Mario Gabelli and GAMCO Investors are back on our list.

GAMCO and Gabelli’s other funds filed a 13D revealing an increase in ownership from 7.25% to 8.74% in Astec Industries $ASTE.

Here’s The Hot Corner, with data through July 10, 2024:

Orion Resource Partners filed a 13G for Skeena Resources Limited $SKE revealing an initial stake of 14.51%.

ASTE has been trading in a well-defined range for the past eight years. Price is currently pressing on the lower bounds. 

The long-term moving average has been trending lower for some time now, indicating that sellers are in complete control.

This one is a no-touch if it’s below 27. Even if it holds this shelf of former lows, there is a lot of work to do before a new uptrend can be underway.

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

The most significant insider buy on today's list comes via a 13G filing by Artisan Partners Limited Partnership.

The investment management firm revealed an increase in its ownership stake in Twist Bioscience Corporation $TWST from 6.40% to 10.40%.

Here’s The Hot Corner, with data through July 9, 2024:

Director Lawrence Cheng announced the purchase of 4,140 shares of GameStop Corp $GME, worth $102,879 in total.

Cevian Capital filed a 13D for Smith & Nephew plc $SNN revealing an initial stake of 5.11%.

TWST has been in the base-building process for the past two years as buyers try to take control and force an upside resolution from this rounding bottom pattern.

Price is currently pressing against the upper bounds of this base.

We want to be patient and wait for a decisive breakout above 55 to confirm a valid reversal in the trend....

The most significant insider buy on today's list comes via a 13G filing by Philippe Laffont’s Coatue Management L.L.C.

The investment firm revealed an initial stake of 9.20% in bitcoin miner Hut 8 Mining Corp $HUT.

RA Capital Management LP also reported an original stake of 5.90% in Recursion Pharmaceuticals Inc $RXRX in a 13G filing..

Here’s The Hot Corner, with data through July 8, 2024:

Wellington Management Company revealed a new passive stake in TPG Inc $TPG of 10.16%

Wellington also reported an increase in its Customers Bancorp $CUBI position from 5.41% to 10.18%.

The relative strength from bitcoin miners has been off the charts, as they continue to trend higher in an otherwise tough tape for the broader crypto space.

Here’s Hut 8 Corp $HUT on the verge of completing a two-year bearish-to-bullish reversal pattern.

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 of these boxes, we identify asymmetric risk/reward setups, and then jump in...

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

The Danish investment company reported the acquisition of 300,000 shares of Noble Corporation $NE, equivalent to $13.2 million.

Durable Capital Partners LP filed a 13G for Doximity Inc $DOCS revealing an initial stake of 5.10%.

Here’s The Hot Corner, with data through July 5, 2024:

The CFO of Dave & Buster's Entertainment Inc $PLAY bought 13,578 shares of the restaurant stock.

NE is consolidating in a well-defined range within the context of an underlying uptrend.

However, the stock has done nothing for over a year now, still trading around the same level it was in early 2023.

The 200-day moving average has been flat for the past year, confirming the absence of any real trend.

With momentum (...

The most significant insider buy on today's list comes via a Form 4 filing by Stellantis N.V.

The multinational automaker revealed another purchase of Archer Aviation Inc $ACHR shares, this one to the tune of $55 million.

Mubadala Investment Company filed a 13G for Aris Mining Corp $ARMN revealing an initial stake of 9.30%.

Here’s The Hot Corner, with data through July 3, 2024:

Last but not least, former Speaker of the House Nancy Pelosi bought 10,000 NVIDIA Corporation $NVDA shares for a market value of roughly $1.3 million.

Pelosi also purchased 20 call options in Broadcom Inc $AVGO. They are deep in the money and expire this time next year.

Stellantis N.V has been accumulating ACHR shares, spending over $156 million since October last year.

While bulls still have some work to do, this chart suggests a textbook trend reversal could...

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. 

The most significant insider buy on today's list comes via a 13G filing by Keith Gill, also known by his online aliases "Roaring Kitty" and "DeepFuckingValue."

Gill bought 9,001,000 shares of Chewy Inc $CHWY, which represents an initial passive ownership stake of 6.6%.

Here’s The Hot Corner, with data through July 1, 2024:

Control Empresarial de Capitales S.A revealed the purchase of $14.4 million worth in PBF Energy Inc $PBF its latest Form 4.

And the former CEO of Globalstar Inc $GSAT, James Monroe III, acquired 4,510,855 shares of his own company’s stock.

CHWY collapsed to new record lows at the end of 2023, briefly violating a multi-year shelf of  support.

However, the follow through was short-lived. Buyers reclaimed this support zone, resulting in a failed breakdown.

We think this...

The most notable insider buy today is detailed in Form 4 filings by the chairman and CEO along with the president of production and development of TXO Energy Partners L.P $TXO.

Combined, they reported purchasing $19.5 million worth of TXO shares.

Senvest Management LLC filed a 13G for Cognyte Software Ltd $CGNT revealing an increase in ownership from 4.85% to 5.00%.

Here’s The Hot Corner, with data through June 28, 2024:

Director Amy Y. Murray bought 1,200 shares of American Financial Group $AFG in its latest Form 4.

AFG broke out of a multi-year base in 2021 and has since been consolidating above the breakout level:

The line in the sand lies at 115.

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

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

The most significant insider buy on today's list comes via a Form 4 filing by the CEO of Restoration Hardware $RH Gary Friedman.

Friedman reported a purchase of roughly $10 million.

Control Empresarial de Capitales S.A. has once again appeared on our radar. This time, they've purchased $6,521,107 worth of PBF Energy Inc $PBF, continuing to build a position in the company.

Here’s The Hot Corner, with data through June 27, 2024:

Last but not least, Gregory M. Shepard bought 40,872 shares of Atlas Energy Solutions Inc $AESI.

After reaching all-time highs in May 2021, RH fell off a cliff, losing around 70% since its peak.

Fast forward to today, and the stock is consolidating at the lower bounds of a well-defined range.

If we're above 210, the bias is sideways. However, a violation of this area will give sellers full control.

The most significant insider buy on today's list comes via a Form 4 filing by Nuvation Bio Inc $NUVB director Xiangmin Cui.

Cui revealed an additional purchase of NUVB shares with a total value of $825,348.

Here’s The Hot Corner, with data through June 26, 2024:

Leviticus Partners LP filed a 13G for Twin Disc Incorporated $TWIN revealing an increase from 4.96% to 5.17%.

Earlier this year, NUVB resolved higher from a bearish-to-bullish reversal pattern. 

Fast-forward to today, and it is consolidating above the breakout level:

As long as we’re above 2.55, the bias is higher.

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

...

The most significant insider purchase today is from Control Empresarial de Capitales S.A., which disclosed a $30.8 million acquisition of PBF Energy Inc $PBF shares through a Form 4 filing.

Additionally, the Mexico-based investment firm reported buying 8,264,462 shares of ProKidney Corp $PROK, valued at approximately $20 million.