Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed higher by around 1.5% on Thursday. 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.
Robinhood Markets
- The Trade: Robinhood Markets, Inc. (NASDAQ: HOOD) Chief Legal Officer Daniel M. Gallagher, Jr. sold a total of 12,500 shares at an average price of $10.30. The insider received around $128,726 from selling those shares.
- What’s Happening: Robinhood Markets is expanding its reach in the European Union by introducing its commission-free cryptocurrency trading service.
- What Robinhood Does: Robinhood Markets Inc is creating a modern financial services platform. It designs its own products and services and delivers them through a single, app-based cloud platform supported by proprietary technology.
Kinder Morgan
- The Trade: Kinder Morgan, Inc. (NYSE: KMI) VP and Chief Admin. Officer Denise R Mathews sold a total of 30,000 shares at an average price of $17.55. The insider received around $526,536 from selling those shares.
- What’s Happening: Kinder Morgan disclosed preliminary 2024 financial forecasts projecting net income attributable per share of $1.21 (+11% Y/Y), DCF per share of $2.21 (+5% Y/Y), and Adjusted EBITDA of $8.0 billion (+5% Y/Y).
- What Kinder Morgan Does: Kinder Morgan is one of the largest midstream energy firms in North America, with an interest in or an operator on about 83,000 miles in pipelines and 140 storage terminals.
- The Trade: Airbnb, Inc. (NASDAQ: ABNB) CEO and Chairman Brian Chesky sold a total of 84,144 shares at an average price of $134.36. The insider received around $11.31 million from selling those shares.
- What’s Happening: On Nov. 1, Airbnb reported better-than-expected third-quarter financial results, but issued weak fourth-quarter forecast.
- What Airbnb Does: Started in 2008, Airbnb is the world's largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences.
- The Trade: Qorvo, Inc. (NASDAQ: QRVO) SVP, High Performance Analog Philip Chesley sold a total of 12,998 shares at an average price of $97.71. The insider received around $1.27 million from selling those shares.
- What’s Happening: On Nov. 1, Qorvo posted upbeat earnings for the second quarter.
- What Qorvo Does: Qorvo represents the combined entity of RF Micro Devices and TriQuint Semiconductor, which merged in January 2015.
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