Fed minutes showed that officials agreed to keep hiking rates enough to cool down the economy in their meeting last month. 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: Dropbox, Inc. DBX Chief Legal Officer Bart Volkmer sold a total of 26,525 shares at an average price of $24.59. The insider received around $652.35 thousand from selling those shares.
- What’s Happening: The company recently posted upbeat quarterly earnings.
- What Dropbox Does: Dropbox is a leading provider of cloud-storage and content collaboration tools with an emphasis on individuals and SMB.
- The Trade: Snap Inc. SNAP Chief Financial Officer Derek Andersen sold a total of 20,482 shares at an average price of $12.17. The insider received around $249.16 thousand as a result of the transaction.
- What’s Happening: The company recently reported Snapchat+ paying subscriber data along with new features to its platform.
- What Snap Does: Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
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- The Trade: Rivian Automotive, Inc. RIVN Chief Accounting Officer Jeff Baker sold a total of 1,753 shares at an average price of $37.27. The insider received around $65.34 thousand from selling those shares.
- What’s Happening: Rivian Automotive recently reported better-than-expected Q2 sales results.
- What Rivian Automotive Does: Rivian Automotive Inc designs, develops and manufactures category-defining electric vehicles and accessories.
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