Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by around 1.5% on Wednesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. 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.
Cable One
- The Trade: Cable One, Inc. (NYSE: CABO) Director Thomas O Might sold a total of 8,200 shares at an average price of $550.31. The insider received around $4.51 million from selling those shares.
- What’s Happening: On Nov. 2, Cable One posted downbeat quarterly sales.
- What Cable One Does: Cable One Inc is a telecommunications company. It derives revenue from the provision of broadband, voice, and video services to residential and business customers.
NVIDIA
- The Trade: NVIDIA Corporation (NASDAQ: NVDA) EVP, Operations Debora Shoquist sold a total of 20,000 shares at an average price of $500.04. The insider received around $10 million from selling those shares.
- What’s Happening: NVIDIA, last month, announced its plans to hire approximately twenty-four positions for its autonomous driving team, with recruiting spanning across Beijing, Shanghai and Shenzhen.
- What NVIDIA Does: Nvidia is a leading developer of graphics processing units.
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- The Trade: Costco Wholesale Corporation (NASDAQ: COST) Director, Executive VP and CFO Richard Galanti sold a total of 1,111 shares at an average price of $680.21. The insider received around $756,248 from selling those shares.
- What’s Happening: On Wednesday, Northcoast Research analyst Chuck Cerankosky downgraded Costco from Buy to Neutral and announced a $620 price target.
- What Costco Does: Costco operates a membership-based, no-frills retail model, predicated on offering a select product assortment in bulk quantities at bargain prices.
- The Trade: Expedia Group, Inc. (NASDAQ: EXPE) Director Dara Khosrowshahi sold a total of 10,000 shares at an average price of $150.06. The insider received around $1.5 million from selling those shares.
- What’s Happening: Barclays analyst Mario Lu, last week, downgraded Expedia Group from Overweight to Equal-Weight and raised the price target from $136 to $150.
- What Expedia Does: Expedia is the world's second largest online travel agency by bookings, offering services for lodging (76% of total 2022 sales), air tickets (3%), rental cars, cruises, in-destination, and other (14%), and advertising revenue (7%).
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