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Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30%Written by Leo Miller. Publication Date: 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 already made me a “wealthy man”
Insiders are making notable moves across key stocks in the semiconductor, space, and consumer discretionary industries. That includes sizable sales at retail favorite AST SpaceMobile (NASDAQ: ASTS), which are raising a red flag for investors, along with activity at two other major names. Marvell Insiders Increase Sales as Shares SurgeMarvell 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%, helped by several key developments.
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First, Marvell has largely put to rest rumors 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. That effectively allows customers to pair Marvell components more easily with NVIDIA components. Meanwhile, rumors have surfaced that Alphabet (NASDAQ: GOOGL) may be considering a custom chip partnership with Marvell. However, despite the stock’s surge, insider selling is rising sharply. From Q1 to Q2, insider sales more than doubled from $7.85 million to $19 million. Still, more than 75% of those Q2 sales came under pre-determined 10b5-1 plans, so they do not offer much of a near-term bearish signal. The trades that did not come under a 10b5-1 plan were all made by Executive Vice President Mark Casper. Because the non-10b5-1 sales were limited to one individual, the recent insider activity at Marvell is not especially concerning. Top AST SpaceMobile Shareholder Cuts Stake SignificantlyAST SpaceMobile remains one of the more closely watched stocks among retail investors and has been extremely volatile. Near the end of January 2026, ASTS was up nearly 70% for the year. The U.S. government awarded AST SpaceMobile a key contract, which was a major driver of the stock’s rise. The company can now participate 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. Notably, Rakuten (OTCMKTS: RKUNY), led by CEO Hiroshi Mikitani, has sold $271 million worth of ASTS shares in Q2. That 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 reduced its ASTS stake by approximately 10% and still holds nearly 28 million shares. However, with 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. That points to a much steeper decline in its holdings of around 32%. Overall, these are very large sales from one of AST SpaceMobile’s top shareholders, and they are 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 climbed 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 have to pay more for necessities like gasoline. In addition, many cosmetic products are derived from oil. As a result, higher oil prices could 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 those sales came with mitigating factors and therefore do not signal weakness. 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. That appears to have been due to the vesting of performance-based restricted stock units (PSUs). When those shares vested, insiders were required to sell a portion to cover income tax withholding. As a result, the sales were 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 do not always foreshadow further downside. Still, the sales at AST SpaceMobile are significant and worth watching. Rakuten still holds around 7.2% of ASTS shares and has been selling aggressively. If that continues, ASTS could face additional downward pressure. |
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