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Special Report
Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30%Reported by Leo Miller. First Published: 5/6/2026. 
Key Points
- Insiders are selling several notable stocks, but the signals these moves send to investors are far from equal.
- Sales surrounding AST SpaceMobile are particularly intriguing, with a huge shareholder shedding millions of shares.
- A top AI name and a battered consumer discretionary stock are seeing sales as well.
- Special Report: Elon Musk’s $1 Quadrillion AI IPO
Insiders are making notable moves across key stocks in the semiconductor, space, and consumer discretionary industries. That includes large sales at retail favorite AST SpaceMobile (NASDAQ: ASTS), which is raising a red flag for investors, along with two other big names. Marvell Insiders Increase Sales as Shares SoarMarvell Technology (NASDAQ: MRVL) is an artificial intelligence (AI) stock that has been on a strong run lately. In 2026, Marvell shares are already up more than 90%, driven by several key developments.
First, Marvell has largely put rumors to rest that its custom chip business with Amazon.com (NASDAQ: AMZN) was at risk. In addition, the company received a $2 billion investment from NVIDIA (NASDAQ: NVDA), and its technology is now accessible via NVLink Fusion. This effectively allows NVIDIA customers to pair Marvell components with NVIDIA components more easily. Additionally, rumors have surfaced that Alphabet (NASDAQ: GOOGL) is considering a custom chip partnership with Marvell. However, amid the stock’s surge, insider selling has risen sharply. From Q1 to Q2, insider sales more than doubled from $7.85 million to $19 million. Still, it is important to note that more than 75% of these Q2 sales came under pre-determined 10b5-1 plans. As a result, they do not offer much of a near-term bearish signal. Trades that did not come under a 10b5-1 plan were all made by Executive Vice President Mark Casper. With non-10b5-1 sales limited to just one individual, the recent insider activity at Marvell is not especially concerning. Top AST SpaceMobile Shareholder Reduces Stake SignificantlyAST SpaceMobile is one of the more closely watched stocks among retail investors and has seen significant volatility. Near the end of January 2026, ASTS was up nearly 70% for the year. The U.S. government awarded AST SpaceMobile a key contract, a major contributor to the stock's rise. The company can now take part in the Missile Defense Agency Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) project, part of the broader Golden Dome initiative. However, after that strong start, ASTS shares are now in the red for 2026. Interestingly, Rakuten (OTCMKTS: RKUNY), led by CEO Hiroshi Mikitani, has sold $271 million worth of ASTS shares in Q2. This is a substantial move and among the largest insider sales for AST SpaceMobile in recent memory. Still, it is worth noting that this was a moderate trim rather than an exit from the position. Rakuten decreased its ASTS holdings by approximately 10% and still holds nearly 28 million shares. However, following these sales, Rakuten no longer owns more than 10% of ASTS shares and is no longer classified as an insider. As a result, Rakuten now reports sales under Schedule 13D filings. A recent 13D shows that its position has now fallen to just over 21 million shares. This points to a much more aggressive decline in its holdings of around 32%. Overall, these are very large sales from one of AST SpaceMobile’s top shareholders, a clear negative indicator for the stock. Insider Sales Rise as e.l.f. Beauty FallsLast up is e.l.f. Beauty (NYSE: ELF), which has also been volatile in 2026. Shares had risen as much as 24% in late February, but are now down more than 15% on the year. The stock’s slide largely coincided with the beginning of the conflict in Iran. Several factors may be contributing to this. First, rising oil prices tend to hurt discretionary spending, as consumers must pay more for essentials like gasoline. In addition, many cosmetic ingredients are derived from oil. Higher oil prices could therefore negatively affect e.l.f.’s margins. After tracking no insider sales at e.l.f. in Q1, MarketBeat has tracked $13 million worth of sales in Q2. However, all of these sales came with mitigating factors and do not signal bearish sentiment. This includes a sale from CEO Tarang Amin, which came under a 10b5-1 plan. All other sales came on the same date: April 27. This appears to have been related to the vesting of performance-based restricted stock units (PSUs). Upon vesting, insiders had to sell a portion of these shares to satisfy income tax withholdings. In turn, the sales are procedural in nature, and investors should not view them negatively. Insider Sales: Not an End-All, Be-AllOverall, it is important to recognize that insider sales are often noisy signals and certainly do not always foreshadow a continued decline. Still, the sales at AST SpaceMobile are quite significant and worth noting. Rakuten still holds around 7.2% of ASTS shares and has been selling aggressively. If it continues on this path, ASTS could face additional downward pressure. |
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