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Steve Strazza

Mubadala Investment Company Takes a 9.5% Stake in EQX

October 8, 2024

The most significant insider activity on today's list comes via a 13D filing by Mubadala Investment Company.

The sovereign wealth fund, which manages a portfolio for the government of Abu Dhabi, reported an initial stake of 9.50% in Equinox Gold Corp $EQX.

The fund's top holdings include GlobalFoundries and Evotec SE.

It’s not uncommon for insiders to buy stocks when they’re still in the accumulation or base-building phase. We see them buy downtrends and beaten-up names all the time as well. 

What we don’t see as much is insiders stepping in and reporting a brand-new stake just as a fresh trend reversal is shaping up.

That’s what is happening here with EQX and Mubadala’s $230 million investment.

Here’s The Hot Corner, with data from October 7, 2024:

241008_hot_corner_table

Topline Capital Management filed a 13G for Green Dot Corporation $GDOT, revealing an increase from 5.25% to 11.40%. This represents an additional investment of roughly $35 million.

Last but not least, director Kristiina Vuori revealed a purchase of $100,005 in Inhibrx Inc $INBX.

EQX has been working on a rounding bottom for over a year as buyers try to take control and establish a new uptrend for the gold miner:

241008_hot_corner_eqx

We like this one a lot, especially considering the strength from precious metals stocks these days.

We’ll be looking to get long on strength above the breakout level as soon as we get it.

However, the bias is sideways for longer if we remain trapped beneath this polarity zone and the VWAP from the prior-cycle highs. 

We want to be patient for now. But I have a feeling we’ll be talking about EQX a lot more to Hot Corner Insiders in the future.

Stay tuned. We'll be back on Wednesday with more insider activity.

And please reach out with any questions. We love hearing from you!

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