A fund just paid $35.50 for a stock trading at $22.12 - Team Inc - $TISI

I dug into a recent insider transaction at Team, Inc. ($TISI) that I found unusually interesting.
On August 6, a fund controlled by Stellex Capital bought 1.6M shares from Corre Partners for **$35.50/share** about 60% above the current market price.
That’s especially interesting because:
The transaction valued the block at \~$57M
Stellex already had a major position and now owns \~35% of the common
The stock currently trades around $22
Management is guiding to $68–73M of adjusted EBITDA for 2026
My DCF gives a **$34.55 base case**, $77.72 bull case, and $0 bear case
The catch: Team is highly leveraged, and the first half of 2026 was weak. The turnaround depends heavily on deferred refinery maintenance coming back.
So the real question isn’t simply *“why did they pay $35.50?”*