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The Nasdaq Composite closed lower on Tuesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. 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.
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Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
Rambus
- The Trade: Rambus Inc. (NASDAQ:RMBS) President and CEO Luc Seraphin sold a total of 12,500 shares at an average price of $ $48.68. The insider received around $608.56 thousand from selling those shares.
- What’s Happening: Wells Fargo maintained Rambus with an Overweight and raised the price target from $50 to $55.
- What Rambus Does: Rambus Inc is a semiconductor solutions provider offering high-speed, high-security computer chips and Silicon intellectual property.
Have a look at our premarket coverage here
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Southern Company
- The Trade: The Southern Company (NYSE:SO) CEO and Chairman Thomas A Fanning sold a total of 50,000 shares at an average price of $71.54. The insider received around $3.58 million from selling those shares. Stephen E Kuczynski, CEO, Southern Nuclear also sold the company’s shares.
- What’s Happening: Morgan Stanley maintained Southern with an Underweight and lowered the price target from $61 to $57.
- What Southern Company Does: Southern is one of the largest utilities in the U.S. The company serves 9 million customers with vertically integrated electric utilities in three states and natural gas distribution utilities in four states.
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RPM International
- The Trade: RPM International Inc. (NYSE:RPM) SVP, GC & CCO Edward W Moore sold a total of 6,626 shares at an average price of $80.61. The insider received around $534.13 thousand from selling those shares.
- What’s Happening: RPM International reported Q3 financial results and said it expects 4Q23 consolidated sales to be flat compared to prior-year record results.
- What RPM International Does: RPM International Inc manufactures and sells a variety of paints, coatings, and adhesives. The firm organizes itself into four segments based on product type.
BTCS
- The Trade: BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold a total of 100,000 shares at an average price of $1.20. The insider received around $120.39 thousand from selling those shares.
- What’s Happening: BTCS reported a 39% year-over-year revenue growth in FY22 to $1.7 million.
- What BTCS Does: BTCS Inc is engaged in the business of hosting an online e-commerce marketplace where consumers can purchase merchandise using Digital Assets, including bitcoin.
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.