Disney, Coinbase Global And 2 Other Stocks Insiders Are Selling

The Nasdaq Composite dropped 1.6% on Wednesday after the Fed raised rates by 25bps. 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.

Coinbase Global

• The Trade: Coinbase Global, Inc. COIN Chief Legal Officer Paul Grewal sold a total of 2,325 shares at an average price of $77.01. The insider received around $179.06 thousand from selling those shares.
• What’s Happening: Coinbase Global received a Wells Notice from the SEC alleging violations of federal securities laws in regards to the company's spot market and staking service.
• What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy.

Have a look at our premarket coverage here

Walt Disney Company

• The Trade: The Walt Disney Company DIS EVP, Control, Fin Plan & Tax Brent Woodford sold a total of 1,139 shares at an average price of $95.21. The insider received around $108.44 thousand from selling those shares.
• What’s Happening: Disney reported better-than-expected Q1 results. The company also announced it will restructure into three separate units and target $5.5 billion in cost cuts.
• What Walt Disney Does: Walt Disney owns the rights to some of the most globally recognized characters, from Mickey Mouse to Luke Skywalker.

Schlumberger

• The Trade: Schlumberger Limited SLB EVP and CFO Stephane Biguet sold a total of 6,250 shares at an average price of $44.77. The insider received around $279.81 thousand from selling those shares.
• What’s Happening: Schlumberger recently posted upbeat quarterly results.
• What Schlumberger Does: SLB, formerly known as Schlumberger, is the largest oilfield service firm in the world, with expertise in myriad disciplines, including reservoir performance, well construction, production enhancement, and more recently, digital solutions.

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HubSpot

• The Trade: HubSpot, Inc. HUBS Executive Chair Brian Halligan sold a total of 8,500 shares at an average price of $392.85. The insider received around $3.34 million from selling those shares.
• What’s Happening: HubSpot reported better-than-expected Q4 results and issued strong guidance for Q1 and FY23.
• What HubSpot Does: HubSpot provides a cloud-based marketing, sales, and customer service software platform referred to as the growth platform.