Although oil futures traded higher 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.
Inspire Medical Systems
- The Trade: Inspire Medical Systems, Inc. INSP CEO and President Timothy P Herbert sold a total of 130,000 shares at an average price of $250.52. The insider received around $32.57 million from selling those shares.
- What’s Happening: Inspire Medical Systems, last month, generated revenue of $78.39 million in Q4, a 70% Y/Y increase, marginally beating the consensus of $78.11 million and in line with the management expectation.
- What Inspire Medical Systems Does: Inspire Medical Systems Inc operates as a medical technology company. It focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA).
- The Trade: Ameriprise Financial, Inc. AMP Chairman and CEO James M Cracchiolo sold a total of 56,622 shares at an average price of $314.16. The insider received around $17.79 million from selling those shares.
- What’s Happening: Piper Sandler, earlier during the month, downgraded the stock from Overweight to Neutral and lowered its price target from $370 to $325.
- What Ameriprise Financial Does: Spun off from American Express in 2005, Ameriprise Financial has emerged as a major player in the U.S. market for asset and wealth management, with around $1.4 trillion in total assets under management and advisement at the end of 2021.
- The Trade: Apria, Inc. APR 10% owner Stephen Schwarzman sold a total of 14,187,515 shares at an average price of $37.50. The insider received around $532.03 million as a result of the transaction.
- What’s Happening: The company, last month, posted mixed quarterly results.
- What Apria Does: Apria Inc is a provider of integrated home healthcare equipment and related services in the United States.
- The Trade: California Resources Corporation CRC 10% owner Steven Tananbaum sold a total of 609,209 shares at an average price of $49.35. The insider received around $30.07 million from selling those shares.
- What’s Happening: The company, last month, posted upbeat quarterly sales.
- What California Resources Does: California Resources Corp is an independent oil and natural gas company committed to energy transition in the sector. The firm has some of the lowest carbon intensity production in the US.
- The Trade: NVIDIA Corporation NVDA Director Tench Coxe sold a total of 100,000 shares at an average price of $274.06. The insider received around $27.41 million from selling those shares.
- What’s Happening: Tigress Financial recently maintained a Buy rating on the stock and raised its price target from $400 to $410.
- What NVIDIA Does: Nvidia is the top designer of discrete graphics processing units that enhance the experience on computing platforms. The firm's chips are used in a variety of end markets, including high-end PCs for gaming, data centers, and automotive infotainment systems.
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