Dan Niles looking to re-short Tesla, Apple: Insider trades & hedge funds weekly
Investing.com — Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed last week: Corvex doubles stake in Southwest Gas, Ancora supports Forward Air’s decision to terminate Omni Logistics merger, Satori's Dan Niles covers shorts in Tesla and Apple and looks to re-short higher, and top brass buys at Truist Financial, Nasdaq, and Commercial Metals.
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Corvex Management LP, a hedge fund, more than doubled its stake in Southwest Gas (NYSE:SWX), disclosed at the end of the June quarter — to 4,153,717 shares, or 5.8% of the company.
Corvex says it aims to discuss potential strategies to maximize the company's value with the board, particularly its core utility franchises and Centuri Group investment. Corvex says that, while it supports Southwest's plan to separate Centuri, it believes Southwest Gas seems to be trading at or below its currently authorized rate base. It says that the implied valuation represents a «deep discount to underlying value, market comps, and recent transactions» and suggested the company may need to address this if that disconnect persists. Corvex added that «similar assets trade at a 1.5-2.0x rate base.»
Corvex also believes Southwest’s ambitious $2 billion capital plan «clearly does not make sense if growth capital results in a market valuation less than cost.»
The hedge fund said it expects to engage with Southwest on ways to enhance shareholder value, including by improving earned returns on capital, further restructuring, or an outright sale of the company.
Ancora Holdings Group, a leading shareholder of Forward Air Corporation (NASDAQ:FWRD), backed Forward
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