GME Stock – (ASO), (AMC) – Why Did Academy Sports & Outdoors (ASO) Stock Dip Today?
Academy Sports & Outdoors Inc (NASDAQ: ASO) shares closed nearly 5.6% lower in the regular session on Thursday.
The block trade was priced at a 6.43% discount to Academy Sport’s Wednesday closing price of $30.78.
On Thursday, the shares closed at $29.05 and gained 7.23% in the after-hours session to $31.15.
Academy Sports shares hit a record high of $33.74 earlier in April. The company’s stock has risen 40.1% on a year-to-date basis.
Why It Matters: The seller was not identified by Reuters but the newswire noted that KKR & Co Inc (NYSE: KKR) owns at least that many shares based on public filings with regulators.
A block that large is equivalent to a week’s worth of trading volume on the 30-day moving average and represents nearly a third of ASO’s free float of about 28 million shares, as per Refinitiv.
In late January, KKR sold almost 12 million shares of Academy Sports in a secondary offering at $21.50 which brought down its stake to about 55% or nearly 49.6 million shares, reported Reuters.
The next largest shareholders are Fidelity Management which holds 3 million shares.
On Monday, Academy Sports shares saw a spike due to high social media interest including on the r/WallStreetBets forum best-known for conducting short squeezes in stocks of GameStop Corporation ((NYSE: GM)E) and AMC Entertainment Holdings Inc (NYSE: AMC) shares.
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