The most significant insider activity today comes from Control Empresarial de Capitales S.A., the Mexican investment firm led by Carlos Slim.

According to a new Form 4 filing, the firm acquired 1,002,000 shares in PBF Energy $PBF, valued at $31.8 million.

This is Control Empresarial’s fourth major purchase in the last month, totaling nearly $55.9 million.

With these buys, Control Empresarial now owns around 20% of PBF and is the largest shareholder in the company, holding about as many shares as Blackrock and Vanguard combined.

Here’s The Hot Corner, with data from October 17, 2024:

Today’s biggest insider move comes straight from John Edward Adent, CEO of Neogen Corp $NEOG. 

According to a fresh Form 4 filing, Adent just scooped up 14,500 NEOG shares, throwing down $200,000 in the process.

No one understands Neogen better than its CEO. And this wasn’t a pre-scheduled transaction or an option exercise – this was an open-market purchase.

CEOs don’t just throw six figures into their own stock for fun. They do it when they see real value. Adent sees upside in NEOG, and he’s putting his own cash on the line to back it up.

However, that doesn’t necessarily mean it’s time for us to jump in. As technicians, we only want to follow this insider data when the trend confirms it 

That’s not the case with $NEOG right now, as the stock is still in a downtrend. We will add it to our watchlist and be ready when the setup improves.

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

This time, the private equity fund reported an additional purchase of $5.4 million in Lions Gate Entertainment Corp $LGF.

Chairman and CEO Matt Murphy revealed the acquisition of 13,000 shares of Marvell Technology $MRVL.

While there can be many reasons for an insider to sell shares, there's typically only one reason they buy — they believe the stock is going up.

And if the CEO is buying now, at these levels, it signals strong conviction in the company’s prospects.

Here’s The Hot Corner, with data from October 15, 2024:

Due to Monday’s holiday there are no insider filings to report today. We’ll be back tomorrow with a look at that activity.

In the interim, Sea Ltd $SE has been on our radar ever since Rep. Kurt Schrader reported a position in a political filing back in 2022.

When the guys returned from Asia last year, we started stalking it even more closely. While it had an exciting growth story, more importantly, it had no evidence of a bottom. 

The stock was free-falling in a 90% drawdown back then.

So, we've been waiting patiently for a perfect pitch for some time now. 

We need to see clear signs of a trend reversal before we follow insiders into their trades. While our hot corner data is great, the chart always comes first.

And after several years, we finally think this chart is ready for us.

Guess who’s back on today's list? None other than Uncle Warren himself!

Warren Buffett just dropped a significant $86.7 million on Sirius XM Holdings Inc $SIRI.

Buffett's Berkshire Hathaway has been a shareholder of SIRI since 2016.

The firm owns 108,719,088 shares, representing a 32% interest and market value of $2.8 billion.

SIRI is up over 3.50% pre-market on this news. We always watch Berkshire’s activity closely, as its filings tend to be market-moving events.

Here’s The Hot Corner, with data from October 11, 2024:

Today’s top insider transaction comes from a Form 4 filed by State Farm Mutual Automobile Insurance Company, one of the largest insurers in the U.S. 

State Farm made a bold move with a $1.2 million purchase in GATX Corporation $GATX—a key player in the Rental & Leasing Services industry.

Here’s The Hot Corner, with data from 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:

The most notable insider activity on today's list comes via a 13D filing by Baker Bros Advisors.

The hedge fund increased its ownership stake in Kiniksa Pharmaceuticals $KNSA from 6.94% to 7.70%.

Baker Bros' top holdings include BeiGene, Incyte, and Acadia Pharmaceuticals. These three positions represent roughly 50% of its portfolio.

We keep a close eye on what Baker Bros is up to -- the firm is better than anyone when it comes to biotech investing. It has a knack for spotting early-stage winners and sticking with them. 

Its increased stake in KNSA means Baker Bros thinks this one will be a winner in the future. 

We agree.

Here’s The Hot Corner, with data from 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:

The most notable insider activity on today's list comes via a Form 4 filing by Cartesian Therapeutics Inc $RNAC director Timothy A. Springer.

Springer reported a $4.2 million purchase of RNAC shares.

Neuberger Berman Group LLC filed a 13G for CNX Resources Corporation $CNX, revealing an initial stake of 5.03%.

Here’s The Hot Corner, with data from October 4, 2024:

From the Desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts

Welcome to the Hot Corner Insider Weekly Report!

As you know, we spend a lot of time tracking insider activity to come up with this universe.

But that’s only half the battle!

Once we identify the names insiders are targeting, we overlay our expert technical analysis to see if the market agrees with their actions.

While we track some of the most powerful and well-informed market participants… we aren’t just going to follow them blindly into their trades.

We want to see that the insider activity is confirmed by the trend before we get involved. 

When we can check both boxes, we identify asymmetric risk/reward setups and then jump in and ride these trends higher alongside the smart money.