SLB, Nike And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed lower by around 0.1% on Friday. 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.

DraftKings

• The Trade: DraftKings Inc. DKNG Director Jocelyn Moore sold a total of 2,853 shares at an average price of $36.28. The insider received around $103,518 from selling those shares.
• What's Happening: On June 7, DraftKings filed a mixed securities shelf offering.
• What DraftKings Does: DraftKings got its start in 2012 as an innovator in daily fantasy sports. Then, following a Supreme Court ruling in 2018 that allowed states to legalize online sports wagering, the company expanded into online sports and casino gambling, where it generally holds the number two or three revenue share position across states in which it competes.

Have a look at our premarket coverage here

Fox Corporation

• The Trade: Fox Corporation FOXA FOX CFO Steven Tomsic sold a total of 30,000 shares at an average price of $34.26. The insider received around $1.03 million from selling those shares.
• What's Happening: On May 8, Fox reported third-quarter 2024 revenues of $3.45 billion, down from $4.08 billion a year ago, beating the analyst consensus estimate of $3.44 billion.
• What Fox Does: Fox operates in two segments: cable networks and television.

NIKE

• The Trade: NIKE, Inc. NKE EVP, CFO Matthew Friend sold a total of 9,350 shares at an average price of $95.10. The insider received around $889,185 from selling those shares.
• What's Happening: Nike has reportedly reduced its workforce at its European headquarters as part of a multiyear effort to trim costs.
• What NIKE Does: Nike is the largest athletic footwear and apparel brand in the world.

Schlumberger

• The Trade: Schlumberger Limited SLB Chief People Officer Bejar Carmen Rando sold a total of 4,980 shares at an average price of $43.43. The insider received around $216,281 from selling those shares.
• What's Happening: Schlumberger reported upbeat sales for its first quarter on April 19.
• What SLB Does: SLB 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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