Gold futures traded higher by over 1% on Friday. 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: Atlassian Corporation TEAM Co-CEO, Co-Founder Farquhar Scott sold a total of 8,614 shares at an average price of $190.53. The insider received around $1.64 million from selling those shares.
- What’s Happening: Morgan Stanley recently maintained Atlassian with an Overweight and lowered the price target from $430 to $375.
- What Atlassian Does: Atlassian produces software that helps teams work together more efficiently and effectively. The company provides project planning and management software, collaboration tools, and IT help desk solutions.
- The Trade: Noble Corporation Plc NE 10% owner Pacific Investment Management Co LLC sold a total of 50,000 shares at an average price of $32.86. The insider received around $1.64 million as a result of the transaction.
- What’s Happening: Noble Corporation is expected to report financial results for the third quarter 2022 on November 2, 2022.
- What Noble Corporation Does: Noble Corp PLC is a leading offshore drilling contractor for the oil and gas industry.
Eli Lilly and Company
- The Trade: Eli Lilly and Company LLY 10% owner Lilly Endowment Inc sold a total of 3,547 shares at an average price of $335.48. The insider received around $1.19 million thousand from selling those shares.
- What’s Happening: Eli Lilly And Co recently agreed to acquire Boston biotech Akouos Inc.
- What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, cancer, and immunology.
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