Some highlights from this weekend’s Event Driven Monitor
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Kuppy’s Tweet of the Week
Chart and Kliff Note of the Week
Cluster Buy Monitor: A director at PENN scooped up $340k. Insiders, including the CEO, have been purchasing back relatively frequently this year with the last slug coming in May around the ~$15-16 range. There’s also been an activist shaking things up here as well.
13D and Activist Monitor: Engine Capital sent a letter to Avantor, AVTR, board calling for changes to the ineffective and underperforming board. TLDR, Engine ties AVTR’s underperformance to self-inflicted issues like poor cost control, ineffective capital allocation, repeated forecast reductions, and executive turnover. Engine believes that AVTR could be worth ~$22-$26/shr at the end of 2027 with some operational improvements and TLC – or is worth $17-$19/shr currently if the board puts it up for sale now. AVTR just announced a new CEO on July, Emmanuel Ligner, and responded by saying they’re confident that Ligner can accelerate shareholder value.
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Kuppy’s Event Driven Monitor scans over 20 corporate events for market moving information and distills them into our propietary “Kliff Notes.” One profitable trade should more than cover an annual subscription and access to the Event Driven chatroom!