King Street Appoints Former Blackstone AM MD as Global Head of Strategy (Hedge Week)
Hedge fund King Street Capital Management (King Street) has appointed Kris Mastronardi as a Managing Director and Global Head of Strategy, based in New York. Mastronardi will report to Brian Higgins, King Street’s Co-Founder, Managing Partner and Co-Portfolio Manager. In the newly created role, Mastronardi will work closely with the firm’s management committee to lead strategic growth opportunities, including partnerships and client solutions. He will also engage closely with the Firm’s Global Investment Committee on the Firm’s investment strategy and positioning.
Tuesday 12/6 Insider Buying Report: BX, SLRC (Nasdaq.com)
On Friday, Blackstone’s Director, Ruth Porat, made a $1.67M buy of BX, purchasing 20,000 shares at a cost of $83.55 a piece. Bargain hunters have the opportunity to grab BX at a price even lower than Porat did, with the stock trading as low as $79.31 at last check today which is 5.1% under Porat’s purchase price. Blackstone Inc is trading off about 2.8% on the day Tuesday. Before this latest buy, Porat bought BX on 2 other occasions during the past twelve months, for a total investment of $1.18M at an average of $117.95 per share. And at SLR Investment, there was insider buying on Friday, by Michael S. Gross who bought 73,732 shares at a cost of $14.98 each, for a total investment of $1.10M. SLR Investment is trading down about 1% on the day Tuesday.
FTX Pain Spreads as Hedge Fund Defaults on $36 Million Debt (1) (Bloomberg Law)
Contagion from the messy implosion of Sam Bankman-Fried’s crypto empire is spilling into the world of decentralized finance, after a hedge fund was declared in default on almost $36 million of loans. Orthogonal Trading said in a tweet on Tuesday that it had been “severely impacted by the collapse of FTX and associated trading activities,” making it unable to repay on a $10 million crypto loan. That prompted the entity that runs the lending pool on DeFi protocol Maple to issue a notice of default for all the fund’s active borrowings.
ModivCare (NASDAQ: MODV) Stock Trending Higher on Powerful Insider Buy (TipRanks.com)
One of ModivCare’s directors, Coliseum Capital Management, LLC, purchased shares worth $6.9 million. Generally, tracking insiders’ transactions may provide useful insights to retail investors. Coliseum Capital Management, LLC, a director at ModivCare (NASDAQ:MODV), purchased 90,743 shares of the company in multiple transactions on December 1 and December 2, for a total value of $6.9 million. MODV stock surged about 6% on Monday and a further 1.2% in the extended trading session.
Around $375 Million Bet On This Biotechnology Stock? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Akouos: The Trade: Akouos, Inc. (AKUS) 10% owner Eli Lilly & Co bought a total 29,992,668 shares at an average price of $12.50. The insider spent around $374.91 million to buy those shares. GoHealth: The Trade: GoHealth, Inc. (GOCO) 10% owner CB Blizzard Holdings C, L.P. bought a total of 268,229 shares at an average price of $13.02. To acquire these shares, it cost around $3.49 million.
