Gold futures traded slightly higher 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.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
- The Trade: PayPal Holdings, Inc. PYPL EVP, Global Sales Peggy Alford sold a total of 14,767 shares at an average price of $85.32. The insider received around $1.26 million from selling those shares.
- What’s Happening: Morgan Stanley maintained PayPal with an Overweight and lowered the price target from $139 to $137.
- What PayPal Does: PayPal was spun off from eBay in 2015 and provides electronic payment solutions to merchants and consumers, with a focus on online transactions.
Reliance Steel & Aluminum
- The Trade: Reliance Steel & Aluminum Co. RS Sr. VP, Operations Jeffrey Wayne Durham sold a total of 10,000 shares at an average price of $196.06. The insider received around $1.96 million from selling those shares.
- What’s Happening: The company recently posted upbeat quarterly 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.
- The Trade: Airbnb, Inc. ABNB Director Belinda Johnson sold a total of 20,000 shares at an average price of $152.19. The insider received around $3.04 million as a result of the transaction.
- What’s Happening: Airbnb recently reported better-than-expected Q1 EPS and sales results.
- What Airbnb Does: Started in 2008, Airbnb is the world's largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences.
Have a look at our premarket coverage here .
- The Trade: Berry Corporation BRY 10% owner Thomas Gahan sold a total of 2,000,000 shares at an average price of $11.38. The insider received around $22.76 million from selling those shares.
- What’s Happening: Berry raised its buyback to $150 million.
- What Berry Does: Berry Corp (bry) is a western United States independent upstream energy company with a focus on the conventional, long-lived oil reserves in the San Joaquin basin of California.
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