Robinhood, Verizon And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed higher by more than 200 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.

DocuSign

• The Trade: DocuSign, Inc. DOCU Chief Legal Officer James Shaughnessy sold a total of 3,600 shares at an average price of $55.02. The insider received around $198,072 from selling those shares.
• What’s Happening: DocuSign said third-quarter revenue increased 9% year-over-year to $700.42 million, which beat the consensus estimate of $690.13 million.
• What DocuSign Does: DocuSign offers the Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device.

Have a look at our premarket coverage here

Best Buy

• The Trade: Best Buy Co., Inc. BBY 10% owner Richard Schulze sold a total of 48,401 shares at an average price of $75.07. The insider received around $3.63 million from selling those shares.
• What’s Happening: On Nov. 21, Best Buy posted upbeat earnings for its third quarter, but lowered its FY24 guidance.
• What Best Buy Does: With $46.3 billion in consolidated fiscal 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., boasting roughly 8.5% share of the U.S. market and north of 35% share of offline sales, per our calculations, CTA, and Euromonitor data.

Robinhood Markets

• The Trade: Robinhood Markets, Inc. HOOD CEO Vladimir Tenev sold a total of 250,000 shares at an average price of $11.60. The insider received around $2.9 million from selling those shares.
• What’s Happening: Robinhood Markets is expanding its reach in the European Union by introducing its commission-free cryptocurrency trading service.
• 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.

Verizon Communications

• The Trade: Verizon Communications Inc. VZ EVP&Pres.-VZ Global Services Craig L Silliman sold a total of 3,340 shares at an average price of $38.29. The insider received around $127,889 from selling those shares.
• What’s Happening: Verizon is launching a unique streaming bundle partnership with Netflix and Warner Bros. Discovery Max, offering ad-supported services from these entertainment giants together for the first time.
• What Verizon Does: Verizon Communications is primarily a wireless business (it provides about 70% of service revenue and nearly all operating income).

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