CLMT
The hot-potato trade
Adams Asset Advisors decided to hand off about 1.95 million Calumet shares in Q1 2026, which works out to roughly $50.3 million using quarterly average pricing. That’s not exactly pocket change — it’s the kind of move that makes you wonder whether the fund is taking profits, rebalancing, or just shrugging at a stock that already did the hard part.
Why you should care
Calumet has been on a tear, with the stock up nearly 200% before this sale hit the tape. When a stock has already sprinted that far, even a big holder trimming back can read like a reality check: the easy upside may be gone, and the next leg needs fresh news, cleaner numbers, or both.
Don’t overread one sale
A big position cut doesn’t automatically mean the house is on fire. Institutional investors sell for all kinds of reasons — risk limits, portfolio math, tax planning, or just because they like locking in gains before the market gets ideas.
But if you own CLMT, this is still a reminder that momentum stocks can turn into crowded trades fast. The market loves a comeback story — right up until everyone starts heading for the exit at the same time.
Big picture: after a near-200% run, Calumet is no longer the “hidden gem” trade. Now it has to prove it can keep earning its new, much more expensive reputation.