By Davit Kirakosyan
Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed last week: HanesBrands explores strategic options for Champion, Bill Ackman expects long-term rates to increase, and top brass buys at Enphase Energy, Semtech, Asana, HighPeak Energy, Domo, and Ironwood Pharma.
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HanesBrands evaluates strategic options for global Champion business
Hanesbrands (NYSE:HBI) said it is exploring strategic options for its global Champion business, which may include a potential sale or other strategic moves to enhance shareholder value.
Barington Capital, a shareholder of Hanesbrands, which pushed to add new members to the board, replace the CEO, and implement cost cuts, as reported by WSJ in August, supported the move but emphasized the importance of achieving appropriate value for the iconic Champion brand.
“While we believe a separation of the Champion business makes strategic sense, it is critical that, despite recent performance, the Company achieves appropriate value for this iconic brand. We will continue to closely monitor further developments and urge Hanesbrands to rapidly pursue all opportunities to create long-term shareholder value,” said James Mitarotonda, CEO of Barington.
Bill Ackman expects long-term rates to increase
Billionaire investor Bill Ackman predicts further increases in 30-year interest rates due to persistent high inflation. His hedge fund, Pershing Square Capital Management, is short on bonds. Ackman believes that the Federal Reserve's efforts to target a 2% inflation rate won't succeed.
He cited potential wage increases from autoworker strikes and the end of deflationary effects from outsourcing to China, along with rising energy prices, as factors contributing to inflationary pressures.
Insider trades by directors
Enphase Energy (NASDAQ:ENPH) Director, Thurman Rodgers, purchased 32,600 common shares, or worth more than $4 million, at $122.471-$122.84 per share, as reported in real-time on InvestingPro.
Semtech (NASDAQ:SMTC) Director, Paul Walsh Jr., purchased 20,000 common shares, or worth nearly $500,000, at $24.826.
C-suite insider trades
Asana (NYSE:ASAN) President and CEO, Dustin Moskovitz, purchased 1,015,000 common shares, or worth over $18M, at $17.71-$18.37 per share.
This purchase is part of a plan Moskovitz disclosed in March 2023 for him to buy up to 30M shares of common stock before the end of 2023.
Highpeak Energy Acquisition (NASDAQ:HPK) CEO Jack Hightower bought 500,000 common shares, or worth over $8M, at $16.5498-$16.5895 per share. Meanwhile, President Michael Hollish bought 9,829 common shares, or worth about $160,000, at $16.325-$16.635 per share.
Domo (NASDAQ:DOMO) Founder and CEO, Joshua James, purchased 39,300 common shares, or worth over $380,000, at $9.7064-$9.9027 per share. Shares were acquired for the James Family Charitable Remainder Trust.
Ironwood Pharmaceuticals (NASDAQ:IRWD) SVP/CFO, Sravan Emany, purchased 36,072 common shares, or worth over $300,000, at $8.32 per share.
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