U.S. crude futures fell more than 1% on Monday, after surging to as high as $92.7 earlier during the session. 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.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
Public Service Enterprise Group
- The Trade: Public Service Enterprise Group Incorporated PEG Chairman, President and CEO Ralph Izzo disposed a total of 9,883 shares at an average price of $66.15. The insider received $653.78 thousand as a result of the transaction.
- What’s Happening: Evercore ISI Group recently upgraded Public Service Enterprise from In-Line to Outperform.
- What Public Service Enterprise Group Does: Public Service Enterprise Group is the holding company for a regulated utility (PSE&G) and other non-regulated businesses such as nuclear power generation and clean energy infrastructure.
- The Trade: Moderna, Inc. MRNA CEO Stephane Bancel sold a total of 23,000 shares at an average price of $167.79. The insider received $3.19 million from selling those shares.
- What’s Happening: Moderna is expected to report Q4 financial results on Thursday, February 24, 2022.
- What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020.
- The Trade: Alcoa Corporation AA EVP and Gen. Counsel Jeffrey D Heeter sold a total of 17,696 shares at an average price of $60.56. The insider received $1.07 million as a result of the transaction.
- What’s Happening: The company recently posted upbeat quarterly earnings.
- What Alcoa Does: Alcoa is a vertically integrated aluminum company whose operations include bauxite mining, alumina refining, and the manufacture of primary aluminum.
- The Trade: Schlumberger Limited SLB VP, Director Tax Pierre Chereque sold a total of 8249 shares at an average price of $39.31. The insider received $324.27 thousand from selling those shares.
- What’s Happening: The company recently reported upbeat quarterly results.
- What Schlumberger Does: Schlumberger is the world's largest supplier of products and services to the oil and gas industry. The company operates its business via multiple groups: reservoir characterization, drilling, production, and Cameron.
- The Trade: Alphabet Inc. GOOG Director Larry Page sold a total of 6,968 shares at an average price $2,942.82. The insider received around $20.51 million from selling those shares.
- What’s Happening: The company posted upbeat quarterly results.
- What Alphabet Does: Alphabet Inc is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary. Google generates 99% of Alphabet revenue, of which more than 85% is from online ads. Google's other revenue is from sales of apps and content on Google Play and YouTube, as well as cloud service fees and other licensing revenue.
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