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.
ON24
The Trade: ON24, Inc. (NYSE: ONTF) Executive Vice President, Product, and CTO Jayesh Sahasi disposed a total of 140000 shares at an average price of $20.37. The insider received $2,851,683.84 as a result of the transaction.
What’s Happening: ON24 is expected to release its Q3 financial results after U.S. markets close on Tuesday, November 9, 2021.
What ON24 Does: ON24 Inc provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar experiences, virtual event experiences, and multimedia content experiences.
JPMorgan
The Trade: JPMorgan Chase & Co. (NYSE: JPM) Chief Information Officer Lori Beer sold a total of 5210 shares at an average price of $171.22. The insider received $892,057.76 from selling those shares.
What’s Happening: The bank recently reported upbeat quarterly earnings.
What JPMorgan Does: JPMorgan Chase is one of the largest and most complex financial institutions in the United States, with more than $3 trillion in assets. It is organized into four major segments--consumer and community banking, corporate and investment banking, commercial banking, and asset and wealth management.
CSX
The Trade: CSX Corporation (NASDAQ: CSX) VP and Chief Accounting Officer Angela Williams sold a total of 38535 shares at an average price of $35.44. The insider received $1,365,568.53 as a result of the transaction. The insider also acquired a total of 30639 shares.
What’s Happening: CSX, last week, announced better-than-expected Q3 EPS and sales results.
What CSX Does: Operating in the Eastern United States, Class I railroad CSX generated revenue near $11 billion in 2020. On its more than 21,000 miles of track, CSX hauls shipments of coal (13% of consolidated revenue), chemicals (22%), intermodal containers (16%), automotive cargo (9%), and a diverse mix of other bulk and industrial merchandise.
AutoNation
The Trade: AutoNation, Inc. (NYSE: AN) 10% owner Cascade Investment Llc, William Gates III sold a total of 793968 shares at an average price of $128.66. The insider received $102,149,232.20 from selling those shares.
What’s Happening: AutoNation, last week, reported third-quarter FY21 sales growth of 18% year-on-year, to $6.38 billion, beating the analyst consensus of $6.31 million.
What AutoNation Does: AutoNation is the largest automotive dealer in the United States, with 2020 revenue of $20.4 billion and about 230 dealerships and over 300 locations including collison centers.
Charles Schwab
The Trade: The Charles Schwab Corporation (NYSE: SCHW) Chairman Charles Schwab sold a total of 120000 shares at an average price of $82.56. The insider received $9,907,200.00 from selling those shares.
What’s Happening: Charles Schwab recently reported better-than-expected Q3 EPS and sales results.
What Charles Schwab Does: Charles Schwab operates in the brokerage, banking, and asset-management businesses. The company runs a large network of brick-and-mortar brokerage branch offices and a well-established online investing website.
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