Elliott Management, one of the largest and longest-tenured activist funds on Wall Street, is back on our list with its second big splash in two weeks.
Earlier this month, Elliott Management became the largest shareholder in Pinterest $PINS with a roughly 9% stake.
Now it’s getting active in another battered growth stock, PayPal $PYPL. The size of Elliott’s stake is still unknown, according to the Wall Street Journal.
With stocks like Pinterest and PayPal trading 75% to 80% off their 2021 highs, it’s no surprise to see activist investors like Elliott get involved.
We expect a lot more insider and merger-and-acquisition activity in the near future, particularly in the most depressed areas.
This should help put a floor in some of the weakest stocks.
Revolution Medicines $RVMD appears on our list for the second day in a row, as Director Thilo Schroeder reported a purchase of $5 million in his latest Form 4.
An independent director of Texas Capital Bancshares $TCBI, Robert Stallings, disclosed the acquisition of approximately 42,000 shares, equivalent to $2,376,000.
Here’s The Hot List, with data through July 26, 2022:
In another Form 4, Director Thomas W. Jones reported a buy worth roughly $1,248,444 in Jefferies Financial Group $JEF.
In the options market, there was bullish flow in Pinterest, Palantir Technologies $PLTR, and Dropbox $DBX.
Stay tuned. We’ll be back Thursday with more insider action.
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All Star Charts Team