World Trade

Insider Trading Unveiled: Elliott’s Campaign to Oust NRG’s Chief Executive

Welcome to the Pro Recap, where we bring you the latest on significant insider trades and institutional investor news that might have slipped under your radar this week. Stay ahead of the curve with updates from Elliott, NRG Energy, and notable executive purchases at Asana, Innoviva, Pebblebrook Hotel Trust, and Kura Oncology.

InvestingPro subscribers were quick to receive these updates, ensuring they never miss a beat.

In the realm of activist investing, Elliott Investment Management is intensifying its efforts to remove NRG Energy’s CEO, Mauricio Gutierrez, along with other top executives, as reported by The Wall Street Journal. Sources familiar with the matter were cited in the Journal’s report.

NRG Energy’s spokesperson, in response to Reuters, affirmed that the company’s board remains fully supportive of Gutierrez and his management team.

This recent development follows Elliott’s previous call for a complete revamp of NRG’s board and a strategic review of its home services division, conveyed through a letter to the board last month. Elliott, having disclosed an economic interest of more than 13% in NRG, valued at approximately $1 billion in May, did not disclose the exact portion of that interest attributed to NRG stock.

Dustin Moskovitz, the CEO of Asana, made notable stock purchases this week, a fact diligently reported in real-time by InvestingPro. Moskovitz acquired 80,000 common shares in the price range of $24.37 to $26.10 and an additional 240,000 shares within the range of $24.09 to $24.97, making the total value of his purchases nearly $8.5 million.

Currently, Moskovitz holds direct ownership of 39,592,803 shares and indirect ownership of 4,147,046 shares, following these latest acquisitions.

His previous acquisition of 19 million shares of Asana stock in September 2022, coupled with the announcement of a trading agreement for an additional 30 million shares in March, has been regarded by research firm JMP as a testament to Moskovitz’s unwavering confidence in the company and a means to dispel any uncertainty regarding Asana’s liquidity.

Three other notable insider purchases also made headlines:

  • Alexander Denner, a 10% owner of Innoviva, acquired 62,000 shares worth over $800,000 at a price of $13.1322 per share.
  • Jon Bortz, Chairman and CEO of Pebblebrook Hotel Trust, purchased 39,368 common shares valued at over $500,000 within the price range of $12.59 to $12.839.
  • Thomas Malley, a Director at Kura Oncology, bought 50,000 common shares worth $575,000 at a price of $11.50 per share.

Prepare to elevate your investment strategy with our exclusive discounts.

Don’t let this limited-time opportunity pass you by. Gain access to cutting-edge tools, real-time market analysis, and expert insights by joining InvestingPro today. Unleash your investing potential now. Act swiftly as the Summer Sale won’t be around forever!

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button