Whale moves, May 21: $750M CARR exit, Danone dumps LWAY, and a busy day for dip buyers

Coverage window: 2026-05-20 13:44 ET → 2026-05-21 13:00 ET · Sources: SEC Form 4, 13D/A, 13G/A filings via BBAE InsiderEdge and StockTitan

At a glance

The 24 biggest moves from the past filing window, organized by signal type:

Entity	Ticker	Action	Size	Notes
Maximilian Viessmann (CARR director)	$CARR	Sell	$749.9M	Discretionary, no 10b5-1 plan
AE Red Holdings (AE Industrial)	$RDW	Sell	$209.6M	Near-total exit, stake → 1.1%
Danone S.A.	$LWAY	Sell	$67.4M	Complete exit, 0% ownership
REH Advisors	$DINO	Sell to issuer	$100.0M	Block buyback, retains 6.3% + board seat
Cynosure Group	$BRCB	Buy (dip)	$64.4M	Stock –40% prior week; +71.6% to holdings
Casdin Capital	$WGS	Buy (dip)	$21.5M	Stock –35.8% prior month; 500K shares
Blackstone Treasury Holdings III	$BXDC	Buy (IPO allotment)	$189.7M	10% owner; offering price $20.00
EagleRock Land insiders (4)	$EROK	Buy (offering)	$6.7M	Cluster; offering price $18.50
Blackstone Digital insiders (7 small)	$BXDC	Buy (offering)	~$1.1M	Directors + officers at $20.00
Edward P. Garden (FBIN director)	$FBIN	Buy (dip)	$13.7M	Stock –35.5% prior 3 months
MPWR CEO Michael Hsing	$MPWR	Sell (ESPP)	$59.3M	Stock +123.5% YoY
Reid Hoffman (AUR director)	$AUR	Sell	$45.5M	Discretionary; stock +31.7% prior month
DOCN CFO + director	$DOCN	Sell	$4.5M	Stock +72.2% prior month
Sony director Kenichiro Yoshida	$SONY	Sell	$9.0M	Also: CDO sold $396K same date
MP Materials COO	$MP	Buy	$963K	Largest personal purchase on record
Claritev CEO + director	$CTEV	Buy (dip)	$419K	Stock –44.6% prior week
AMC chairman/CEO Adam Aron	$AMC	Buy (dip)	$344K	Stock –26.9% prior month
Leonardo DRS director	$DRS	Buy	$1.1M	Largest personal purchase on record

Spotlight: $750M discretionary CARR sale

The largest transaction in this window came from Maximilian Viessmann, executive chairman of Carrier Global Corp ($CARR, the HVAC and climate-tech conglomerate with ~$55B market cap), who sold 12,094,823 shares at $62.01/share for a gross total of $749.9M on or about May 20.1

Two details push this above routine insider selling:

No 10b5-1 plan: The Form 4's 10b5-1 checkbox is unchecked. A 10b5-1 plan is a pre-scheduled trading arrangement that insiders set up in advance to signal they're not acting on material non-public information; selling outside one means the decision was made discretionarily, close to the trade date. BBAE classifies this under "Largest Unscheduled Sales."1
Only his second ever Form 4 at Carrier: This is just Viessmann's second all-time filing at the company, which means there is no pattern of regular selling to contextualize it against.1

The $750M sale reduced Viessmann's listed stake by 24.15%. No public rationale was disclosed. The SEC filing does not explain the transaction motive; the observation that this was discretionary is a direct read from the Form 4 checkbox — any broader inference about Viessmann's view of Carrier's outlook would go beyond what the filing states.

13D/G exits and restructurings

Danone fully exits Lifeway Foods (LWAY)

Danone S.A. (the French food and dairy group) and its U.S. subsidiary, Danone USA Public Benefit Corporation, filed a final 13D/A amendment on May 20, confirming they no longer beneficially own any shares of Lifeway Foods (NASDAQ: LWAY), a kefir and fermented dairy company headquartered in Morton Grove, Illinois.2 The sale was completed on May 19.

The Form 4 data adds precision: Danone sold 3,454,756 shares at $19.50/share, exiting a $67.4M position.1 LWAY's price as of the filing date was around $25.53 — roughly 31% above Danone's exit price — so whoever absorbed the block has paper gains. The filing stated: "As of May 19, 2026, the reporting persons no longer beneficially own any shares of Common Stock." This was Danone's first and only sale on record at Lifeway.

