The Nasdaq 100 closed lower by around 150 points 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.
Gap
- The Trade: The Gap, Inc. (NYSE:GPS) Chief Legal & Compliance Officer Julie Gruber sold a total of 24,180 shares at an average price of $23.00. The insider received around $556,140 from selling those shares.
- What's Happening: On March 7, The Gap reported stronger-than-expected financial results for its fourth quarter.
- What Gap Does: Gap retails apparel, accessories, and personal-care products under the Gap, Old Navy, Banana Republic, and Athleta brands.
Have a look at our premarket coverage here
Flowers Foods
- The Trade: Flowers Foods, Inc. (NYSE:FLO) Chief Growth Officer Terry S Thomas sold a total of 36,577 shares at an average price of $23.11. The insider received around $845,162 from selling those shares.
- What's Happening: On Feb. 8, Flowers Foods posted downbeat quarterly earnings.
- What Flowers Foods Does: Flowers Foods Inc is an American company producing bakery food for retail and foodservice across the United States.
BJ's Wholesale Club
- The Trade: BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) Director Christopher J Baldwin sold a total of 73,062 shares at an average price of $73.95. The insider received around $5.4 million from selling those shares.
- What's Happening: On March 7, BJ's Wholesale reported fourth-quarter FY23 sales growth of 8.7% year-on-year to $5.36 billion, missing the analyst consensus of $5.39 billion.
- What BJ's Wholesale Club Does: BJ's Wholesale Club Holdings Inc is a warehouse club and gas station operator. The company provides various products such as television and electronics, furniture, computers and tablets, appliances, food products, and others.
MGM Resorts International
- The Trade: MGM Resorts International (NYSE:MGM) Director Keith A. Meister sold a total of 425,000 shares at an average price of $42.92. The insider received around $18.24 million from selling those shares.
- What's Happening: On Feb. 13, MGM Resorts reported fourth-quarter revenue of $4.38 billion, which was up 22% year-over-year.
- What MGM Resorts International Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.