Gold futures traded lower 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: Noble Corporation NE 10% owner Pacific Investment Management Co Llc sold a total of 143,763 shares at an average price of $31.15. The insider received around $4.48 million from selling those shares.
- What’s Happening: Noble recently announced shareholder approval for business combination.
- What Noble Corporation Does: Noble Corp is an offshore drilling contractor for the oil and gas industry. The company operates under one segment namely, Contract Drilling Services.
Cadence Design Systems
- The Trade: Cadence Design Systems, Inc. CDNS Director Lip-Bu Tan sold a total of 40,000 shares at an average price of $143.77. The insider received around $5.75 million from selling those shares.
- What’s Happening: Cadence Design Systems, last month, reported better-than-expected Q1 EPS and sales results.
- What Cadence Design Systems Does: Cadence Design Systems is a provider of electronic design automation software, intellectual property, and system design and analysis products.
- The Trade: Olin Corporation OLN Director Sachem Head Gp Llc sold a total of 2,500,000 shares at an average price of $60.98. The insider received around $152.45 million as a result of the transaction.
- What’s Happening: The company, last month, posted upbeat quarterly results.
- What Olin Does: Olin Corp manufactures and sells a variety of chemicals and chemical-based products. The company organizes itself into three segments based on the product type.
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- The Trade: Matterport, Inc. MTTR Director Jason Krikorian sold a total of 1,628,907 shares at an average price of $5.40. The insider received around $8.8 million from selling those shares.
- What’s Happening: The company recently reported upbeat quarterly results.
- What Matterport Does: Matterport Inc is a spatial data company focused on digitizing and indexing the built world.
Eli Lilly and Company
- The Trade: Eli Lilly and Company LLY 10% owner Lilly Endowment Inc sold a total of 118,856 shares at an average price of $302.73. The insider received around $35.98 million from selling those shares.
- What’s Happening: Eli Lilly And Co announced a data readout for the Lucent-2 Phase 3 study of mirikizumab after 52 weeks.
- What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, cancer, and immunology.
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