US stock futures traded higher on this morning on Wednesday. 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: Rivian Automotive, Inc. RIVN 10% owner Ford Motor Co sold a total of 8,000,000 shares at an average price of $26.80. The insider received around $214.14 million from selling those shares.
- What’s Happening: Rivian agreed to build electric vehicle manufacturing plant in Georgia.
- What Rivian Automotive Does: Rivian Automotive Inc designs, develops and manufactures category-defining electric vehicles and accessories.
- The Trade: Dutch Bros Inc. BROS CEO and President Joth Ricci sold a total of 71,125 shares at an average price of $42.47. The insider received around $3.02 million from selling those shares.
- What’s Happening: Dutch Bros will report financial results for the first quarter after the closing bell today.
- What Dutch Bros Does: Dutch Bros Inc is an operator and franchisor of drive-thru coffee shops that are focused on serving hand-crafted beverages.
- The Trade: Amgen Inc. AMGN EVP, Gen. Counsel & Secy. Jonathan P Graham sold a total of 13,500 shares at an average price of $241.81. The insider received around $3.26 million as a result of the transaction.
- What’s Happening: Mizuho maintained Amgen with a Neutral and raised the price target from $202 to $208.
- What Amgen Does: Amgen is a leader in biotechnology-based human therapeutics, with historical expertise in renal disease and cancer supportive care products. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases.
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