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Steve Strazza

Liberty 77 Reports Another LGF Purchase

October 10, 2024

The most notable insider activity on today's list comes via a Form 4 filing by Liberty 77 Fund.

The private equity fund, which manages approximately $2.95 billion in assets, reported a purchase of $1.2 million in Lions Gate Entertainment Corp $LGF.

Many times these transactions make sense only to buyers in the context of their investing or trading strategies.

With regard to LGF, for example, as technicians we prefer to wait until the chart looks more promising to us. This is not the case right now.

Here’s The Hot Corner, with data from October 9, 2024:

241010_hot_corner_table

Over in Washington DC, Rep. Ro Khanna of California made purchases worth between $15,000 and $50,000 in the following stocks:

  • Citigroup Inc $C;
  • Tesla Inc $TSLA; and
  • Arista Networks Inc $ANET.

In another Form 4, the CEO of Dave & Buster's Entertainment $PLAY Christopher Daniel Morris, bought 48,982 shares, equivalent to $502,161.

We always take notice when the CEO steps in, as they have the deepest understanding of the company.

Keep in mind, there are many reasons an insider might sell their shares, but only one reason they buy — because they believe the price is going to rise.

Let’s take a closer look at the PLAY chart:

241010_hot_corner_play

PLAY has been trading in a well-defined range for the past three years.

Price continues to hold above the lower ends of this range. The line in the sand for us lies at 29.50.

If we’re above that level, we can give the bulls the benefit of doubt.

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

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

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