Gold futures traded slightly higher on Friday. 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.
- The Trade: ON Semiconductor Corporation ON EVP & GM, ASG Craig Vince Hopkin sold a total of 5,000 shares at an average price of $55.70. The insider received around $278.5 thousand from selling those shares.
- What’s Happening: ON Semiconductor reported first-quarter FY22 revenue growth of 31% year-on-year to $1.95 billion, beating the consensus of $1.90 billion.
- What ON Semiconductor Does: Onsemi is a supplier of power semiconductors and sensors focused on the automotive and industrial markets. Onsemi is the second-largest power chipmaker in the world and the largest supplier of image sensors to the automotive market.
Thermo Fisher Scientific
- The Trade: Thermo Fisher Scientific Inc. TMO Chairman and CEO Marc N Casper sold a total of 2,181 shares at an average price of $562.46. The insider received around $1.23 million from selling those shares.
- What’s Happening: Thermo Fisher Scientific recently reported better-than-expected Q1 EPS and sales results.
- What Thermo Fisher Scientific Does: Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents.
- The Trade: Wells Fargo & Company WFC Sr. Executive Vice President Kleber Santos sold a total of 22,700 shares at an average price of $44.44. The insider received around $1.01 million as a result of the transaction.
- What’s Happening: Wells Fargo, last month, reported worse-than-expected Q1 sales results.
- What Wells Fargo Does: Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets.
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- The Trade: AutoNation, Inc. AN EVP & Chief Cust Exp Officer Marc Cannon sold a total of 20,000 shares at an average price of $122.16. The insider received around $2.44 million from selling those shares.
- What’s Happening: AutoNation, last month, reported first-quarter FY22 sales growth of 14% year-on-year to $6.75 billion, beating the consensus of $6.48 billion.
- What AutoNation Does: AutoNation is the largest automotive dealer in the United States, with 2021 revenue of $25.8 billion and about 250 dealerships at nearly 350 locations, plus 57 collision centers.
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