US jobs report for June is scheduled for release at 8:30 a.m. ET. Analysts expect a 270,000 rise for nonfarm payrolls in June, compared with a better-than-expected 390,000 growth in May. 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. For more, check out Benzinga's insider transactions platform.
Verizon Communications
- The Trade: Verizon Communications Inc. (NYSE:VZ) EVP & ChiefAdminLegal & PubPolOff Craig L Silliman sold a total of 1,558 shares at an average price of $51.42. The insider received around $80.11 thousand from selling those shares.
- What’s Happening: Raymond James maintained Verizon with an Outperform rating and a $64 price target ahead of its Q2 earnings results.
- What Verizon Communications Does: Verizon is primarily a wireless business (nearly 80% of revenue and nearly all operating income). It serves about 93 million postpaid and 24 million prepaid phone customers (following the acquisition of Tracfone) via its nationwide network, making it the largest U.S. wireless carrier.
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Verint Systems
- The Trade: Verint Systems Inc. (NASDAQ:VRNT) Chief Administrative Officer Peter Fante sold a total of 6,289 shares at an average price of $43.38. The insider received around $272.82 thousand as a result of the transaction.
- What’s Happening: The company, last month, announced better-than-expected quarterly results.
- What Verint Systems Does: Verint Systems Inc with its subsidiaries helps brands provide Boundless Customer Engagement.
Have a look at our premarket coverage here .
Tilray Brands
- The Trade: Tilray Brands, Inc. (NASDAQ:TLRY) Director Brendan Kennedy sold a total of 350,000 shares at an average price of $3.09. The insider received around $1.08 million from selling those shares.
- What’s Happening: Tilray Brands’ cannabis brand Good Supply recently expanded its product offering in Québec with the launch of Hash-Infused Pre-Rolls.
- What Tilray Brands Does: Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis.
