US crude oil futures traded higher, gaining around 0.5% on Tuesday. 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.
Toast
- The Trade:Toast, Inc. 10% owner Steve Papasold a total of 3,096,741 shares at an average price of $14.12. The insider received around $43.74 million from selling those shares.
- What’s Happening: Toast and US Foods renewed strategic partnership to help restaurants streamline operations and thrive.
- What Toast Does: Toast is a U.S.-based restaurant technology company that provides point-of-sale, payment processing, and various software services to 57,000 restaurant locations across the United States.
Noble Corporation
- The Trade: Noble Corporation 10% owner Pacific Investment Management Co Llc sold a total of 357,676 shares at an average price of $31.95. The insider received around $11.43 million from selling those shares.
- What’s Happening: Noble announced shareholder approval for business combination.
- What Noble Does: Noble Corp is an offshore drilling contractor for the oil and gas industry. The company operates under one segment namely, Contract Drilling Services.
Morningstar
- The Trade: Morningstar, Inc. Executive Chairman Joseph Mansuetosold a total of 21,845 shares at an average price of $237.98. The insider received around $5.2 million as a result of the transaction.
- What’s Happening: Morningstar posted Q1 adjusted EPS of $1.41, down from $1.73 in the year-ago period.
- What Morningstar Does: Morningstar Inc is a provider of independent investment research to financial advisers, asset managers, and investors. The company focuses its operations on two core sectors: data and research.
Paylocity Holding
- The Trade: Paylocity Holding Corporation Director Steven I Sarowitzsold a total of 74,987 shares at an average price of $159.03. The insider received around $11.93 million from selling those shares.
- What’s Happening: The company recently posted downbeat quarterly earnings.
- What Paylocity Holding Does: Paylocity is a provider of payroll and human capital management, or HCM, solutions servicing small- to mid-size clients in the United States.
