Apple Inc. (NASDAQ:AAPL) reported better-than-expected results for its fiscal second quarter on Thursday. 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: Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk sold a total of 2,258,486 shares at an average price of $889.08. The insider received around $2.01 billion from selling those shares.
- What’s Happening: Tesla recalled 14,684 imported and locally made Model 3 cars in China on software problems as previously declared by the market regulator, Reuters reported.
- What Tesla Does: Founded in 2003 and based in Palo Alto, California, Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles.
- The Trade: Bentley Systems, Incorporated (NASDAQ:BSY) Director Raymond Bentley sold a total of 313,500 shares at an average price of $41.77. The insider received around $13.09 million from selling those shares.
- What’s Happening: The company, last month, posted upbeat quarterly results.
- What Bentley Systems Does: Bentley Systems Inc is a provider of software solutions to engineers, architects, geospatial professionals, constructors, and owner-operators for the design, construction, and operations of infrastructure.
- The Trade: Verizon Communications Inc. (NYSE:VZ) EVP and Group CEO-VZ Business Tami A Erwin sold a total of 23,647 shares at an average price of $49.77. The insider received around $1.18 million as a result of the transaction.
- What’s Happening: Goldman Sachs recently downgraded the stock from Buy to Neutral.
- What Verizon Does: Verizon is primarily a wireless business (nearly 80% of revenue and nearly all operating income). It serves about 93 million postpaid and 24 million prepaid phone customers (following the acquisition of Tracfone) via its nationwide network, making it the largest U.S. wireless carrier.
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