Greenlight Posts a Small March Loss (Institutional Investor)
Greenlight’s short-centric portfolio has kept most of the firm’s market-fueled gains in check. David Einhorn’s Greenlight Capital continued to tread water in March. The long-short hedge fund lost 1.5 percent last month and was down 1.3 percent for the first quarter. This isn’t particularly surprising.
Sachem Head Presses Arconic to Sell Itself (Hedge Week)
Sachem Head Capital Management, an activist hedge fund firm founded by Scott Ferguson in 2012, has urged US aluminium sheet maker Arconic to execute its plan to sell itself, after acquiring a stake in the business, according to a report by Reuters. Unnamed Reuters sources say that Arconic has been in talks with private equity firms, including Apollo Global Management Inc, about selling itself, with Apollo so far indicating it is willing to pay $27 to $28 per share for Arconic, according to reports, close to the level the firm’s shares are trading at currently.
Prysm Capital Closes Maiden Fund at $305 Million (Opalesque)
Growth equity firm, Prysm Capital has closed its first fund at $305 million. The firm makes growth equity investments in companies in the technology, consumer and healthcare sectors. The firm was founded in 2019 by Jay Park, Muhammad Mian and Matt Roberts, who previously worked together at BlackRock for nearly a decade.
Monday 4/3 Insider Buying Report: WBA, XAIR (Nasdaq.com)
At Walgreens Boots Alliance, a filing with the SEC revealed that on Wednesday, CEO Rosalind G. Brewer bought 10,000 shares of WBA, at a cost of $33.95 each, for a total investment of $339,510. So far Brewer is in the green, up about 4.5% on their purchase based on today’s trading high of $35.46. Walgreens Boots Alliance is trading up about 2.4% on the day Monday. This purchase marks the first one filed by Brewer in the past year. And on Thursday, Director Robert Carey bought $127,500 worth of Beyond Air, buying 20,000 shares at a cost of $6.38 each. Before this latest buy, Carey purchased XAIR at 6 other times during the past twelve months, for a total cost of $869,355 at an average of $6.03 per share. Beyond Air Inc is trading off about 0.2% on the day Monday. Carey was up about 6.8% on the buy at the high point of today’s trading session, with XAIR trading as high as $6.81 in trading on Monday.
NVIDIA, Boston Scientific And This Technology Stock Insiders Are Selling (Benzinga)
NVIDIA: The Trade: NVIDIA Corporation (NVDA) Director Dawn E Hudson sold a total of 5,000 shares at an average price of $274.55. The insider received around $1.37 million from selling those shares. Boston Scientific: The Trade: Boston Scientific Corporation (BSX) EVP&Pres, Periph Intervent Jeffrey Mirviss sold a total of 4,903 shares at an average price of $49.60. The insider received around $243.19 thousand from selling those shares.
SEC Charges Hedge Fund Trader and Broker-Dealer Over SPAC Insider Trading (Hedge Week)
The Securities and Exchange Commission has filed insider trading charges against Sean Wygovsky, a former trader at a Canadian asset management firm, and Christopher Matthaei, a former partner at a US broker-dealer, for using nonpublic information in advance of at least seven merger announcements involving Special Purpose Acquisition Companies (SPACs) to earn illicit profits of more than $3.4 million. The SEC’s complaint alleges that Wygovsky learned material non-public information about upcoming SPAC mergers from his employer’s involvement in transactions related to the mergers. The complaint further alleges that, from May 2020 through April 2021, Wygovsky used encrypted messaging to tip his close friend and trading client, Matthaei, about the upcoming mergers. According to the complaint, Matthaei, who ran a trading and research group focused on SPACs during the relevant period, allegedly traded on Wygovsky’s tips.
