Pinterest, Costco And 2 Other Stocks Insiders Are Selling

The Nasdaq Composite closed almost flat on Thursday. 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.

Pinterest

• The Trade: Pinterest, Inc. PINS Former Chief Financial Officer Todd Morgenfeld sold a total of 60,705 shares at an average price of $26.22. The insider received around $1.59 million from selling those shares.
• What’s Happening: Wells Fargo upgraded the stock to Overrweight from Equal-Weight.
• 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.

Have a look at our premarket coverage here

Costco Wholesale

• The Trade: Costco Wholesale Corporation COST Director Susan Decker sold a total of 1,565 shares at an average price of $533.00. The insider received around $834,145 from selling those shares.
• What’s Happening: Telsey Advisory Group reiterated Costco Wholesale with an Outperform and maintained a $540 price target.
• What Costco Wholesale Does: As the leading warehouse club, Costco has 838 stores worldwide (at the end of fiscal 2022), with most sales derived in the United States (73%) and Canada (14%).

Airbnb

• The Trade: Airbnb, Inc. ABNB Director Joseph Gebbia sold a total of 516,667 shares at an average price of $124.65. The insider received around $64.4 million from selling those shares.
• What’s Happening: New York City reportedly agreed to not enforce its new law targeting Airbnb until September.
• 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.

Yelp

• The Trade: Yelp Inc. YELP Chief Operating Officer Joseph Nachman sold a total of 6,000 shares at an average price of $35.16. The insider received around $210,988 from selling those shares.
• What’s Happening: Activist investor TCS Capital Management has built a stake in Yelp and urged the service-recommendation site to explore strategic alternatives, including a sale.
• What Yelp Does: Yelp Inc operates in the online content market based in the United States. It provides a web-based platform and mobile application to bridge the gap between businesses and consumers.

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