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Glen Griffiths, Insider at Bloom Energy (NYSE:BE), made a large buy and sell of company shares on November 11, according to a new SEC filing.
What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission states that Glen Griffiths exercised options to purchase 17,333 Bloom Energy shares at a price of $5.50 per share for a total of $95,332 on November 11. They then sold their shares on multiple transactions in the open market. They sold at prices ranging from $33.84 to $35.05 to raise a total of $1,850,864 from the stock sale.
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Following the transaction, Griffiths still owns 110,647 shares of Bloom Energy worth $3,596,027.
Bloom Energy shares are trading down 4.83% at $32.5 at the time of this writing on Monday morning.
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The Importance of Insider Transactions
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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.
Important Transaction Codes
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 Bloom Energy's Insider Trades.
This article was generated by Benzinga's automated content engine and reviewed by an editor.
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.