. institutional investors, aiming to step in where companies like BlockFi Inc. and Genesis Global stumbled.
• What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States.

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