The Nasdaq Composite gained more than 200 points 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: Moderna Inc MRNA Director Noubar B. Afeyan sold a total of 10,000 shares at an average price of $139.00. The insider received around $1.39 million from selling those shares.
- What’s Happening: Moderna said, in Dec. 2022, the company entered into non-exclusive patent license agreement with National Institute of Allergy and Infectious Diseases.
- What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.
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- The Trade: Skywater Technology Inc SKYT 10% owner Oxbow Industries Llc sold a total of 431,950 shares at an average price of $12.64. The insider received around $5.46 million from selling those shares.
- What’s Happening: SkyWater Technology reported better-than-expected Q4 EPS and sales results.
- What Skywater Technology Does: SkyWater Technology Inc is a pure-play technology foundry that offers advanced semiconductor development and manufacturing services from its fabrication facility, in Minnesota and advanced packaging services from the Florida facility.
- The Trade: Hayward Holdings Inc HAYW 10% owner Alberta Investment Management Corp sold a total of 5,653,871 shares at an average price of $11.52. The insider received around $65.13 million from selling those shares.
- What’s Happening: Hayward Holdings priced the previously announced underwritten public offering of 16 million shares of its common stock at $11.65 per share by funds affiliated with CCMP Capital Advisors, LP, and affiliates of Alberta Investment Management Corporation.
- What Hayward Holdings Does: Hayward Holdings Inc is a global designer, manufacturer and marketer of a broad portfolio of pool equipment and associated automation systems.
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- The Trade: Penumbra Inc PEN Director Arani Bose sold a total of 5,000 shares at an average price of $258.26. The insider received around $1.29 million from selling those shares.
- What’s Happening: Penumbra reported better-than-expected Q4 results.
- What Penumbra Does: Penumbra Inc develops and manufactures medical devices for the neurovascular and peripheral vascular markets. Its products are primarily sold to hospitals and are developed for use by specialist physicians.
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