Insiders Selling Airbnb, SP Plus And 2 Other Stocks

The Nasdaq 100 closed lower on Wednesday. Investors, meanwhile, focused on some notable insider trades.

When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. 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.

Airbnb

• The Trade: Airbnb, Inc. ABNB 10% owner Joseph Gebbia sold a total of 1,371,301 shares at an average price of $124.21. The insider received around $170.33 million from selling those shares.
• What’s Happening: Argus Research upgraded Airbnb from Hold to Buy and announced a $144 price target.
• 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.

Have a look at our premarket coverage here

Tellurian

• The Trade: Tellurian Inc. TELL Executive Chairman Charif Souki sold a total of 1,084,041 shares at an average price of $1.51. The insider received around $1.64 million from selling those shares.
• What’s Happening: B of A Securities downgraded the stock from Buy to Underperform and lowered its price target from $4 to $1.50.
• What Tellurian Does: Tellurian Inc is a U.S-based independent oil and gas exploration and production company.

SP Plus

• The Trade: SP Plus Corporation SP Chairman and CEO G Marc Baumann sold a total of 10,408 shares at an average price of $34.36. The insider received around $357.63 thousand from selling those shares.
• What’s Happening: SP Plus reported worse-than-expected Q4 EPS.
• What SP Plus Does: SP Plus Corp Provides parking management, ground transportation, and other ancillary services to commercial, institutional, and municipal clients in urban markets and airports across the United States, Canada, and Puerto Rico.

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PennyMac Financial Services

• The Trade: PennyMac Financial Services, Inc. PFSI Chief Mort Fulfillment Off. James Follette sold a total of 16,728 shares at an average price of $60.29. The insider received around $1.01 million from selling those shares.
• What’s Happening: PennyMac Financial reported worse-than-expected Q4 EPS and sales results.
• What PennyMac Financial Services Does: PennyMac Financial Services Inc is a United States-based financial services company primarily engaged in mortgage lending.