MFN Partners Reports a $207 Million RXO Purchase

The most significant insider buy on today’s list comes via a Form 4 filing by MFN Partners LP.

The hedge fund reported an acquisition of 10,266,810 shares of RXO Inc $RXO, equivalent to $207 million.

Abdiel Capital LP revealed an additional $12.8 million purchase in Appian Corporation $APPN.

Here’s The Hot Corner, with data from August 14, 2024:

Mario Gabelli’s GAMCO Investors is back on our list, this time filing a 13D for Dril-Quip Inc $DRQ showing a 0.20% increase in its ownership stake.

The president and CEO of Customers Bancorp Inc $CUBI revealed a purchase of $113,832.

Over in Washington, Rep. Jonathan Jackson of Illinois revealed purchases worth between $15,000 and $50,000 in Coupang Inc $CPNG and The AES Corporation $AES.

And director David R. Ebsworth revealed an acquisition of 36,000 shares in Verona Pharma plc $VRNA.

The stock built a base for roughly six years. This week, buyers absorbed all the overhead supply at the upper bounds of the range, pushing prices to new all-time highs:

If this breakout sticks, the path of least resistance is to the upside.

Stay tuned. We'll be back on Friday with more insider activity.

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