Pinterest, Hershey And 2 Other Stocks Insiders Are Selling

The Nasdaq Composite closed lower by over 50 points on Tuesday. 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.

Kroger

• The Trade: The Kroger Co. KR Senior Vice President and CFO Gary Millerchip sold a total of 30,182 shares at an average price of $48.88. The insider received around $1.48 million from selling those shares.
• What’s Happening: Northcoast Research upgraded Kroger from Neutral to Buy and announced a $60 price target.
• What Kroger Does: Kroger is the leading American grocer, with 2,726 supermarkets operating under several banners throughout the country as of the end of fiscal 2021.

Have a look at our premarket coverage here

Pinterest

• The Trade: Pinterest, Inc. PINS CFO Todd Morgenfeld sold a total of 60,537 shares at an average price of $28.32. The insider received around $1.71 million from selling those shares.
• What’s Happening: UBS upgraded Pinterest from Neutral to Buy and raised the price target from $27 to $35.
• What Pinterest Does: Pinterest is an online product and idea discovery platform that helps users gather ideas on everything from recipes to cook to destinations to travel to.

Hershey Company

• The Trade: The Hershey Company HSY President, U.S. Confection Charles R Raup sold a total of 1,512 shares at an average price of $248.83. The insider received around $376.23 thousand from selling those shares.
• What’s Happening: Hershey reaffirmed 2023 guidance, expecting net sales growth of 6% to 8%.
• What Hershey Does: Hershey is a leading confectionery manufacturer in the U.S. (around a $25 billion market), controlling around 47% of the domestic chocolate space (per IRI).

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Rambus

• The Trade: Rambus Inc. RMBS President and CEO Luc Seraphin sold a total of 12,500 shares at an average price of $44.99. The insider received around $562.33 thousand from selling those shares.
• What’s Happening: Rambus, last month, reported worse-than-expected Q4 results.
• What Rambus Does: Rambus Inc is a semiconductor solutions provider offering high-speed, high-security computer chips and Silicon intellectual property.