US crude oil futures traded higher this morning on Thursday. 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: Antero Midstream Corporation AM Director W. Howard Keenan Jr. sold a total of 792,883 shares at an average price of $10.33. The insider received around $8.19 million from selling those shares.
- What’s Happening: The company, last month, posted downbeat quarterly earnings.
- What Antero Midstream Does: Antero Midstream Corp is a midstream company that owns, operates and develops midstream energy infrastructure services and production activity in the Appalachian Basin's Marcellus Shale and Utica Shale located in West Virginia and Ohio.
- The Trade: AutoNation, Inc. AN 10% owner Edward S. Lampert sold a total of 262,786 shares at an average price of $111.50. The insider received around $29.3 million from selling those shares.
- What’s Happening: Morgan Stanley recently maintained AutoNation with an Equal-Weight and lowered the price target from $108 to $107.
- 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.
- The Trade: Cisco Systems, Inc. CSCO Chair and CEO Charles Robbins sold a total of 12,717 shares at an average price of $43.79. The insider received around $556.93 thousand as a result of the transaction.
- What’s Happening: Cisco recently reported worse-than-expected Q3 sales results.
- What Cisco Does: Cisco Systems, Inc. is the world's largest hardware and software supplier within the networking solutions sector. The secure, agile networks business contains switching, routing, and wireless solutions.
Have a look at our premarket coverage here .
- The Trade: Meta Platforms, Inc. FB Chief Business Officer Marne Levine sold a total of 9,273 shares at an average price of $195.23. The insider received around $1.81 million from selling those shares.
- What’s Happening: Guggenheim recently maintained Meta Platforms with a Buy and lowered the price target from $275 to $250.
- What Meta Platforms Does: Meta is the world's largest online social network, with over 3.6 billion monthly active users. Users engage with each other in different ways, exchanging messages and sharing news events, photos, and videos.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.