Market News

Why Are Top Insiders Selling Meta Stock?

Following in the footsteps of major hedge funds in the recent tech-sell offs are the top insiders of big companies like Meta Platforms (FB).

Last night saw major sell-offs for the social media giant, with numerous Form 4’s filed with the SEC, disclosing top management’s informative sell-offs.

Insiders at Facebook are clearly pessimistic about the stock’s near-term prospects` and have sold $6.6 million worth of Meta Platforms shares in the past three months.

Topping the Sell list was CTO Bosworth Andrew, who made an informative Sell of 14,431 shares of FB stock worth $2.87 million at $198.62 price levels, and now holds 116,280 shares worth $23.26 million.

Further, CBO Marne Levine made an informative Sell of 10,252 shares of FB stock worth $2.036 million at $198.62 price levels, and now holds 15,460 shares worth $3.09 million.

On top of that, Clegg Nicolas, President of Global Affairs, made an informative Sell of 8,357 FB shares worth $1.66 million. He now holds 9,600 shares worth $1.92 million.

On the contrary, however, there were minimal buys too, with CLO Newstead Jennifer making an informative Buy of FB shares worth $1.6 million.

Wall Street’s Take

Yesterday, Wolfe Research analyst Deepak Mathivanan lowered the price target on Meta Platforms to $250 (23.38% upside potential) from $280 and reiterated a Buy rating.

Turning to Wall Street, Meta Platforms has a Moderate Buy consensus rating based on 26 Buys, 10 Holds, and one Sell assigned in the past three months. The average Meta Platforms price target of $279.47 implies 37.93% upside potential.

Take Away

Insider trading activity makes it possible to quickly find and track insiders’ moves, which is well presented with the TipRanks Insiders’ Hot Stocks tool.

Insiders’ Buys or Sells paint a picture of the stock movement in the coming times.

The list of top management at FB engaging in informative selling clearly shows the declining confidence insiders have in the future growth prospects of the stock.

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