On Wednesday the Kogan.com Ltd (ASX: KGN) share price came under pressure after the ecommerce company revealed that both its chief executive officer (CEO) and chief financial officer (CFO) were selling down their holdings.
Between the both of them, the executives offloaded just under $158 million worth of shares.
This comprises the sale of 2,025,214 shares at $21.60 by CFO David Shafer and 5,284,441 shares at $21.60 by CEO Ruslan Kogan.
But they're not the only CEOs that have been selling shares this month.
Which other CEO has been selling shares?
According to a change of director's interest notice, the CEO of REA Group Limited (ASX: REA) has been selling shares since the release of its full year results.
The notice reveals that CEO Owen Wilson has offloaded a total of 1,682 shares through on market trades on 13 August and 18 August.
Mr Wilson received a total consideration of $195,399.39 for the shares. This equates to an average of $116.17 per share.
Following these sales, the chief executive is left with a holding of 12,000 shares and 15,677 performance rights.
Should you be concerned?
Insider selling rarely goes down well with investors. This is because many believe it is a sign that a share price has hit its ceiling, at least in the short term. After all, if you felt a share price was going notably higher, you wouldn't be inclined to sell.
No explanation was given for the sale, which is a little unhelpful. But it is worth noting that the chief executive still has a decent holding worth approximately $1.4 million at today's prices.
You could, therefore, argue that his interests remain aligned with the rest of the property listings company's shareholders. But whether that will be enough to stop its shares from dropping lower today, only time will tell.
