The Nasdaq gained around 100 points on Tuesday. 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: Jabil Inc. JBL EVP, CEO, Regulated Industries Steven Borges sold a total of 20,758 shares at an average price of $61.84. The insider received around $1.28 million from selling those shares.
- What’s Happening: Jabil, last month, reported fourth-quarter FY22 revenue growth of 21.9% year-on-year to $9.03 billion.
- What Jabil Does: Jabil Inc is a United States-based company engaged in providing manufacturing services and solutions.
- The Trade: Cigna Corporation CI President & CEO, Evernorth Eric Palmer sold a total of 4,000 shares at an average price of $300. The insider received around $1.2 million as a result of the transaction.
- What’s Happening: Cigna, in August, reported better-than-expected Q2 adjusted EPS and sales results.
- What Cigna Does: Cigna primarily provides pharmacy benefit management and health insurance services.
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- The Trade: JPMorgan Chase & Co. JPM CEO Asset & Wealth Management Mary Erdoes sold a total of 33,515 shares at an average price of $115.77. The insider received around $3.88 million from selling those shares.
- What’s Happening: JPMorgan recently reported better-than-expected Q3 EPS results.
- What JPMorgan Chase Does: JPMorgan Chase is one of the largest and most complex financial institutions in the United States, with nearly $4 trillion in assets.
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