3 Stocks Insiders Are Selling

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.

DraftKings

The Trade: DraftKings Inc. (NASDAQ: DKNG) Chief Legal Officer Stanton Dodge sold a total of 50588 shares at an average price of $48.20. The insider received $2,438,426.56 as a result of the transaction.

What’s Happening: DraftKings recently announced plans to launch DraftKings Marketplace that offers curated NFT drops and supports secondary-market transactions.

What DraftKings Does: DraftKings Inc is a digital sports entertainment and gaming company.

AutoNation

The Trade: AutoNation, Inc. (NYSE: AN) Executive Vice President, General Counsel and Corporate Secretary C. Coleman Edmunds disposed a total of 3794 shares at an average price of $116.50. The insider received $442,001.00 as a result of selling their shares.

What’s Happening: AutoNation recently reported better-than-expected Q2 results and announced a $1 billion buyback program.

What AutoNation Does: AutoNation is the largest automotive dealer in the United States, with 2020 revenue of $20.4 billion and about 230 dealerships.

Airbnb

The Trade: Airbnb, Inc. (NASDAQ: ABNB) Chief Strategy Officer Nathan Blecharczyk sold a total of 122309 shares at an average price of $140.00. The insider received $17,123,260.00 from selling those shares.

What’s Happening: BTIG, last week, upgraded Airbnb from Neutral to Buy and announced a $170 price target. The company’s shares dropped around 7% over the past month.

What Airbnb Does: Airbnb is the world's largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences.