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.
Levi Strauss
The Trade: Levi Strauss & Co. (NYSE: LEVI) Director David Friedman disposed a total of 66666 shares at an average price of $24.80. The insider received $826,658.40 as a result of the transaction. The insider also acquired a total of 33333 shares.
What’s Happening: Levi Strauss recently revealed its fiscal third-quarter earnings and sales exceeded analysts' expectations as consumer demand picked up during the back-to-school season and received an additional boost as shoppers looked for the latest denim trends.
What Levi Strauss Does: Levi Strauss & Co is involved in designing, marketing, and selling products that include jeans, casual and dresses pants, tops, shorts, skirts, jackets, footwear, and related accessories directly or through third parties and licensees for men, women, and children under Levi's, Dockers, Signature by Levi Strauss & Co. and Denizen brands.
Elastic
The Trade: Elastic N.V. (NYSE: ESTC) CEO and Chairman Shay Banon sold a total of 165920 shares at an average price of $171.01. The insider received $28,374,470.14 from selling those shares.
What’s Happening: Elastic recently reported expanded integrations with Google Cloud.
What Elastic Does: Elastic is a search company. It created the Elastic Stack, a powerful set of software products that ingest and store data from any source and in any format, and perform search, analysis, and visualization in milliseconds or less.
Synovus Financial
The Trade: Synovus Financial Corp. (NYSE: SNV) Executive Chairman Kessel Stelling sold a total of 50000 shares at an average price of $47.76. The insider received $2,388,000.00 as a result of the transaction.
What’s Happening: The company recently reported better-than-expected quarterly results.
What Synovus Financial Does: Synovus Financial operates dozens of community banks throughout Georgia, Alabama, Florida, Tennessee, and South Carolina.
Citigroup
The Trade: Citigroup Inc. (NYSE: C) CEO, Latin America Ernesto Torres Cantu sold a total of 27783 shares at an average price of $72.50. The insider received $2,014,267.50 from selling those shares.
What’s Happening: The company recently reported better-than-expected Q3 results.
What Citigroup Does: Citigroup is a global financial services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into two primary segments: the global consumer banking segment, which provides basic branch banking around the world, and the institutional clients group, which provides large customers around the globe with investment banking, cash management, and other products and services.
RPC
The Trade: RPC, Inc. (NYSE: RES) Vice President, Chief Financial Officer and Treasurer Ben M Palmer sold a total of 30312 shares at an average price of $5.70. The insider received $172,778.40 from selling those shares.
What’s Happening: RPC is expected to release Q3 earnings on October 27, 2021.
What RPC Does: RPC Inc is an oilfield services company. It provides specialized oilfield services and equipment primarily to independent and major oil and gas companies engaged in the exploration, production, and development of oil and gas properties throughout the United States.
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