US crude oil futures traded lower, dropping around 0.5% on Monday. 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: Moderna, Inc. MRNA Director Noubar B. Afeyan sold a total of 310,000 shares at an average price of $131.79. The insider received around $40.86 million from selling those shares.
- What’s Happening: Moderna announced that its recently appointed Chief Financial Officer, Jorge Gomez, has departed the company, effective immediately.
- What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.
- The Trade: AmerisourceBergen Corporation ABC 10% owner Walgreens Boots Alliance Holdings Llc sold a total of 6,000,000 shares at an average price of $150.00. The insider received around $900 million from selling those shares.
- What’s Happening: Walgreens Boots Alliance reached a $683 million settlement with Florida to resolve claims that the pharmacy chain exacerbated an opioid epidemic in the state.
- What AmerisourceBergen Does: AmerisourceBergen is a leading pharmaceutical wholesaler engaged in the sourcing and distribution of branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospital networks, and healthcare providers.
- The Trade: Murphy USA Inc. MUSA Director Madison Robert Murphy sold a total of 40,000 shares at an average price of $239.52. The insider received around $9.58 million as a result of the transaction.
- What’s Happening: Murphy USA posted Q1 earnings of $6.08 per share.
- What Murphy USA Does: Murphy USA Inc is an American retailer of gasoline products and convenience-store merchandise operating in the United States.
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- The Trade: Credit Acceptance Corporation CACC Director Thomas Smith sold a total of 14,648 shares at an average price of $587.29. The insider received around $8.6 million from selling those shares.
- What’s Happening: Credit Acceptance recently reported better-than-expected Q1 results.
- What Credit Acceptance Does: Credit Acceptance Corp is a consumer finance company that specializes in automobile loans.
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