When insiders sell stock, it indicates that they are concerned about the company’s prospects or that they view the stock as too expensive. Either way, this indicates an opportunity to go short on the stock. Insider sales should not be considered the sole indicator for making an investment or trading decision. At best, it can convince a sales decision.
Below are some recent notable insider sales. For more, check out Benzinga’s Insider Trading platform.
The trade: Walmart Inc. (NYSE: WMT) 10% owner Alice Walton a total of 1595879 shares sold at an average price of $149.35. The insider received $220,015,137.19 as a result of the transaction.
What is going on: Walmart’s media company, Walmart Connect, launched its new demand-side platform, Walmart DSP.
What Walmart does: Walmart, America’s largest retailer by revenue, operated more than 11,400 stores under 54 banners at the end of fiscal 2021 and sold a variety of general merchandise and groceries.
The trade: MGM Resorts International (NYSE: MGM) Chief Operating Officer Ian Corey Sanders sold a total of 30,000 shares at an average price of $41.33. The insider received $1,240,000.00 from the sale of those shares.
What is going on: Sports betting and iGaming operator BetMGM, a partnership between MGM Resorts and Entain PLC, recently announced plans to partner with Liv Hospitality’s Tin Lizzie Gaming Resort and Cadillac Jack’s Gaming Resort, to offer future retail and mobile sports betting in Deadwood.
What MGM Resorts does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 rooms and suites, representing approximately one-fourth of all accommodations on the market.
The trade: UnitedHealth Group Incorporated (NYSE: UNH) Director Stephen J Hemsley sold a total of 70,000 shares at an average price of $426.30. The insider received $29,841,154.00 as a result of the transaction.
What is going on: The Department of Labor recently sued UnitedHealthcare Insurance Co, alleging that they fraudulently fail to consider consumer claims for mental health care.
What UnitedHealth does: UnitedHealth Group is the largest private health insurer in the United States, providing medical benefits to 48 million members in its U.S. and international businesses by the end of 2020.
The trade: Fortinet, Inc. (NASDAQ: FTNT) VP, Engineering and CTO Michael Xie sold a total of 80,000 shares at an average price of $301.27. The insider received $24,101,480.54 from the sale of those shares.
What is going on: The company released better-than-expected quarterly results last month.
What Fortinet does: Fortinet is a cybersecurity provider that sells products, support and services to small and medium-sized businesses, enterprises and government agencies.
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