Marathon Petroleum, Snowflake And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed slightly higher 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.

Robinhood Markets

• The Trade: Robinhood Markets, Inc. HOOD Chief Creative Officer Baiju Bhatt sold a total of 106,319 shares at an average price of $8.31. The insider received around $883,617 from selling those shares.
• What’s Happening: Robinhood Markets reported mixed third-quarter financial results.
• 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.

Have a look at our premarket coverage here

Snowflake

• The Trade: Snowflake Inc. SNOW SVP, Product Management Christian Kleinerman sold a total of 1,500 shares at an average price of $164.75. The insider received around $247,125 from selling those shares.
• What’s Happening: Snowflake said it will release its financial results for the third quarter of fiscal year 2024, on Nov. 29, 2023.
• What Snowflake Does: Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020.

MongoDB

• The Trade: MongoDB, Inc. MDB COO & CFO Lawrence Michael Gordon sold a total of 10,442 shares at an average price of $390.94. The insider received around $4.08 million from selling those shares.
• What’s Happening: Capital One recently upgraded MongoDB from Equal-Weight to Overweight and announced a $427 price target.
• What MongoDB Does: Founded in 2007, MongoDB is a document-oriented database with nearly 33,000 paying customers and well past 1.5 million free users.

Marathon Petroleum

• The Trade: Marathon Petroleum Corporation MPC Senior VP and Controller Carl Kristopher Hagedorn sold a total of 1,436 shares at an average price of $146.81. The insider received around $210,819 from selling those shares.
• What’s Happening: Marathon Petroleum reported third-quarter revenue and other income of $41.58 billion, beating the consensus of $40.02 billion.
• What Marathon Petroleum Does: Marathon Petroleum is an independent refiner with 13 refineries in the midcontinent, West Coast, and Gulf Coast of the United States with total throughput capacity of 2.9 million barrels per day.

Check This Out: Walmart, Alibaba And 3 Stocks To Watch Heading Into Thursday