Insider trades & hedge fund hits: Elliott aims to oust NRG chief

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Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed this week: news out of Elliott and NRG Energy, and a top brass buys at Asana, Innoviva, Pebblebrook Hotel Trust, and Kura Oncology.

InvestingPro subscribers got this news in rapid fire. Never be left in the dust again.

Elliott Investment Management, an activist investment firm, is ratcheting up pressure on NRG Energy (NYSE:NRG) to replace CEO Mauricio Gutierrez and other top executives, according to a Wall Street Journal report. The Journal cited sources familiar with the matter.

In a statement to Reuters, an NRG spokesperson said the power company’s board continues to fully back Gutierrez and his management team.

This development follows Elliott’s call for a boardroom overhaul and strategic review of NRG’s home services in a letter to the board last month. Elliott, having disclosed over 13% economic interest in NRG valued roughly at $1 billion in May, did not specify how much, if any, of that interest was in NRG stock.

Asana (NYSE:ASAN) CEO Dustin Moskovitz disclosed several purchases this week, as reported in real time on InvestingPro. Moskovitz bought 80,000 common shares at $24.37-$26.10 and 240,000 shares at $24.09-$24.97, worth a total of nearly $8.5 million.

Moskovitz owns 39,592,803 shares directly and 4,147,046 indirectly, following the latest purchases.

Moskovitz, who purchased 19M shares of Asana stock in September 2022, announced an additional 30M share trading agreement in March, which research firm JMP said demonstrates his faith in the company and “removing any doubt surrounding Asana’s liquidity.”

Innoviva (NASDAQ:INVA) 10% owner, Alexander Denner, bought 62,000 shares, or worth more than $800,000, at $13.1322.

Pebblebrook Hotel Trust (NYSE:PEB) Chairman and CEO, Jon Bortz, purchased 39,368 common shares, or worth over $500,000 at $12.59-$12.839.

Kura Oncology (NASDAQ:KURA) Director, Thomas Malley, purchased 50,000 common shares, or worth $575,000, at $11.50 per share.

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