Best Buy, Kroger And 2 Other Stocks Insiders Are Selling
Portfolio Pulse from Avi Kapoor
The Nasdaq 100 closed higher by around 300 points during Monday's session. Notable insider trades were observed in Best Buy, Halliburton, Kroger, and PNC Financial. Insider sales can indicate concerns about a company's prospects or that the stock is overpriced.
July 23, 2024 | 1:23 pm
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NEUTRAL IMPACT
Kroger's VP & Controller Brian W Nichols sold 2,000 shares at an average price of $54.53, totaling $109,060. Argus Research maintained a Buy rating and raised the price target to $72.
The insider sale is relatively small and is offset by a positive analyst rating and increased price target. This suggests a neutral short-term impact on the stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 100
NEUTRAL IMPACT
PNC Financial's CEO William S Demchak sold 1,242 shares at an average price of $176.67, totaling $219,424. The bank reported a 2% Y/Y revenue increase, slightly missing consensus estimates.
The insider sale is relatively small and the revenue miss is minor. This suggests a neutral short-term impact on the stock price.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 100
NEGATIVE IMPACT
Best Buy's founder Richard M Schulze sold 1.6 million shares at an average price of $88.39, totaling $141.4 million. Truist Securities maintained a Hold rating with a price target of $86.
The large volume of shares sold by the founder may indicate a lack of confidence in the stock's future performance or that it is currently overvalued. This could lead to a short-term decline in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Halliburton's EVP, Secretary, and CLO Van H. Beckwith sold 10,000 shares at an average price of $36.75, totaling $367,500. The company recently reported worse-than-expected Q2 revenue results.
The insider sale combined with worse-than-expected Q2 revenue results suggests potential short-term negative sentiment around the stock, likely leading to a decline in stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100