Is Nelson Peltz Hungry for Wendy's?

JC Parets
May 25, 2022

Yesterday, Nelson Peltz’s Trian Fund Management filed a 13D revealing the purchase of an additional 16 million shares of the fast food chain, Wendy's $WEN.

This brings Trian’s total interest to just shy of 20%.

Buried in the footnotes of the filing, Trian also disclosed that it advised the board of directors it’s exploring a potential transaction.

Wendy’s $WEN stock is trading higher by about 10% in the pre-market on news of a possible takeover by the activist hedge fund.

The company released a statement this morning, and management sounds open to the idea.

The largest insider transaction on today’s Hot List is a Form 4 filing by SkyKnight Capital Fund, who reported a purchase of approximately $3.6 million in AdaptHealth Corp $AHCO.

The fund now owns 8,145,571 shares, which represents a roughly 6% ownership stake in the medical devices company.

Here’s The Hot List, with data through May 24, 2022:

In his latest Form 4, activist Daniel Asher revealed an additional purchase of roughly $1.7 million in B. Riley Financial $RILY, as he continues to build a position.

Another 13D was filed by Impactive Capital, who reported an active ownership stake of 6.30% in Envestnet $ENV.

Over in Washington, there was some activity from Rep. Thomas Suozzi of New York, who reported positions in the semiconductor bellwethers NVIDIA Corporation $NVDA and Advanced Micro Devices $AMD.

Rep. Suozzi also reported purchases worth between $30,000 and $100,000 in Restoration Hardware $RH and Upstart Holdings $UPST.

Last but not least, there was bullish options flow in the online pet product retailer Chewy $CHWY and the video game company Electronic Arts $EA.

Stay tuned. We'll be back Thursday with more insider action.

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All Star Charts Team

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