Point72 Takes a 5% Stake in LITE

The most significant insider buy on today's list comes via a 13G filing by Point72 Asset Management.

The hedge fund revealed an initial stake of 5.00% in Lumentum Holdings Inc $LITE.

Here’s The Hot Corner, with data through July 2, 2024:

Pleasant Lake Onshore Feeder Fund LP disclosed a Form 4 revealing a $566,474 purchase in the small-cap home improvement retailer Tile Shop Holdings Inc $TTSH.

LITE has been carving out a massive topping formation for the past seven years.

Price is coming off the range's lower bounds as buyers and sellers battle for control.

For now, bulls are holding the line, suggesting this distribution pattern may fail and turn into a primary trend reversal. 

If this is the case, we’ll get confirmation at the year-to-date highs near 60. We like it long above there. 

Happy Fourth of July. Enjoy the midweek holiday. We'll be back on Friday with more insider activity.

And please reach out with any questions. We love hearing from you!