The Carsales.Com Ltd (ASX: CAR) share price will be one to watch on Wednesday after it became the latest company to report heavy insider selling.
What did Carsales announce?
According to a change of director’s interest notice, the auto listings company’s former Chair and current Non-Executive Director, Wal Pisciotta OAM, was selling a sizeable number of shares through on-market trades at the end of June.
The notice reveals that Mr Pisciotta sold a total of 388,000 shares through a series of on-market trades between 24 June to 30 June.
The director received a total consideration of $6,805,893.09 for the shares, which equates to an average of $17.54 per share. No explanation was provided for the share sales.
However, it is worth noting that Mr Pisciotta still has a significant interest in the company. Even after this sale, his indirect holdings amount to almost 8.3 million shares. So, I feel it is fair to say his interests remain firmly aligned with shareholders.
Who else has been selling shares?
As I mentioned at the top, this is not the first instance of heavy insider selling in recent weeks.
Back on 23 June a number of executives of buy now pay later provider Zip Co Ltd (ASX: Z1P) sold some of their shares. This includes Managing Director Larry Diamond, Chairman Philip Crutchfield, and Company Secretary David Franks.
Combined, they offloaded almost $48 million worth of shares through on-market trades. Though, as with Mr Pisciotta and Carsales, each of these directors still has plenty of skin in the game.
Another seller of shares was the founder and CEO of logistics solutions company WiseTech Global Ltd (ASX: WTC). On Tuesday Richard White offloaded almost $46 million worth of shares.
Though, once again, the chief executive still has a considerable holding after this sale. The notice shows that Mr White continues to own ~151 million WiseTech Global shares. This represents approximately 46.9% of the issued capital of WiseTech Global.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended carsales.com Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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