Pinetree Capital Ltd.

10% Owner Pinetree Capital purchases 130,000 shares ($2.9M) across 3 days; stock up 21.3% in 30 days, +15.4% in 90 days.

Pinetree Capital, a 10% shareholder, executed 3 separate purchases totaling 130,000 shares for $2,932,400.00 on consecutive trading days (Dec 1–3), raising its stake to 2,130,000 shares from 2,000,000 shares pre-transaction (+6.5% increase). The purchases occurred at a blended average price of $22.56, while the current price stands at $23.29, representing modest near-term gains in the post-transaction window. Notably, the stock has recovered +21.3% over the past 30 days and +15.4% over 90 days—periods that frame the purchasing window itself rather than a forward-looking outcome. Pinetree's cross-ticker track record shows 20 prior buys with an average 90-day return of +13.5%, though its same-ticker history at TBRG (5 prior buys all in mid-to-late November) remains too recent for 90-day outcome measurement. The company's fundamentals show a P/E of 62.95 and full-year net income was negative, despite latest-quarter revenue of $86,106,000.00 and net income of $5,602,000.00 with annual revenue growth of only +1.0%, indicating a modest profitability profile at a relatively elevated valuation multiple.

10% Owner Pinetree Capital bought 32,847 shares at blended avg $20.54; holds 850,000 shares (+4.0%) as stock trades -31.5% from 52-week high.

Pinetree Capital executed 3 separate purchases totaling 32,847 shares for $674,644.40 between November 17–19, 2025, at prices ranging from $20.42 to $20.84, increasing its position by 4.0% to 850,000 shares post-transaction. The stock is currently trading at $20.61, down 31.5% from its 52-week high of $30.09, placing the purchases near recent lows and suggesting price-driven accumulation. However, the company reports a full-year net income of negative (unprofitable over its most recent full fiscal year) alongside a P/E of 55.70, which constrains the interpretation of fundamental strength; the near-term 30-day and 90-day price changes (+4.2% and +4.6%, respectively) remain modest relative to the pulldown from peak. More notably, Pinetree's prior trades at TBRG show a 0% win rate on 90-day timing from February 2025 buys, with outcomes of -1.8% and -0.9% at 30 days and -16.1% and -13.7% at 90 days, though the three November purchases remain too recent to yield measurable outcomes. This filing warrants monitoring for whether the insider's continued purchasing at depressed levels translates to recovery or signals continuation of underperformance.

10% owner Pinetree Capital Ltd. buys 48,903 shares at blended avg $20.25 over 3 days; 5 prior TBRG buys all underwater at 90-day mark

Pinetree Capital's 3 separate purchases totaling 48,903 shares for $990,502.84 at a blended average price of $20.25 on 2025-11-12 through 2025-11-14 represent a 6.4% increase in the insider's stake to 817,153 shares. However, the filing reveals a concerning pattern: the insider's prior 5 purchases at TBRG—all made in February 2025—have posted zero positive 90-day returns, with losses ranging from -11.0% to -16.1%. The stock has since declined 32.3% from its 52-week high of $30.09, and the company's fundamentals show it was unprofitable over its most recent full fiscal year despite generating $86,106,000.00 in quarterly revenue. This latest accumulation occurs despite the consistent underperformance of earlier purchases at the same ticker, suggesting either conviction in a recovery or continuation of a pattern in which purchases have not captured upside potential.

Pinetree Capital (10% owner) bought 124,858 shares of TBRG over 3 days (Feb 19–21) for $3.5M at $28.17 blended avg, raising stake to 1.71M shares.

Pinetree Capital executed 3 separate purchases totaling 124,858 shares for $3,517,144.26 at a blended average price of $28.17, increasing its post-transaction holdings to 1,710,784 shares (a +7.9% increase vs. pre-transaction holdings). The current price of $28.26 is -1.0% from the 52-week high of $28.53 and the stock has gained +23.3% over the past 30 days and +70.9% over 90 days. Pinetree's prior trades at TBRG (on 2024-10-03) both delivered +9.0%–9.2% 30-day returns and +65.3%–65.6% 90-day returns; the 2 measurable prior purchases at this ticker were well-timed. However, the company is unprofitable (net income of $-9,809,000.00 in the latest quarter, with negative full-year net income) despite +3.9% annual revenue growth, and the stock is trading near its 52-week highs, requiring investors to assess whether near-peak valuations align with the unprofitable operating backdrop.

10% owner Pinetree Capital buys 110.2K shares in 3 tranches for $3.1M ($27.74 avg) as stock near 52-week high

Pinetree Capital executed 3 separate purchases totaling 110,176 shares for $3,056,801.77 between February 13–18, 2025, increasing holdings by 17.8% to 729,176 shares. The blended average purchase price of $27.74 sits near the current price of $28.25 and the 52-week high of $28.25, indicating purchases made at elevated valuation levels relative to the stock's $7.65 low. Across Pinetree's open-market history, 10 prior buys posted an average 90-day return of +65.4% with a 100% win rate, and the 3 prior TBRG purchases showed consistent +65% 90-day returns. However, TruBridge remains unprofitable with net income of $-9,809,000.00 on $83,830,000.00 revenue, and the stock has surged +23.2% over 30 days and +71.0% over 90 days, raising the question whether these purchases reflect conviction in recovery fundamentals or accumulation after substantial prior gains.

Pinetree Capital acquired 19,455 shares of TBRG at avg $11.93 in 3 transactions, expanding 1.62M holdings (+1.2%) amid unprofitable operations.

Pinetree Capital, holding 1.62M shares (10% owner), executed 3 separate purchases totaling 19,455 shares for $232,089.05 at a blended average price of $11.93 over October 2–3, 2024. This represents a modestly incremental addition (+1.2% to prior holdings) during a period when TruBridge reported net income of $-5.0M in its latest quarter and posted negative full-year earnings, though revenue grew 3.9% year-over-year. The stock is currently priced at $11.88, near the transaction average, and has declined 5.4% over the prior 30 days while trading 7.5% below its 52-week high. The insider's 7 prior open-market buys (across all holdings) indicate a pattern of incremental accumulation, though the modest share increase and unprofitable fundamentals suggest cautious positioning rather than aggressive conviction.

Pinetree Capital (10% owner) purchased 122,488 shares across 3 transactions totaling $1,252,464.29, raising stake to 1,624,545 shares at blended $10.23 avg vs $9.19 current.

Pinetree Capital executed 3 separate purchases totaling 122,488 shares for $1,252,464.29 between June 28 and July 1, 2024, at prices ranging from $9.99 to $10.51, increasing its holding by 8.2% to 1,624,545 shares. The stock is now trading 65.5% below its 52-week high of $26.66 at $9.19, having declined 15.4% over 90 days, and the company posted negative net income of $-2,516,000.00 on latest-quarter revenue of $83,247,000.00. Pinetree has conducted 4 prior purchases at this ticker since May 10, 2024, indicating persistent accumulation despite deteriorating fundamentals and depressed valuation. The repeated buying pattern during a steep drawdown, combined with unprofitability and stock weakness, positions this transaction as a material stake increase by a significant shareholder worth monitoring for evidence of operational turnaround or broader strategic intent.