The Nasdaq Composite closed sharply lower during Friday’s session. 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.
The Trade: Snap Inc. (NYSE:SNAP) General Counsel Michael J. O’Sullivan sold a total of 15,000 shares at an average price of $119.96. The insider received around $1.8 million from selling those shares.
What's Happening: On Aug. 1, Snap reported worse-than-expected second-quarter revenue results..
What Snap Does: Snap owns one of the most popular social networking apps, Snapchat, claiming more than 400 million daily active users as of the end of 2023.
The Trade: NVIDIA Corporation (NASDAQ:NVDA) President and CEO Jen Hsun Huang sold a total of 240,000 shares at an average price of $114.28. The insider received around $27.4 million from selling those shares.
What's Happening: NVIDIA will host a conference call on Wednesday, Aug. 28, to discuss its financial results for the second quarter.
What NVIDIA Does: Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs.
The Trade: T-Mobile US, Inc. (NASDAQ:TMUS) President, Consumer Group Jon Freier sold a total of 10,000 shares at an average price of $181.87. The insider received around $1.8 million from selling those shares.
What's Happening: On July 31, T-Mobile reported better-than-expected second-quarter financial results and raised its FY24 postpaid net customer additions guidance.
What T-Mobile US Does: Deutsche Telekom merged its T-Mobile USA unit with prepaid specialist MetroPCS in 2013, and that firm merged with Sprint in 2020, creating the second-largest wireless carrier in the US T-Mobile now serves 77 million postpaid and 21 million prepaid phone customers, equal to around 30% of the US retail wireless market.
