Director-related funds at AXIA (AXIA) report net sale of 437K shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
AXIA Energia S.A. director-related managed accounts reported a mix of open-market buys and sells in common and Class "C" preferred shares on July 1, 2026, resulting in a net sale of 437,400 shares.
The transactions were executed through entities such as Maliko, Manuka, Tucurui, Xingo, Radar and Infrad, all managed by Radar Gestora de Recursos Ltda., where Pedro Batista de Lima Filho is a partner. He and these entities may be deemed to indirectly beneficially own the securities but each disclaims beneficial ownership beyond their pecuniary interest.
Reported U.S. dollar prices reflect weighted-average prices originally in Brazilian reais, converted using a rate of 5.2540 BRL per USD as of March 31, 2026, with brokerage commissions and execution costs excluded.
Positive
- None.
Negative
- None.
Insights
Managed accounts tied to an AXIA director show net selling but with disclaimed beneficial ownership, a neutral signal for the company overall.
The filing aggregates multiple open-market purchases and sales in AXIA Energia common and Class "C" preferred shares across several investment vehicles managed by Radar Gestora. Net activity totals a sale of 437,400 shares, combining 418,100 shares bought and 855,500 shares sold.
Footnotes clarify that entities such as Maliko, Manuka, Tucurui, Xingo, Radar and Infrad hold the positions, with Pedro Batista de Lima Filho potentially deemed an indirect beneficial owner through his partnership at Radar Gestora. However, both he and the vehicles disclaim beneficial ownership except for their pecuniary interest, framing these trades as portfolio-management decisions. Reported prices are weighted averages in Brazilian reais converted to USD at 5.2540 BRL per USD, indicating methodical execution rather than a single large block trade.
Insider Trade Summary
Net Seller: 437,400 shares ($8,747,503)
Net Sell
16 txns
Insider
Batista de Lima Filho Pedro
Role
null
Bought
418,100 shs ($4.28M)
Sold
855,500 shs ($8.75M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Class "C" Preferred Shares | 2,400 | $10.05 | $24K |
| Sale | Class "C" Preferred Shares | 49,800 | $10.05 | $500K |
| Purchase | Class "C" Preferred Shares | 3,300 | $10.05 | $33K |
| Sale | Class "C" Preferred Shares | 1,400 | $10.05 | $14K |
| Sale | Class "C" Preferred Shares | 1,900 | $10.05 | $19K |
| Sale | Class "C" Preferred Shares | 2,400 | $10.05 | $24K |
| Purchase | Class "C" Preferred Shares | 49,800 | $10.05 | $500K |
| Sale | Common Shares | 498,300 | $10.23 | $5.10M |
| Sale | Common Shares | 174,900 | $10.27 | $1.80M |
| Purchase | Common Shares | 95,000 | $10.24 | $973K |
| Purchase | Common Shares | 1,200 | $10.27 | $12K |
| Purchase | Common Shares | 1,600 | $10.27 | $16K |
| Sale | Common Shares | 126,800 | $10.22 | $1.30M |
| Purchase | Common Shares | 92,700 | $10.27 | $952K |
| Purchase | Common Shares | 172,100 | $10.27 | $1.77M |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Class "C" Preferred Shares — 4,813,951 shares (Indirect, By managed account);
Common Shares — 14,489,519 shares (Indirect, By managed account);
Common Shares — 51,115 shares (Direct, null)
Footnotes (1)
- The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA Energia S.A. ("AXIA"), any security holder of AXIA, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $53.74 Brazilian reals ("BRL") per share, has been converted to U.S. dollars ("USD") using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate at the time of filing), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price. Pedro Batista de Lima Filho ("Mr. Filho") is a partner at Radar Gestora de Recursos Ltda. ("Radar Gestora"), which is responsible for the portfolio management of MALIKO INVESTMENTS LLC - BANCO BTG PACTUAL S/A ("Maliko") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Maliko. For the purposes of this filing, each of Maliko and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Maliko or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise. The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $53.97 BRL per share, has been converted to USD using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate at the time of filing), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of MANUKA INVESTMENTS LLC - BANCO BTG PACTUAL S/A ("Manuka") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Manuka. For the purposes of this filing, each of Manuka and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Manuka or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price. The weighted average price, $53.80 BRL per share, has been converted to USD using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate at the time of filing), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price. The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price. The weighted average price, $53.97 BRL per share, has been converted to USD using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate at the time of filing), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of TUCURUI MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES ("Tucurui") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Tucurui. For the purposes of this filing, each of Tucurui and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Tucurui or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of XINGO MASTER FUNDO DE INVESTIMENTO FINANCEIRO DE ACOES ("Xingo") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Xingo. For the purposes of this filing, each of Xingo and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Xingo or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $53.69 BRL per share, has been converted to USD using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate at the time of filing), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of RADAR MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES ("Radar") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Radar. For the purposes of this filing, each of Radar and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Radar or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of INFRAD MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES ("Infrad") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Infrad. For the purposes of this filing, each of Infrad and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Infrad or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. Pursuant to Article 11 of the Bylaws of the Company, the PNC Shares shall be automatically converted into Common Shares, assuming such PNC Shares are not earlier mandatorily redeemed by the Company in accordance with its Bylaws, at a ratio of 1:1, as follows: 4% of the total volume of originally-issued PNC Shares, allocated proportionally among all holders, in each of the fiscal years 2026, 2027, 2028, 2029 and 2030; and all PNC Shares remaining, in fiscal year 2031. The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price. The weighted average price, $52.80 BRL per share, has been converted to USD using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate at the time of filing), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price. The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $52.80 BRL per share, has been converted to USD using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate at the time of filing), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price.
Key Figures
Net shares sold: 437,400 shares
Total shares bought: 418,100 shares
Total shares sold: 855,500 shares
+4 more
7 metrics
Net shares sold
437,400 shares
Net of buys and sells reported for July 1, 2026
Total shares bought
418,100 shares
Open-market purchases across common and Class "C" preferred
Total shares sold
855,500 shares
Open-market sales across common and Class "C" preferred
Largest single common share sale
498,300 shares at $10.23 per share
Indirect ownership, by managed account
Largest single common share purchase
172,100 shares at $10.27 per share
Indirect ownership, by managed account
Direct common shares held
51,115 shares
Direct holdings following a holding entry on July 1, 2026
FX rate used
5.2540 BRL per USD
Conversion of weighted-average BRL prices as of March 31, 2026
Key Terms
open-market purchase, open-market sale, weighted average price, beneficial ownership, +2 more
6 terms
open-market purchase financial
"transaction_action": "open-market purchase""
An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
weighted average price financial
"The price reported in column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
beneficial ownership financial
"disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"except to the extent of his or its pecuniary interest therein"
Section 16 of the Securities Exchange Act of 1934 regulatory
"for purposes of Section 16 of the Securities Exchange Act of 1934, as amended"
A provision of federal securities law that requires company insiders—directors, officers and large shareholders—to publicly report their stock holdings and trades and to surrender any “short-swing” profits from purchases and sales within a six-month window. It acts like a rule that forces leaders to announce their trades and prevents quick buy-sell windfalls, giving investors transparency into insider activity and reducing opportunities for unfair gain.
FAQ
What is the overall buy versus sell balance in this AXIA Energia Form 4?
The filing shows eight buy and seven sell transactions, with buys totaling 418,100 shares and sells totaling 855,500 shares. This results in a net sell position of 437,400 shares, indicating overall selling by the managed accounts on the reported date.