The Nasdaq 100 closed higher by around 0.3% during Tuesday'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.

Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.

AutoNation

The Trade: AutoNation, Inc. ( AN ) 10% owner Edward S Lampert sold a total of 50,419 shares at an average price of $182.72. The insider received around $9.2 million from selling those shares.

What's Happening: On July 31, AutoNation ( AN ) posted downbeat quarterly earnings.

What AutoNation Does: AutoNation ( AN ) is the second largest automotive dealer in the United States, with 2023 revenue of about $27 billion and over 250 dealerships, plus 53 collision centers.

Benzinga Pro's real-time newsfeed alerted to latest AN news.

T-Mobile

The Trade: T-Mobile US, Inc. ( TMUS ) Director Raul Marcelo Claure sold a total of 114,588 shares at an average price of $197.89. The insider received around $22.7 million from selling those shares.

What's Happening: On July 31, T-Mobile reported adjusted quarterly earnings of $2.49 per share, which beat the analyst consensus estimate of $2.28 per share.

What T-Mobile 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.

Benzinga Pro’s charting tool helped identify the trend in TMUS stock.

Coinbase Global

The Trade: Coinbase Global, Inc. ( COIN ) Chief People Officer Lawrence J Brock sold a total of 15,610 shares at an average price of $207.78. The insider received around $3.2 million from selling those shares.

What's Happening: On Aug. 5, Needham analyst John Todaro reiterated Coinbase Glb with a Buy and maintained a $260 price target.

What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States.

Benzinga Pro’s signals feature notified of a potential breakout in COIN shares.

Hershey

The Trade: The Hershey Company ( HSY ) SVP, CHR & Transf. Officer Christopher M Scalia sold a total of 5,000 shares at an average price of $197.04. The insider received around $985,200 from selling those shares.

What's Happening: On Aug. 28, Citigroup downgraded the stock from Neutral to Sell and lowered its price target from $195 to $182.

What Hershey Does: Hershey is a leading confectionery manufacturer in the US (around a $25 billion market), controlling around 36% of the domestic chocolate space (per Euromonitor).

Benzinga Pro’s insiders feature was used to track insider trading activities in HSY’s stock.

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