AE Industrial Partners exits Redwire (RDW)

AE Industrial Partners — a private equity firm focused on aerospace, defense, and space — converted 46,505 shares of Series A Convertible Preferred Stock into 15,247,586 shares of Redwire Corp (NYSE: RDW) common stock on May 18, then sold all 15,247,586 shares in the open market the same day at $13.75/share for $209.6M total.3

The transaction reduced AE Industrial's stake from a controlling position to 2,119,271 shares (1.1%), comprising 107,469 common shares, 2,000,000 warrants, and 11,802 RSUs vesting May 22. Because the stake fell below the 5% threshold, the Amendment No. 21 filing constitutes an exit filing, terminating AE Industrial's Schedule 13D reporting obligation.3 RDW had been up 21.4% in the week before the sale.

REH Advisors sells $100M DINO block — keeps the board seat

REH Advisors Inc. signed a Stock Purchase Agreement with HF Sinclair Corp (NYSE: DINO, an independent petroleum refiner based in Dallas) on May 18, selling 1,455,180 shares at $68.72/share back to the issuer for exactly $99,999,970.4 The transaction was expected to close May 21 and is noted as the 22nd such repurchase between the two parties (Amendment No. 27 to Schedule 13D).

After the buyback, REH holds 11,256,662 shares (6.3%), calculated against the post-buyback float of approximately 180.3M shares. The filing states REH intends to "maintain such sufficient ownership of Common Stock so the Reporting Person retains the right to appoint at least one director to the Board of the Issuer," while also expressing "a strong preference for sales to the Issuer" going forward — a pattern consistent with a gradual, negotiated wind-down of the position over time rather than an abrupt exit.4

Institutional dip buys: two sizable entries into beaten-down names

Casdin Capital buys $21.5M of GeneDx (WGS) after –36% slide

Casdin Capital — a life-sciences-focused investment firm that sits on GeneDx's board — purchased 500,000 shares of GeneDx Holdings Corp. ($WGS) at $42.92/share on or about May 20, adding $21.46M to its position and increasing listed holdings by 14.79%.1 5 GeneDx provides genomic testing and is best known for its WGS (whole genome sequencing) diagnostic platform.

The purchase came after WGS fell 35.8% in the month prior. This is Casdin's largest all-time purchase in the name (1st of 11 on record). The stock was trading around $44.73 at filing time — roughly 4.2% above the purchase price. Casdin's historical purchase returns at WGS show a 1-year weighted gain of 67.5% and a 100% win rate on prior buys, though with only one prior data point that track record is too thin to project forward.

Cynosure Group buys $64.4M of Black Rock Coffee Bar (BRCB) after –40% crash

Cynosure Group — a director-level entity at Black Rock Coffee Bar Inc. ($BRCB) — purchased 25,685,424 shares at $5.35/share on or around May 19, adding $64.4M and growing its listed stake by 71.6%.6 The stock had fallen 39.8% in the prior week before the purchase. At filing time, the price had rebounded to roughly $6.68 — a 24.9% paper gain from the entry point.

This is Cynosure's largest all-time purchase at BRCB (1st of 2 on record). Black Rock Coffee Bar is a regional specialty coffee chain; at the $5.35 entry its equity was priced below what appears to be a technically oversold level given the velocity of the prior-week decline, though the underlying business fundamentals are not addressed in the filing.

Cluster buys: IPO and public offering participation

EagleRock Land — 4 insiders, $6.7M at offering price

Four insiders at EagleRock Land (NYSE: EROK), a recently listed land and real estate company, purchased shares as part of a public offering at $18.50/share:6

Insider	Shares	Value
Director Jeff Slaughter Lott	250,000	$4,620,000
Director James Carl Nelson	100,000	$1,850,000
Director Stephanie L. Reed	13,513	$249,990
Fourth insider (unnamed in top-line data)	—	remainder to $6.72M total

The stock was trading around $23.29 at filing time, a 25.9% premium to the offering price, suggesting strong aftermarket demand. All four purchases are classified as public-offering participations rather than open-market buys. Insider co-investment in a company's own offering is generally read as a credibility signal — management is putting capital alongside public buyers rather than selling into the offer.

Blackstone Digital Infrastructure (BXDC) — 8 insiders at $20.00 offering price

Blackstone Digital Infrastructure Trust Inc. (BXDC) also saw multi-insider participation in its public offering at $20.00/share.6 The headline number — Blackstone Treasury Holdings III L.L.C. (the 10% owner) buying 9,486,795 shares for $189.74M — reflects the sponsor anchoring the deal rather than an independent directional signal. The more relevant cluster is the seven smaller insiders:

Director Katharine A. Keenan: 25,000 shares ($500,000)
Director Diane M. Morefield: 5,000 shares ($100,000)
Additional 5 officers/directors: remainder of ~$1.1M total small-insider cluster

BXDC was trading around $22.34 at filing time, 11.7% above the offering price. Blackstone Digital Infrastructure Trust is a non-traded REIT-like vehicle focused on digital infrastructure assets (data centers and fiber); its AUM at launch was not disclosed in the filing.

