The most significant insider buy on today's list comes via a Form 4 filing by Abdiel Capital LP.

The investment firm revealed a purchase of $6.7 million in Appian Corporation $APPN.

Director Roger D. Carlile bought 25,000 shares of Resources Connection $RGP, equivalent to $281,250.

Here’s The Hot Corner, with data from July 23, 2024:

In another Form 4, Terrence W. Cavanaugh, director of Selective Insurance Group $SIGI, reported a purchase of $171,700.

SIGI broke out of a multi-year base in 2021 and ripped higher towards the 161.8% extension. But price has since retraced all gains and is retesting the breakout level.

We're wondering if this former resistance will turn into support this time around:

The line in the sand lies at 81.15. If we're above this level, the risk is to the upside. 

...

The most significant insider buy on today's list comes via a 13G filing by Citadel Advisors LLC.

The investment firm reported an initial stake of 5.30% in Sphere Entertainment Co $SPHR.

Here’s The Hot Corner, with data from July 22, 2024:

The president and CEO of Selective Insurance Group $SIGI revealed the acquisition of 2,400 shares, equivalent to $200,532.

SPHR has been in the base-building process for roughly three years as buyers try to take control and force an upside resolution from this rounding bottom formation:

The line in the sand lies at the 45 level.

A breakout above that zone could send SPHR on a fresh reaction rally toward the old all-time highs.

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

And...

The most significant insider buy on today's list comes via two separate Form 4 filings by the president and the CEO of The Charles Schwab Corporation $SCHW.

They reported purchases for a combined amount of $2.2 million.

Here’s The Hot Corner, with data from July 19, 2024:

Director John W. Childs reported the acquisition of 28,400 shares in Biohaven Pharmaceutical Holding Company Ltd $BHVN.

BHVN came public in September 2022 and ripped higher with authority. However, price has retraced some gains since it peaked in March, successfully retesting a critical polarity level.

The line in the sand lies at 27.

If we're above this level, the risk is still to the upside.

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

And...

The most significant insider buy on today's list comes via a Form 4 filing by U.S. Bancorp $USB director Aleem Gillani.

Gillani reported the acquisition of 10,000 shares, equivalent to $449,900.

Here’s The Hot Corner, with data from July 18, 2024:

Boxer Capital LLC filed a 13G for uniQure N.V. $QURE revealing an initial stake of 5.10%.

After a prolonged decline since January 2022, US Bancorp stopped going down last year.

After price emerged from a rounding bottom formation, the stock transitioned into a sideways consolidation.

With a monster regional bank rally over the past two weeks, USB is right back at the upper bounds of its range.

We think it breaks out this time. 

Have a great weekend. We'll be back on Monday with more insider activity.

In May of last year, David Yuan disclosed a $12,534,400 purchase of Toast Inc $TOST shares in an SEC Form-4 filing. 

Toast utilizes cloud-based software and hardware to deliver an all-in-one platform that covers point of sale, marketing, digital ordering, delivery, and more for the restaurant industry.

Yuan has been a member of Toast’s board since March 2019, playing a vital role in the company's governance and strategic direction. 

Such a sizable open-market purchase can only be interpreted as a demonstration of an insider's bullishness toward a stock.

The fact that Yuan is a seasoned growth investor with a long track record of success with other similar companies only makes the setup that much sweeter.

He currently runs Tidemark Capital, previously spent 15 years at Technology Crossover Ventures, and has been recognized by Forbes as one of the top 100 technology investors in the world.

The most significant insider buy on today's list comes via a 13D filing by Gates Capital Management.

The investment firm revealed an increase in ownership from 9.45% to 9.60% in Vista Outdoor Inc $VSTO.

Here’s The Hot Corner, with data from July 17, 2024:

Perceptive Advisors LLC reported an increase in its ownership stake from 7.10% to 12.80% in Orchestra BioMed Holdings Inc $OBIO.

VST is resolving higher from a rounding bottom pattern.

As long as we’re above the 2023 highs, this is a valid trend reversal, and the path of least resistance points higher.

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

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

The most significant insider buy on today's list comes via a 13D filing by Starboard Value LP.

Earlier in the week, the hedge fund revealed an original stake of 6.60% in Match Group Inc $MTCH.

Starboard has already sent a letter to executives and the board, which you can access here.

Here’s The Hot Corner, with data from July 16, 2024:

Two directors of Zevra Therapeutics Inc $ZVRA, John B. Bode and Thomas Anderson, filed Form 4s revealing purchases of a combined amount of $146,629.

After a prolonged decline since October 2021, MTCH stopped going down late last year.

As you can see, price is building a short-term bottom as it threatens to break higher from a falling wedge.

If there's a place and a moment for bulls to take control, we think this is it.

MTCH also...

The most significant insider buy on today's list comes via a Form 4 filing by AP Moller Holdings.

The investment company reported an additional purchase of $28.9 million in Noble Corporation $NE.

Viking Global Investors filed a 13G for Longboard Pharmaceuticals $LBPH revealing an initial stake of 5.20%.

Here’s The Hot Corner, with data from July 15, 2024:

In another Form 4, Michelle O'Hara, executive vice president and chief human resources officer of Science Applications International Corporation $SAIC, bought 1,000 shares of her own company’s stock.

Over in Washington, Sen. Markwayne Mullin of Oklahoma revealed a purchase worth between $15,000 and $50,000 in...

You won’t find many investment shops that know their way around the world of technology better than Coatue Management.

The firm was founded in 1999 by Philippe Laffont after leaving the renowned hedge fund, Tiger Management. 

Today, Coatue has emerged as one of the top “Tiger Cubs” and is revered for their astounding track record of investing in early-stage internet companies.

Coatue was there early in names like Tik-Tok, Snapchat, and Spotify… and most recently in OpenAI, the parent company of ChatGPT.

The firm made a new AI investment a few weeks ago, and it is one of the more significant insider transactions we’ve seen all year.

Allow me to explain…

The most significant insider buy on today's list comes via a Form 4 filing by Abdiel Capital LP.

The investment firm reported a purchase of $18 million in Appian Corporation $APPN.

Here’s The Hot Corner, with data from July 12, 2024:

Deep Track Capital filed a 13G for Verona Pharma plc $VRNA revealing an initial stake of 5.08%.

VRNA came public in May 2017 and has been building a monster base since its IPO.

Last week, price reclaimed the AVWAP from last year's highs with authority, and VRNA is now approaching another critical resistance level:

The bias is sideways for longer if price remains stuck in the range. However we have a clear level at approximately 26.50.

If and when buyers lift prices above that area of ​​overhead supply, VRNA could finally take off.

Stay tuned. We'll be back on...

From the Desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts

Welcome to the Hot Corner Insider Weekly Report!

As you know, we spend a lot of time tracking insider activity to come up with this universe.

But that’s only half the battle!

Once we identify the names insiders are targeting, we overlay our expert technical analysis to see if the market agrees with their actions.

While we track some of the most powerful and well-informed market participants… we aren’t just going to follow them blindly into their trades.

We want to see that the insider activity is confirmed by the trend before we get involved. 

When we can check both boxes, we identify asymmetric risk/reward setups and then jump in and ride these trends higher alongside the smart money.

You can...