The Dow Jones fell about 150 points on Monday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern about the company’s prospects or that they see the stock as overpriced. Either way, this signals an opportunity to short the stock. Insider trading should not be taken as the sole indicator for making an investment or trading decision. At best, it can lend conviction to a sales decision.
Below is a look at some recent notable insider sales. For more, check out Benzinga’s insider trading platform.
Snap
- The trade: Snap Inc. SNAP CFO Derek Andersen sold a total of 67,794 shares at an average price of $8.57. The insider received approximately $581.22 thousand from selling these shares.
- What’s up: Jefferies recently downgraded the stock from Buy to Hold and lowered the price target from $12 to $10.
- What Snap does: Snap, which bills itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
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Riot Blockchain
- The trade: Riot Blockchain, Inc. RIOT EVP & General Counsel William Richard Jackman sold a total of 25,000 shares at an average price of $4.00. The insider received about 100 thousand dollars as a result of the transaction.
- What’s up: Riot Blockchain last month reported worse-than-expected sales and EPS results for the third quarter.
- What Riot Blockchain does: Riot Blockchain Inc is focused on building, supporting and operating blockchain technologies.
Check out our premarket coverage here
Airbnb
- The trade: Airbnb, Inc. ABNB Chief Technology Officer Aristotle Balogh sold a total of 2,500 shares at an average price of $91.55. The insider received approximately $228.88 thousand from selling these shares.
- What’s up: Morgan Stanley recently downgraded the stock from Equal-Weight to Underweight and lowered its price target from $110 to $80.
- What Airbnb does: Started in 2008, Airbnb is the world’s largest online travel agency for alternative accommodation, and also offers booking services for boutique hotels and experiences.
