The Nasdaq 100 jumped by more than 100 points on Monday. 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: Rollins, Inc. ROL Corporate Secretary Elizabeth Chandler sold a total of 9,121 shares at an average price of $42.41. The insider received around $333.81 thousand from selling those shares.
- What’s Happening: Rollins, last month, reported better-than-expected Q3 EPS and sales results.
- What Rollins Does: Rollins is a global leader in route-based pest-control services, with operations spanning North, Central and South America, Europe, the Middle East and Africa and Australia.
- The Trade: Atlassian Corporation TEAM Co-CEO, Co-Founder Farquhar Scott sold a total of 8,614 shares at an average price of $122.64. The insider received around $1.06 million as a result of the transaction.
- What’s Happening: Atlassian recently reported worse-than-expected Q1 EPS results and issued Q2 sales guidance below analyst estimates.
- What Atlassian Does: Atlassian produces software that helps teams work together more efficiently and effectively.
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- The Trade: Yum China Holdings, Inc. YUMC Director Fred Hu sold a total of 3,193,127 shares at an average price of $45.13. The insider received around $144.09 million from selling those shares.
- What’s Happening: Yum China recently said Q3 EPS and sales results were higher year over year.
- What Yum China Does: With almost 10,600 units and USD 9.5 billion in systemwide sales in 2020, Yum China is the largest restaurant chain in China.
- The Trade: The Progressive Corporation PGR VP and CFO John Sauerland sold a total of 25,000 shares at an average price of $127.18. The insider received around $3.18 million from selling those shares.
- What’s Happening: The company, last month, posted downbeat Q3 results.
- What Progressive Does: Progressive underwrites private and commercial auto insurance and specialty lines; it has over 20 million personal auto policies in force and is the fourth-largest auto insurer in the United States.
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