The Nasdaq 100 closed lower on Thursday, but investors were more interested in some notable insider trades. Insider sales can provide insight into a company’s prospects or indicate that the stock is overpriced, although they should not be the sole factor in making investment decisions.
One recent notable insider sale was by Xiaotong Zhu, SVP of Automotive at Tesla, Inc. Zhu sold 2,500 shares at an average price of $266.34, earning around $665,850. Meanwhile, Tesla is focusing on expanding its electric semi-truck charging infrastructure as part of its mission to transition the world to electric mobility.
Another insider sale worth mentioning is by Dave Stephenson, CFO of Airbnb, Inc. Stephenson sold 4,919 shares at an average price of $149.60, receiving approximately $735,882. Airbnb reported second-quarter revenue of $2.5 billion, beating estimates and showing an 18% year-over-year increase.
Douglas J Herrington, CEO Worldwide Amazon Stores, sold 4,000 shares of Amazon.com, Inc. at an average price of $133.55, earning around $534,200. Amazon’s second-quarter revenue of $134.4 billion exceeded expectations and grew by 11% compared to the previous year.
Lastly, James P Demare, President of Global Markets at Bank of America Corporation, sold 75,000 shares at an average price of $31.53, receiving approximately $2.36 million. Bank of America retracted its earlier forecast of an impending recession, citing a strong job market and robust consumer spending as reasons.
For more details on these insider trades and others, you can visit Benzinga’s insider transactions platform. Remember that insider sales should be considered alongside other factors when making investment or trading decisions.
(Note: This news post has been rewritten without changing any names or quotes from the original article.)