Other notable Form 4 moves

Reid Hoffman (AUR director) — $45.5M discretionary sale: LinkedIn co-founder Reid Hoffman, also a director and 10% owner at Aurora Innovation ($AUR, the autonomous driving company), sold 5,846,133 shares across two tranches on May 15 ($7.81/share, 4,948,637 shares) and May 18 ($7.51/share, 897,496 shares) for a combined estimated value of $45.5M.7 The Form 4's 10b5-1 checkbox is unchecked — this was a discretionary sale made while AUR was up 31.7% in the prior month. Post-sale, Hoffman retains roughly 9.69M shares across Greylock and sponsor vehicles.

MPWR CEO — $59.3M ESPP sale: Monolithic Power Systems ($MPWR) CEO Michael Hsing sold 40,000 shares at $1,482.75/share for $59.3M via an Employee Stock Purchase Plan (ESPP), which is a company-sponsored benefit program that allows insiders to acquire shares at a discount.1 Reducing holdings by 3.87%, this was Hsing's largest single sale on record (1st of 161 all-time). Stock was up 123.5% in the year before the sale; 7 insiders made 9 total sales at MPWR in the last 30 days.

Fortune Brands (FBIN) — $13.7M dip buy by director Edward Garden: Garden, the Trian Fund Management co-founder and activist investor known for taking board seats at consumer and industrial companies, purchased 408,900 shares at $33.40/share for $13.7M.1 FBIN had fallen 35.5% in the three months before the purchase. This was his 21st largest buy (out of 40 all-time) — not his first rodeo at this name.

DigitalOcean (DOCN) — $4.5M sell-the-rip: CFO sold $3.8M and director Hilary Schneider sold $678K after DOCN surged 72.2% in the prior month.6 Three insiders, four sales in 30 days — a routine but consistent pattern.

Claritev (CTEV) — CEO + director dip buy, $419K: The CEO of Claritev Corp. (a healthcare cost-management and claims data company) bought 20,920 shares at $12.36 ($259K) and director John Michael Prince bought 10,000 shares at $16.00 ($160K) after CTEV fell 44.6% in the prior week.6 Prince's purchase was his first ever at the company.

MP Materials (MP) — COO buys $963K: The COO of MP Materials Corp. (a US rare earth mining and processing company) purchased 17,000 shares at $56.62 — his largest personal purchase across seven all-time filings.1

Routine / low-signal items: The Charles Schwab ($SCHW) co-chairman's $2.54M sale reduced holdings by just 0.03% and BBAE flags it as a routine annual transaction; Sony director Kenichiro Yoshida's $9.0M sale and simultaneous CDO $396K sale appear to reflect standard share-monetization timing rather than a coordinated directional signal.6

Integrated observations

Three patterns stand out across today's filings:

Exits concentrated in names that already ran: AE Industrial sold RDW after a 21% prior-week surge; Danone's LWAY exit was absorbed at $19.50 while the stock now sits at $25.53; Hoffman sold AUR after a 31.7% monthly gain; MPWR CEO sold after a 123.5% YoY move. Selling into momentum is, on its own, mechanically rational — but the non-10b5-1 status on CARR and AUR is the distinguishing variable to watch.

Dip-buy cluster is broad but asymmetric: Casdin/WGS, Cynosure/BRCB, Garden/FBIN, CEO/CTEV, Aron/AMC, and COO/MP all bought after double-digit prior-period declines. Three of these (WGS –35.8%, BRCB –39.8%, FBIN –35.5%) were buying into stocks that had shed more than a third of their value — a meaningful conviction signal. The asymmetry is that the buying is distributed across multiple names and buyers, while the selling is dominated by two mega-transactions (CARR $750M, RDW $210M) in a single window.

Offering co-investments (EROK, BXDC) are structurally different: Buying into one's own company's public offering at the offer price is not the same as an open-market dip buy. It signals alignment with external capital-raising but carries less independent informational content about near-term valuation views — management's participation is partly reputational and partly contractual in these contexts.

All data sourced from BBAE InsiderEdge and StockTitan SEC filing aggregations. 13D/A and Form 4 filings sourced from StockTitan EDGAR aggregations. BBAE data is aggregated from SEC Form 4 disclosures; exact filing timestamps were not available at the individual transaction level. For high-value transactions (>$10M), cross-verification against SEC EDGAR primary filings is recommended before acting on signals.