The Nasdaq 100 closed higher by around 0.2% on Monday. 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.
Alphabet
- The Trade: Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) Director John L Hennessy sold a total of 1,500 shares at an average price of $168.08. The insider received around $252,123 from selling those shares.
- What's Happening: has initiated legal proceedings against tech giant, Google, accusing it of monopolistic practices in its digital advertising products. Rumble is seeking damages in excess of $1 billion.
- What Alphabet Does: Alphabet is a holding company. Internet media giant Google is a wholly owned subsidiary.
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First Solar
- The Trade: First Solar, Inc. (NASDAQ:FSLR) Director Richard D Chapman sold a total of 7,150 shares at an average price of $190.69. The insider received around $1.36 million from selling those shares.
- What's Happening: On May 1, First Solar reported upbeat results for the first quarter.
- What First Solar Does: First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects.
Chevron
- The Trade: Chevron Corporation (NYSE:CVX) Director Enrique Hernandez Jr sold a total of 2,549 shares at an average price of $165.24. The insider received around $421,207 from selling those shares.
- What's Happening: On May 13, Mizuho analyst Nitin Kumar maintained Chevron with a Buy and raised the price target from $200 to $205.
- What Chevron Does: Chevron is an integrated energy company with exploration, production, and refining operations worldwide.
Amazon.com
- The Trade: Amazon.com, Inc. (NASDAQ:AMZN) Director Jonathan Rubinstein sold a total of 5,264 shares at an average price of $190.00. The insider received around $1 million from selling those shares.
- What's Happening: Amazon.com is reportedly making a significant investment exceeding €1.2 billion ($1.3 billion) in its French operations, aiming to create over 3,000 permanent positions within the country.
- What Amazon.com Does: Amazon is the leading online retailer and marketplace for third party sellers.
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