The Dow Jones dropped by around 500 points on Friday. 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.

Moderna

• The Trade: Moderna, Inc. (NASDAQ:MRNA) Director Noubar B. Afeyan sold a total of 10,000 shares at an average price of $130.37. The insider received around $1.3 million from selling those shares.
• What's Happening: Switzerland would have to discard 10.3 million doses of Moderna's COVID-19 vaccine, the health ministry said Saturday.
• What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.

Also check this: Darden Restaurants To Gain 7%? Here Are 5 Other Price Target Changes For Friday

Foot Locker

• The Trade: Foot Locker, Inc. (NYSE:FL) 10% owner Daniel Kretinsky sold a total of 90,938 shares at an average price of $36.99. The insider received around $3.36 million as a result of the transaction.
• What's Happening: The company's stock gained over 15% over the past six months.
• What Foot Locker Does: Foot Locker Inc operates thousands of retail stores throughout the United States, Canada, Europe, Australia, and New Zealand.

Have a look at our premarket coverage here .

Walmart

• The Trade: Walmart Inc. (NYSE:WMT) President and CEO Douglas McMillon sold a total of 9,708 shares at an average price of $134.05. The insider received around $1.3 million from selling those shares.
• What's Happening: Walmart and UnitedHealth recently announced a 10-year collaboration.
• What Walmart Does: America's largest retailer by sales, Walmart operated over 10,500 stores under 46 banners at the end of fiscal 2022, selling a variety of general merchandise and grocery items.