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Joseph Levin, Director at Match Group (NASDAQ:MTCH), made a large buy and sell of company shares on September 13, according to a new SEC filing.
What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission states that Joseph Levin purchased 70,650 Match Group shares at a price of $24.86 per share for a total of $1,756,197 on September 13. They then sold their shares on succeeding transactions in the open market. They sold at prices ranging from $165.28 to $170.27 to raise a total of $11,772,498 from the stock sale.
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Levin still owns a total of 35,396 of Match Group worth, $5,593,629.
Match Group shares are trading up 0.43% at $158.03 at the time of this writing on Wednesday morning.
The Importance of Insider Transactions
Insider transactions shouldn't be used primarily to make an investing decision, however, they can be an important factor for an investor to consider.
In legal terms, an "insider" refers to any shareholder who owns at least 10% of a company. This can include executives in the c-suite and large hedge funds. These insiders are required to let the public know of their transactions via a Form 4 filing, which must be filed within two business days of the transaction.
When a company insider makes a new purchase, that is an indication that they expect the stock to rise.
Insider sells, on the other hand, can be made for a variety of reasons, and may not necessarily mean that the seller thinks the stock will go down.
Transaction Codes To Focus On
Investors prefer focusing on transactions that take place in the open market, indicated in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S indicates a sale. Transaction code C indicates the conversion of an option, and transaction code A indicates the insider may have been forced to sell shares in order to receive compensation that had been promised upon being hired by the company.
Check Out The Full List Of Match Group's Insider Trades.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.