Executives Sell More Than $47M Of 5 Stocks - AbbVie (NYSE:ABBV), Morningstar (NASDAQ:MORN)

Although the Bank of Canada raised its key lending rate to 0.5% on Wednesday, there were a few 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.

Lordstown Motors

The Trade: Lordstown Motors Corp. (NASDAQ:RIDE) 10% owner Stephen Burns disposed a total of around 5,285,000 shares at an average price of $2.56. The insider received around $13.53 million as a result of the transaction.
What’s Happening: Lordstown Motors recently reported Q4 earnings results and said it expects commercial production and sales of the Endurance of approximately 500 units in 2022 growing to as many as 2,500 units in 2023.
What Lordstown Motors Does: Lordstown Motors Corp is an automotive company founded for the purpose of developing and manufacturing light duty electric trucks targeted for sale to fleet customers.

Morningstar

The Trade: Morningstar, Inc. (NASDAQ:MORN) Executive Chairman Joseph Mansueto sold a total of 31,244 shares at an average price of $278.07. The insider received around $8.69 million from selling those shares.
What’s Happening: Morningstar recently posted Q4 EPS of $1.50.
What Morningstar Does: Morningstar Inc is a provider of independent investment research to financial advisers, asset managers, and investors. The company focuses its operations on two core sectors: data and research.

Also check this: 4 Penny Stocks Insiders Are Buying: MannKind, Crexendo And More

AbbVie

The Trade: AbbVie Inc. (NYSE:ABBV) Vice Chairman Robert A Michael sold a total of 77,391 shares at an average price of $148.82. The insider received around $11.52 million as a result of the transaction.
What’s Happening: AbbVie completed the acquisition of Syndesi Therapeutics SA.
What AbbVie Does: AbbVie is a pharmaceutical company with a strong exposure to immunology and oncology. The company's top drug, Humira, represents close to half of the company's current profits.

Paylocity Holding

The Trade: Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven I Sarowitz sold a total of 47,120 shares at an average price of $203.10. The insider received around $9.57 million from selling those shares.
What’s Happening: Jefferies recently upgraded Paylocity Holding from Hold to Buy.
What Paylocity Holding Does: Paylocity is a provider of payroll and human capital management, or HCM, solutions servicing small- to mid-size clients in the United States.

Reliance Steel & Aluminum

The Trade: Reliance Steel & Aluminum Co. (NYSE:RS) Senior Vice President, Operations Michael Patrick Shanley sold a total of 22,664 shares at an average price of $186.50. The insider received around $4.23 million from selling those shares.
What’s Happening: Reliance Steel & Aluminum , last month, reported better-than-expected Q4 EPS and sales results.
What Reliance Steel & Aluminum Does: Reliance Steel & Aluminum is a metal service center in the United States, providing metal processing and inventory management services for carbon and stainless steel, aluminum, and alloys.

PCTYPaylocity Holding Corp

$100.51-%

RSReliance Inc

$404.11-2.23%

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